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how do we calculate the net realisable value?
At the beginning of 2008, Miyazaki company's accounts receivable balance was $105000 and the balance in allowance for doubtful accounts was $1950. Miyaaki's sales in 2008 were $787500, 80% of which were credit sales. Collections on account during the year were $502000. The company wrote off $3000 of uncollectible accounts during the year.
1)Prepare journal entries to recognize bad debts assuming a) bad debt expenses is 3% of credit sales and b) amounts expected to be uncollected are 6% of the year end accounts receivables 2)what is the net realizable value of account receivable on dec 31, 2008, under each assumption in (1)? |
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