Haven Company began 2014 with a balance in Accounts Receivable of $28,000 and a balance in the Allowance for Doubtful Accounts of $1,050. The following events occurred during 2014:
1. Recognized $107,000 of revenue on account
2. Collected $104,500 from accounts receivable
3. Wrote off as uncollectible $920 of accounts receivable
4. Recognized uncollectible accounts expense of $1,070 for the year
Required:
a. What was the net realizable value of Haven's accounts receivable at the beginning of the year?
b. What was Haven's balance in Accounts Receivable on December 31, 2014?
c. What was the balance in the Allowance for Doubtful Accounts on December 31, 2014?
d. What was the net realizable value of Haven's accounts receivable on December 31, 2014?

Question

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The Answer of Haven Company began 2014 with a balance in Accounts Receivable of $28,000 and a balance in the Allowance for Doubtful Accounts of $1,050. The following events occurred during 2014:
1. Recognized $107,000 of revenue on account
2. Collected $104,500 from accounts receivable
3. Wrote off as uncollectible $920 of accounts receivable
4. Recognized uncollectible accounts expense of $1,070 for the year
Required:
a. What was the net realizable value of Haven's accounts receivable at the beginning of the year?
b. What was Haven's balance in Accounts Receivable on December 31, 2014?
c. What was the balance in the Allowance for Doubtful Accounts on December 31, 2014?
d. What was the net realizable value of Haven's accounts receivable on December 31, 2014?

Haven Company Began 2014 with a Balance in Accounts Receivable