Using the following information: 12/31/20 Accounts receivable $520000 Allowance (35100) Cash realizable value $484900 During 2021, sales on account were $144600 and collections on account were $99300. Also during 2021, the company wrote off $4040 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40300. The change in the cash realizable value from the balance at 12/31/20 to 12/31/21 was a $44340 increase. $45300 increase. $41260 increase. $40100 increase.
Using the following information: 12/31/20 Accounts receivable $520000 Allowance (35100) Cash realizable value $484900 During 2021, sales on account were $144600 and collections on account were $99300. Also during 2021, the company wrote off $4040 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40300. The change in the cash realizable value from the balance at 12/31/20 to 12/31/21 was a $44340 increase. $45300 increase. $41260 increase. $40100 increase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Using the following information:
12/31/20
Accounts receivable
$520000
Allowance
(35100)
Cash realizable value
$484900
During 2021, sales on account were $144600 and collections on account were $99300. Also during 2021, the company wrote off
$4040 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts
should be estimated at $40300.
The change in the cash realizable value from the balance at 12/31/20 to 12/31/21 was a
$44340 increase.
$45300 increase.
$41260 increase.
$40100 increase.
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