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What will be reported for accounts receivable

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At December 31, 2021, retailer Northern Kayaks had a balance of $340,000 in its Accounts Receivable account and a positive asset value balance of $870 in its Allowance for Uncollectible Accounts account. In others words, net realizable value of accounts receivable before adjustment is $340,870.

The company analyzed and aged its accounts receivable based on the following estimated uncollectible amounts:

  1. 1.0% of current balances of $200,000
  2. 6.3% of balances 31-60 days of $85,000
  3. 11.7% of balances of 61-90 days of $40,000
  4. 60.0% of balances over 91 days of $15,000

The company bases its provision for credit losses on the aging analysis.

Problem 1: What will be reported for 'accounts receivable, net' on the December 31, 2021 balance sheet?

Reference no: EM132844426

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