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What is the net realizable value of receivables

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Reference no: EM132420307

If the company has made no entries yet this year relating to bad debts and they specifically writeoff $90,000 of receivables and they use the aging of receivables method for bad debts at a rate of 21% of ending accounts receivable.

a) What is the bad debt expense for the year?

b) What is the ending balance in the allowance for bad debts?              

90,000 -

c) What is the net realizable value of receivables? (Assume receivables have not been adjusted for specific writeoff)

d) If the Champs collected one of the specific writeoffs for $6,000, what is the entry they would make to record this?

Reference no: EM132420307

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