Solution-Calculate the net realizable value of accounts

Calculate the net realizable value of accounts

Assignment Help Cost Accounting

Reference no: EM13548643

Analysis of accounts receivable and allowance for bad debts-determine ending balances A portion of the current assets section of the December 31, 2010, balance sheet for Gibbs Co. is presented here:

Accounts receivable	$63,000
Less: Allowance for bad debts	(9,000)	$54,000

The company's accounting records revealed the following information for the year ended December 31, 2011:

Sales (all on account)	$480,000
Cash collections from customers	435,000
Accounts written off	10,500
Bad debts expense (accrued at 12/31/11)	16,500

Required:

Calculate the net realizable value of accounts receivable at December 31, 2011, and prepare the appropriate balance sheet presentation for Gibbs Co., as of that point in time.

Reference no: EM13548643

Questions Cloud

Explain the carbon atom of the methoxy group : The carbon atom of the methoxy group (OCH3) appears at a larger chemical shift than the carbon atom of the carbonyl group (C=O).

Determine the inductance of coil : A coil of length l=50 cm and diameter d= 5 cm consists of N= 200 turns. there is a current I= 1 A running thru the coil. Determine: a) the inductance of coil; b) the magnetic flux flowing thru a cross sectional area of the coil.

Explain the production of glucose by gluconeogenesis : Which of the following hormones increases blood glucose levels by inducing the breakdown of glycogen and the production of glucose by gluconeogenesis

How many kilograms of ethyl alcohol would freeze : Suppose that the amount of heat removed when 2.8 kg of water freezes at 0.0 oC were removed from ethyl alcohol at its freezing/melting point of -114.4 oC. How many kilograms of ethyl alcohol would freeze

Calculate the net realizable value of accounts : Calculate the net realizable value of accounts receivable at December 31, 2011, and prepare the appropriate balance sheet presentation for Gibbs Co., as of that point in time.

Resources available to meet the costs of health care : We accept the premises that resources available to meet the costs of health care are finite

Gymnastics requires both impressive physical strength : The sport of gymnastics requires both impressive physical strength and extensive training for balance. The iron cross is an exercise performed on two suspended rings, which the gymnast grips with his hands

Create a statement of comprehensive income : Prepare a statement of comprehensive income, using the two-statement format. Ignore income taxes and earnings per share.

Explain the catabolism of what types of molecules : The acetyl CoA that is metabolized in the morning before breakfast is mostly derived from the catabolism of what types of molecules

User Account

All Pages

Calculate the net realizable value of accounts

Reference no: EM13548643

Reference no: EM13548643

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT