Reference no: EM132569039
Question - On January 1, King Company had the following (normal) account balances:
Accounts Receivable: $70,000
Allowance for Uncollectible Accounts: 2,230
The bookkeeper, Donald Perry, has prepared the following information for the year to assist you in creating a balance sheet.
Credit Sales for the Year: $238,100
Collections of Accounts Receivable: 219,130
Write-off of Bad Debts: 1,870
Bad Debts Expense for Year: 1,250 (recorded as an adjusting entry on December 31)
Required - Prepare the detailed balance sheet presentation of net realizable value.
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