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Calculate the net realizable value of accounts receivable

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Question

A portion of the current assets section of the December 31, 2020, balance sheet for Carr Co. is presented here:

Accounts receivable$55,000 Less: Allowance for bad debts (6,200)$48,700

The company's accounting records revealed the following information for the year ended December 31, 2020:

Sales (all on account)$ 406,000 Cash collections from customers 417,000 Accounts written off 16,500 Bad debts expense (accrued at 12/31/20)12,200

Required:

Using the information provided for 2020, calculate the net realizable value of accounts receivable at December 31, 2019, and prepare the appropriate balance sheet presentation for Carr Co., as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts. Remember that you are solving for the beginning balance of each account.)

Reference no: EM132379471

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