On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $68,200 and $2,300, respectively. During the year Kincaid reported $176,000 of credit sales. Kincaid wrote off $1,550 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $203,300. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
The net realizable value of receivables appearing on Kincaid's Year 2 balance sheet will amount to:
a. 36,840
b 40900
c. 37590
d. 39350
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $68,200 and $2,300, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
An employee quits her job where she has a balance of $10,000 in her qualified plan. if she decides to do a direct transfer from her plan to a traditional ira, how much will be transferred from one plan administrator to another and what is the tax
Answers (1)
A firm has total assets of $310,100 and net fixed assets of $168,500. the average daily operating costs are $2,980. what is the value of the interval measure?
Answers (1)
Roberto, a manager of a small firm that sells sports equipment, assumes that people with disabilities are more likely to miss work. Therefore, he avoids hiring individuals who appear disabled. Roberto is an example of
Answers (1)
Essay of circular flow
Answers (1)
Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of-sales basis.
Answers (1)
New Questions in Business
Marks Corporation's balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 47 $ 37 Accounts receivable 53 57 Inventory 63 60 Property, plant, and equipment 548 440 Less accumulated
Answers (1)
What happens to prices and wages during an expansion?
Answers (1)
Suppose that the equilibrium price of greeting cards declined at the same time the equilibrium quantity of greeting cards increased. Which one of the following would most likely be responsible? a.
Answers (1)
You plan to borrow $ 2 comma 000 from a bank. In exchange for $ 2 comma 000 today, you promise to pay $ 2 comma 100 in one year. What does the cash flow timeline look like from your perspective? What does it look like from the bank's perspective?
Answers (1)
Which of the following is indicative of a short-term restrictive financial policy? a) purchasing inventory only as needed b) granting credit to more customers c) increased investment in marketable securities d) maintaining a large accounts
Answers (2)