problem1: An analysis & aging of accounts receivable of the Lucille Corporation at December 31, 2007, showed following:
Accounts receivable $840,000
(Before adjustment) 36,000(Cr)
Allowance for Doubtful Accounts
Accounts estimated to be uncollectible 76,800
find out net realizable value of accounts receivable of Lucille Corporation at December 31, 2007.
problem2: Grant Corporation accepted a $400,000 face value, six month, 10% note dated 15 May from a customer. On that same day, grant discounted the note at eagle national Bank at a 12% discount rate. Find how much cash should Grant get from the bank on 15 May?