Hancock Medical Supply Co., earned $88,000 of revenue on account during Year 1, its first year of operation. During Year 1, Hancock collected $69,600 of cash from its receivables accounts. The company did not write-off any uncollectible accounts. It estimates that it will be unable to collect 1% of revenue on account. What is the net realizable value of receivables that will be reported on the balance sheet at December 31, Year 1?
A. $18,400
B. $18,216
C. $17,704
D. $17,520
Answer: D
You might also like to view...
At the end of the day, the cash register tape shows $1060 in cash sales, but the count of cash in the register is $1085. The proper entry to account for this excess is:
A. Debit Cash $1085; credit Sales $1085. B. Debit Cash $1060; debit Cash Over and Short for $25; credit Sales $1085. C. Debit Cash $1085; credit Sales $1060; credit Cash Over and Short $25. D. Debit Cash Over and Short $25; credit Cash $25. E. Debit Cash $1060; credit Sales $1060.
Portian Merchandisers has purchased merchandise on account and paid $450 for freight in. Give the journal entry for freight paid. (Assume a perpetual inventory system.)
What will be an ideal response
For union employers, drug testing is:
a. prohibited b. permitted only under certain conditions c. a subject of mandatory bargaining d. none of these
Federal, state and local ________ may apply to a business and may affect what it can do, how it can do it, and when and where it can operate.
A. regulations B. grants C. taxes D. zoning