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Compute what is net realizable value of accounts receivable

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A company had credit sales of $5.0 million for the year and estimates their bad debts to be 1% of net credit sales. The accountant for the company is thinking about switching to the aging method and after preparing the aging schedule, the desired estimate equals $48,000. Accounts receivable has a $450,000 balance and the allowance for doubtful accounts has a credit balance of $3,000 prior to adjustment.

Problem 1: What is the net realizable value of accounts receivable after adjustment when the net credit sales method is used?

Problem 2: What is the net realizable value of accounts receivable after adjustment when the aging method is used?

Reference no: EM132727575

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