Cash collections of receivables amounted to 745000. the, Ask an Expert

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On January 1, 2010, Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $300,000 and $5,000, respectively. During the year the company reported $700,000 of credit sales. There was $5,500 of receivables written-off as uncollectible in 2010. Cash collections of receivables amounted to $745,000. The company estimates that it will be unable to collect 2% of accounts receivable. The net realizable of accounts receivable on the December 31, 2010 balance sheet will be:

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Accounting Basics, Accounting

Category:- Accounting Basics
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