What is the cash realizable value of the accounts receivable

Assignment Help Financial Accounting
Reference no: EM13512000

At the end of 2009, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2010, it is learned that the company's receivable from Novinger Inc. is not collectible and therefore management authorizes a write-off of $2,000.

(a) Prepare the journal entry to record the write-off.
(b) What is the cash realizable value of the accounts receivable
(1) Before the write-off and
(2) After the write-off?

Reference no: EM13512000

Questions Cloud

Discuss three educational principles derived from piaget : Discuss three educational principles derived from Piaget's theory
Determine the missing amounts : Determine the missing amounts - determine the gross profit rates. (Round to one decimalplace)
The mind is fully separate from the brain : The strong dualism position of Descartes suggests that the mind is fully separate from the brain
How far does the car travel in this time : A car accelerates from rest at a constant rate of 2m/s2 for 5s. At the end of this time the speed of the car is 10 m/s. How far does the car travel in this time
What is the cash realizable value of the accounts receivable : At the end of 2009, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2010, it is learned that the company's receivable from Novinger Inc. is not collectible and therefore management au..
Concerns related to lower socioeconomic status : The concerns related to lower socioeconomic status are well-publicized. What might be some issues facing a child of a high socioeconomic status? Consider the child's social, cognitive, and physical development. In what ways could you support this chi..
Find net realizable value of accounts receivable : At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance for Doubtful Accounts has a credit balance of $11,250; and net sales for the year total $4,150,000.
What is the velocity of the car when the brakes are released : A 1100-kg car is moving at 31.8 m/s. A braking force of -5101 N is applied for 4.80 s. What is the velocity of the car when the brakes are released
Submit an example of an ethical situation demonstrating : Submit an example of an ethical situation demonstrating

Reviews

Write a Review

Financial Accounting Questions & Answers

  What caused existing cost system to fail

What caused existing cost system to fail in the 1980's? What symptoms and evidence indicate cost system failure?

  Average cost per diner for serving

Convert the total costs you computed to costs per diner. Average cost per diner for serving each of the following parties A party of four diners who three drinks in total.

  Illustrate what gain will clyde recognize on the transfer

Assume Jane and Jon exchanged their property for stock four years ago while Clyde transfers his property for350 shares in the current year. Clydes transfer is not part of a prearranged plan which Jane and Jon to incorporate their business. Illustr..

  Overhead allocation plant wide rate direct labor hours

overhead allocation plant wide rate direct labor hours machine hour basis.two companies that have been competitors for

  What should robertson record as an impairment loss on july

If no active market exists for the machine and the company does not plan to dispose of it, what should Robertson record as an impairment loss on July 1, 2012?

  Determine effect on the companys total net operating income

Determine the effect on the company's total net operating income of accepting the special order. Show your work

  What price should the company charge

In addition, the company incurs $200,000 in fixed costs annually. If demand falls to 80,000 units and the company insists on a 50% mark-up, what price should the company charge?

  Elucidate would bell & greer be independence impaired

Please answer this question: A partner in the Los Angeles office of the Bell & Greer has been a long-time personal friend of the Chief office Executive officer of the Trek Corporation. Elucidate would Bell & Greer be independence impaired with in ..

  Why cash flow from operations is important

Write a short article (250 words) for a local business publication in which you explain why cash flow from operations is important information for small business owners.

  Impact on the disclosure policies of an organisation

Impact on the disclosure policies of an organisation and Would you expect management to worry about attitudinal surveys,

  Prepare public and private accounting position

Develop a thorough understanding of accounting standards and principles and fulfill the core accounting educational requirement to sit for the CPA exam.

  Preparation of balance sheet and income statement and

preparation of balance sheet and income statement and computation of ratios.1. nbspunearned rent revenue would be

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd