Please do not give image format The following information comes from the accounts of James Company:Beginning Balance$29,3001,71049,6001,060Account TitleAccounts ReceivableAllowance for Doubtful AccountsNote ReceivableInterest ReceivableRequireda. There were $183,100 of sales on account during the accounting period. Write-offs of uncollectible accounts were $1,800. What wasthe amount of cash collected from accounts receivable? What amount of uncollectible accounts expense was reported on the incomestatement? What was the net realizable value of receivables at the end of the accounting period?Cash collectedUncollectible accounts expenseNet realizable valueEnding Balance$31,9002,29049,6003,844b. The note receivable has a two-year term with a 7.75 percent interest rate. What amount of interest revenue was recognized duringthe period? How much cash was collected from interest? (Round your answers to the nearest dollar amount.)Interest revenue recognized for the yearCash received for interest

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Description: Please do not give image format The following information comes from the accounts of James Company:Beginning Balance$29,3001,71049,6001,060Account TitleAccounts ReceivableAllowance for Doubtful AccountsNote ReceivableInterest ReceivableRequireda. The

NRV is the amount that the inventory is projected to be sold for after any necessary deductions,…

Business

Accounting

equired There were $183,100 of sales on account during the accounting period. Write-offs of uncollectible accounts were e amount of cash collected from accounts receivable? What amount of uncollectible accounts expense was report atement? What was the net realizable value of receivables at the end of the accounting period?

equired There were $183,100 of sales on account during the accounting period. Write-offs of uncollectible accounts were e amount of cash collected from accounts receivable? What amount of uncollectible accounts expense was report atement? What was the net realizable value of receivables at the end of the accounting period?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.