Business, 23.03.2020 21:28, BigGirlsTheBest
18.On January 1, 2016, the Accounts Receivable and the Allowance for Uncollectible Accounts for Darius Company carried balances of $20,000 and $550 respectively. During the year, the company reported $70,000 of credit sales. There were $400 of receivables written off as uncollectible in 2016. Cash collections of receivables amounted to $74,700. The company estimates that it will be unable to collect 5% of the year-end accounts receivable balance.
Required:
Part 1) The amount of bad debts expense recognized in the 2016 income statement will be .
Part 2) The net realizable value of receivables appearing on the 2016 balance sheet will amount to .
Answers: 1
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18.On January 1, 2016, the Accounts Receivable and the Allowance for Uncollectible Accounts for Dari...
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