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What the cash realizable value of accounts receivable

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Problem - Gowns, Inc. uses the percentage of receivables basis to estimate its bad debts. For the year ended December 31, 2020, Gowns' total credit sales are €2,500,000. Management of the company estimates that 2% of receivables will become uncollectible. The existing balance in the Allowances for Doubtful Accounts is a credit balance of €3,000. The Accounts Receivable balance at December 31, 2020 is €440,000. What the cash realizable value of Accounts Receivable reported on the statement of financial position at December 31, 2020?

Reference no: EM132999482

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