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Salsk061 [2.6K]
3 years ago
5

During the year,Liptom Company made an entry to write off a $4,000 uncollectible account. Before this entry was made, the balanc

e in accounts receivable was $60,000 and the balance in the allowance account was $4500 (normal balance ). What is the net realizable value of accounts receivable after the write-off entry
Business
1 answer:
Andru [333]3 years ago
7 0

Answer:

$55,500

Explanation:

The computation of the net realizable value after the write off entry is show below:

The credit balance in allowance with terms to bad debts is

= $4,500 - $4,000

= $500

Now the net realizable value is

= ($60,000 - $4,000) - ($4,500 - $4,000)

= $56,000 - $500

= $55,500

Hence, the same is to be considered

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