glendagill2003
Nov 18, 2009, 11:52 AM
At the beginning of 2008 Darcy's Floor Coverings had the following account balances: Accounts Receivable $325,000 and Allowance for rUncollectible Accounts @7,500 (credit). During the year credit sales were @825,000 sales returns and allowances were $31,750 and $10,000 of specific customer accounts were written off. Collections on accounts receivable were $622,000. At year-end, Darcy's Floor Covering estimated that 5% of net sales were uncollectiable.
What is the net realizable value of Accounts Receivable at year-end and what amount of bad debts expense will appear on the income statement for 2008?
What is the net realizable value of Accounts Receivable at year-end and what amount of bad debts expense will appear on the income statement for 2008?