Answer:
The net amount of receivables included in the current assets at the end of the year is $462,000
Explanation:
Beginning Balance of Accounts Receivable = $450,000
Add: Credit sales for the period = $1,800,000
Less: Cash collected = $1,770,000
Less: Amounts Written Off = $12,000
Ending Balance of Accounts Receivable = $468,000
Beginning Balance of Allowance Account = $18,000
Less: Amounts Written off = $12,000
Ending Balance = $6,000
Net amount receivable included in current assets
Accounts receivable = $468,000
Less: Allowance account = $6,000
Net Receivables = $462,000
