Reference no: EM131628640
Problem -
Frankel Inc. experienced the following transactions for 2014, its first year of operations:
1. Issued common stock for $60,000 cash.
2. Purchased $210,000 of merchandise on account.
3. Sold merchandise that cost $165,000 for $310,000 on account.
4. Collected $278,000 cash from accounts receivable.
5. Paid $190,000 on accounts payable.
6. Paid $46,000 of salaries expense for the year.
7. Paid other operating expenses of $62,000.
8. Frankel adjusted the accounts using the following information from an accounts receivable aging schedule.
Number of Days
Past Due Amount Percent Likely to Be Uncollectible Allowance
Balance Current$15,700 .01 0-30 8,500 .05 31-60 4,000 .10 61-90 2,600 .20 Over 90 days 1,200 .50
What is the net realizable value of the accounts receivable at December 31, 2014?
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