User Account

All Pages

Calculate the net realizable value of accounts receivable

Assignment Help Accounting Basics
Reference no: EM132630017

Question - A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here:

Accounts receivable $22,100

Less: Allowance for bad debts (2,200) $19,900

The company's accounting records revealed the following information for the year ended December 31, 2020:

Sales (all on account) $169,000

Cash collections from customers 149,000

Accounts written off 3,200

Bad debts expense (accrued at 12/31/20) 5,700

Required - Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.)

Reference no: EM132630017

Questions Cloud

Determine the economic order quantity : Determine the economic order quantity, assuming a 52-week year.
How much is the total liabilities to be reported : Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31, 2019 of MUST Corp.
Relationship between unemployment and inflation : Evaluate the historical relationship between unemployment and inflation. Assess the recent 20-year U.S. unemployment and inflation data.
Compute multifactor productivity for unit : Compute multifactor productivity for each unit. Use an 8-hour day for multifactor productivity.
Calculate the net realizable value of accounts receivable : Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co
What is the effect of adding another oven : What is the effect of adding another oven? How much would you be willing to pay to rent an additional oven?
Discuss the compensation philosophies : Discuss the compensation philosophies and approaches that have been used at organizations where you have worked.
What is the depreciation for the current year : The entity changed to the straight line method on January 1, 2019. What is the depreciation for the current year
Objections do leaders face from stakeholders : What types of obstacles/objections do leaders face from stakeholders when implementing change within an organization?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd