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Compute the realizable value of accounts receivable

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Problem - On December 31 of Swift Co.'s first year, $65,000 of accounts receivable Is not yet collected. Swift estimates that $3,500 of Its accounts receivable is uncollectible and records the year-end adjusting entry.

(1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet.

(2) On January 1 of Swift's second year, it writes off a customer's account for $400. Compute the realizable value of accounts receivable on January 1 after the write-off.

Reference no: EM132956969

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