Using the following information: 12/31/20 Accounts receivable $520000 Allowance (35100) Cash realizable value $484900 During 2021, sales on account were $144600 and collections on account were $99300. Also during 2021, the company wrote off $4040 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40300. The change in the cash realizable value from the balance at 12/31/20 to 12/31/21 was a $44340 increase. $45300 increase. $41260 increase. $40100 increase.

Using the following information: 12/31/20 Accounts receivable $520000 Allowance (35100) Cash realizable value $484900 During 2021, sales on account were $144600 and collections on account were $99300. Also during 2021, the company wrote off $4040 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40300. The change in the cash realizable value from the balance at 12/31/20 to 12/31/21 was a $44340 increase. $45300 increase. $41260 increase. $40100 increase.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 7RE: McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made...

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