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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381 Exercise 71
Accounting for Uncollectible Accounts: An Income Statement Approach
Wilson Corporation uses an income statement approach to estimate credit losses.ts gross Accounts Receivable of $5,000,000 at the beginning of the period had a net realizable value of $4,925,000.uring the period, the company wrote off actual accounts receivable of $100,000 and collected $7,835,000 from credit customers.redit sales for the year amounted to $9,000,000.f its credit sales, 1 percent was estimated to eventually be uncollectible.
Determine the net realizable value of the company's accounts receivable at the end of the period.
Wilson Corporation uses an income statement approach to estimate credit losses.ts gross Accounts Receivable of $5,000,000 at the beginning of the period had a net realizable value of $4,925,000.uring the period, the company wrote off actual accounts receivable of $100,000 and collected $7,835,000 from credit customers.redit sales for the year amounted to $9,000,000.f its credit sales, 1 percent was estimated to eventually be uncollectible.
Determine the net realizable value of the company's accounts receivable at the end of the period.
Explanation
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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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