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Demonstrate what is the company net realizable value

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Reference no: EM132594213

12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000. XYZ's management has estimated that $9,000 in accounts receivable would be uncollectible.

Question 1: For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:

Bad debt expense:

Allowance for doubtful accounts:

Question 2: For the end of 2019, what is the company's net realizable value?

12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. XYZ's management has estimated that $17,000 in accounts receivable would be uncollectible.

Question 3: For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:

Bad debt expense:

Allowance for doubtful accounts:

Question 4: For the end of 2020, what is the company's net realizable value?

Reference no: EM132594213

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