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Calculate the net balance of accounts receivable

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Question - ABC Ltd. began operations on July 1, 2020 and had the following sales andcollection activities during 2020:

Sale to Customer 1 on August 1, 2020 190000

Collections from Customer 1 during the year 24000

Sale to Customer 2 on November 1, 2020 116000

Collections from Customer 2 during the year 52000

Sale to Customer 3 on December 15, 2020 78000

Collections from Customer 3 during the year 0

There were no other transactions during the year.customers terms of 2/10 net 30.

ABC Ltd. offers its

ABC estimates that the likelihood of not being able to collect an accountsreceivable is as follows

Accounts not yet due 1 %

Accounts overdue but less than 45 days overdue 6 %

Accounts overdue more than 90 days 19 %

Required - Calculate the net balance of accounts receivable at the end of the year.

Reference no: EM132612561

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