On the December 31, 2010 balance sheet of Yager Co., the current receivables consisted of the following: At December 31, 2010, the correct total of Yager's current net receivables was

Question

On the December 31, 2010 balance sheet of Yager Co., the current receivables consisted of the following:  At December 31, 2010, the correct total of Yager's current net receivables was

Quizplus · Accepted Answer

To calculate the current net receivables, we need to subtract the allowance for doubtful accounts from the current receivables. Using the information provided on the balance sheet, we can calculate:

Current receivables = $79,000 + $4,500 + $2,000 = $85,500

Less: Allowance for doubtful accounts = $11,000

Current net receivables = $85,500 - $11,000 = $74,500

Therefore, the correct total of Yager's current net receivables was $74,500.

On the December 31, 2010 Balance Sheet of Yager Co