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Problem - Sam and Robert are identical twins. They opened identical businesses and experienced identical transactions. However, they decided to estimate uncollectible accounts in different ways. Sam elected to use the percentage of sales method, and Robert elected to use the percentage of receivables method. Listed below are the beginning balances of Cash, Accounts Receivable, and Allowance for Doubtful Accounts [items (a)-(c)], and summary transactions that occurred during the year [items (d)-(g)] for both businesses. Remember, both businesses experienced the same events: credit sales, collections of receivables, and write-offs. The only difference between the businesses is the method of estimating uncollectible accounts.
Sam
Robert
(a)
Balance of Cash, January 1, 20--
$300,000
(b)
Balance of Accounts Receivable, January 1
50,000
(c)
Balance of Allowance for Doubtful Accounts, January 1
5,000
(d)
Sales on account during 20--
550,000
(e)
Collections on account during 20--
530,000
(f)
Uncollectible accounts written off during 20--
4,500
(g)
Collections made on accounts written off during 20--
500
Required - Compute the net realizable value of Robert's accounts receivable on December 31, 20--.
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