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laiz [17]
3 years ago
15

On january 1, year 2, kincaid company's accounts receivable and the allowance for doubtful accounts carried balances of $31,000

and $500, respectively. during the year kincaid reported $72,500 of credit sales. kincaid wrote off $550 of receivables as uncollectible in year 2. cash collections of receivables amounted to $74,550. 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:
Business
1 answer:
Gala2k [10]3 years ago
3 0

Answer:

$27,725

Explanation:

Given that,

kincaid company's accounts receivable = $31,000

Allowance for doubtful accounts at January 1 = $500

Wrote off receivables as uncollectible = $550

1% of credit sales

cash collections of receivables = $74,550

Accounts receivable:

= Accounts receivable at January 1 + Credit sales - Wrote off receivables as uncollectible - Cash collection of receivables

= $31,000 + $72,500 - $550 - $74,550

= $28,400

Accounts for Doubtful Accounts:

= Allowance for doubtful accounts at January 1 - Wrote off receivables as uncollectible + 1% of credit sales

= $500 - $550 + (0.01 × $72500)

= $500 - $550 + $725

= $675

Net realizable value of receivables:

= Accounts receivable - Accounts for Doubtful Accounts

= $28,400 - $675

= $27,725

Therefore, the net realizable value of receivables appearing on kincaid's year 2 balance sheet will amount to $27,725.

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In a 2010 report on the changing environment for policing, 1985-2008, david bayley and christine nixon list the issues of ­­____
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A company's financial records at the end of the year included the following amounts: Cash $70,000 Accounts Receivable 28,000 Sup
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The income statement for the year will show a net income of 87,000 during the financial year.

<h3>What is net income?</h3>

In business, net income refers to the amount of money left over after all expenditures have been paid, such as salaries and wages, the cost of items or raw materials, and taxes.

Net Income = Gross Profit — Operating Expenses — Other Business Expenses — Taxes — Interest on Debt + Other Income

Given:

Cash = $70,000

Accounts Receivable =28,000

Supplies= 4,000

Accounts Payable = 10,000

Notes Payable = 5,000

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