FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Give me correct answer with explanation.vk

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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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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