Use the following to answer questions 28-29: Accounts receivable Allowance Cash realizable value 12/31/2016 $525,000 (45.000) $480.000 During 2017, sales on account were $145,000 and collections on account were $86,000. Also during 2017; the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $54,000. 28. The change in the cash realizable value from the balance at 12/31/2016 to 12/31/2017 was a: A) $50,000 B) $59,000. C) $42,000 D) $51,000 29. Bad debts expense for 2017 is: A) $17,000 B) $9,000 C) $54,000 D) $1,000

Use the following to answer questions 28-29: Accounts receivable Allowance Cash realizable value 12/31/2016 $525,000 (45.000) $480.000 During 2017, sales on account were $145,000 and collections on account were $86,000. Also during 2017; the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $54,000. 28. The change in the cash realizable value from the balance at 12/31/2016 to 12/31/2017 was a: A) $50,000 B) $59,000. C) $42,000 D) $51,000 29. Bad debts expense for 2017 is: A) $17,000 B) $9,000 C) $54,000 D) $1,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8MC: Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of...

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