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Calculate the net realizable value of accounts receivable

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Reference no: EM132630017

Question - A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here:

Accounts receivable $22,100

Less: Allowance for bad debts (2,200) $19,900

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

Sales (all on account) $169,000

Cash collections from customers 149,000

Accounts written off 3,200

Bad debts expense (accrued at 12/31/20) 5,700

Required - Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.)

Reference no: EM132630017

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