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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?



Cost Accounting, Accounting

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