Hancock Medical Supply Co., earned $90,000 of revenue on account during Year 1, its first year of operation. During Year 1, Hancock collected $71,000 of cash from its receivables accounts. The company did not write-off any uncollectible accounts. It estimates that it will be unable to collect 1% of revenue on account. What is the net realizable value of receivables that will be reported on the balance sheet at December 31, Year 1? Multiple Choice $18,290 $18,100 $19,000 $18,810

The net realizable value of receivables that will be reported on the balance sheet at December 31, Year 1 $18,100.

Explanation:

There was no information on whether the company has any opening balance in Accounts receivable and Allowance for doubtful accounts.

Hancock Medical Supply Co., earned $90,000 sales revenue on account. The collections of $71,000 on account would reduce the credit sales to $19,000 ($90,000 - $71,000).

Since the company estimates that it will be unable to collect 1% of revenue on account, this means 1% of $90,000 = $900.

So, net realizable value of receivables that will be reported on the balance sheet at December 31, Year 1 is $19,000 - $900 = $18,100.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

your welcome leave a rate and a < 3

there's 11 people for the 1st position. then, no matter who gets it, there's only 10 left for the second, and then 9 left for the third. 11 x 10 x 9 = 990.   the answer is there are 990 different ways the positions can be filled by these applicants