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ch4aika [34]
3 years ago
13

On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000

and $2,900, respectively. During the year Kincaid reported $190,000 of credit sales. Kincaid wrote off $1,750 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $227,700. 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) $29,650.
b) $28,500.
c) $33,300.
d) $31,550.
Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
7 0

Answer:

b) $28,500.

Explanation:

The computation of the net  realizable value of receivables is shown below:

As we know that

Net realizable value = Gross account receivable - allowance for doubtful debts

where,

Gross account receivable is

= Beginning balance of the account receivable + credit sales - written off amount - collections

= $71,000 + $190,000 - $1,750 - $227,700

= $31,550

And, the allowance for doubtful debts is

= Beginning balance of  allowance for doubtful debts - written off + allowance needed

= $2,900 - $1,750 + $190,000 × 1%

= $3,050

So, the net realizable value is

= $31,550 - $3,050

= $28,500

hence, the correct option is b. $28,500

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Answer:

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For effective job redistribution, job analysis is best recommended because it describes the work of current employee, working conditions and necessary educational certifications. Skills needed to perform on a role are also part of what is being considered in job analysis.

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Which savings account will earn the most interest?
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Answer:

it would be 10,000 for 4.00% interest for 4 years.

Explanation:

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torisob [31]
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3 years ago
Mr. Coffey bought a house for $195,000. He made a 20% down payment. The interest rate is 5.25% for 30 years.How much was Mr Coff
s344n2d4d5 [400]

Answer:

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  • Although the rules for LLCs differ per state, there are some broad similarities. The first step for owners or members is to pick a name.
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