Reference no: EM133372390

Question: Before the accounts are adjusted and closed at the end of the year, Accounts Receivable has a normal balance of $550,000 and Allowance for Doubtful Accounts has a credit balance of $20,000. What is the net realizable value of the accounts receivable? 2) Before the accounts are adjusted and closed at the end of the year, Accounts Receivable has a normal balance of $600,000 and Allowance for Doubtful Accounts has a debit balance of $40,000. What is the net realizable value of accounts receivable? 3) Before the accounts are adjusted and closed at the end of the year, Accounts Receivable has a normal balance of $510,000 and Allowance for Doubtful Accounts has a credit balance $3,000. What is the net realizable value of the accounts receivable? 4) Prepare a partial balance sheet for the Swanson Company at December 31, 2022, from the following information Accounts Receivable $8,560 Prepaid Rent 800 Allowance for Doubtful Accounts 750 Bad Debts Expense 2,000 Cash 12,500 Merchandise Inventory 3,700 5) Gross Accounts Receivable is $57,000. Allowance for Doubtful Accounts as a credit balance of $900. Net credit sales for the year are $350,000. The company follows the income statement approach, using a rate of 1.5% of credit sales to estimate the Bad Debt Expense for the year. What would be the adjusted balance of the Allowance account under the income statement approach?