On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $62,600 and $1100, respectively. During Year 2, Kincaid reported $148,000 of credit sales, wrote off $1150 of receivables as uncollectible, and collected cash from receivables amounting to $154,500. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.What is the net realizable value of receivables that will be reported on Kincaid's Year 2 balance sheet?
A. $56,100
B. $53,470
C. $53,520
D. $54,950
Answer: C
You might also like to view...
Answer the following statements true (T) or false (F)
The Accounting Standards Steering Committee (ASSC) is the United Kingdom equivalent of the Securities and Exchange Commission.
Which of the following is a major step to be followed when using the multiple options close?
A) Review methods of payment. B) Create one solid product configuration for the client. C) Include all the bestselling products in the configuration. D) Introduce new products during a lull in the conversation. E) Concentrate on the options the prospect seems to be interested in.
The ________ close would be the best one to use if a salesperson wanted the prospects to focus on their real objections-rather than leaving them with some vague idea that something about the offer bothers them.
A. minor-points B. counterbalance C. probability D. standing-room-only E. assumptive
Which of the following is a result that the decision maker should anticipate when solving an integer nonlinear programming model with a minimization objective?
a. The value of the objective function will not be less than the objective function of the non-integer model. b. The value of the objective function will be greater than the objective function of the non-integer model. c. The value of the objective function will not be greater than the objective function of the non-integer model. d. All of the above