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Calculate the net realizable value of accounts

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Analysis of accounts receivable and allowance for bad debts-determine ending balances A portion of the current assets section of the December 31, 2010, balance sheet for Gibbs Co. is presented here:

Accounts receivable

$63,000

Less: Allowance for bad debts

(9,000)

$54,000

The company's accounting records revealed the following information for the year ended December 31, 2011:

Sales (all on account)

$480,000

Cash collections from customers

435,000

Accounts written off

10,500

Bad debts expense (accrued at 12/31/11)

16,500

Required:

Calculate the net realizable value of accounts receivable at December 31, 2011, and prepare the appropriate balance sheet presentation for Gibbs Co., as of that point in time.

Reference no: EM13548643

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