The following account balances were extracted from the accounting records of Macy Corporation at the end of the year: Accounts Receivable $1,100,000 Allowance for Uncollectible Accounts (Credit) $37,000 Uncollectible-Account Expense $63,000 What is the net realizable value of the accounts receivable?
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1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:
Allowance for Uncollectible Accounts (Credit) $37,000
Uncollectible-Account Expense $63,000
What is the net realizable value of the accounts receivable?
Select one:
A. $1,163,000
B. $1,137,000
C. $1,100,000
D. $1,063,000
Please show all steps.
Step by step
Solved in 2 steps
- Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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