$525,000 (40,000) $485,000 Accounts receivable Allowance Cash realizable value During 2020, sales on account were $145,000 and collections on account were $100,000. Also durir 2020, the company wrote off $5,000 in uncollectible accounts. An analysis of outstanding receivab accounts at year end indicated that uncollectible accounts should be estimated at $45,000. . The change in the cash realizable value from the balance at 12/31/19 to 12/31/20 was an increase e decrease of bow much? (Indicate whether increase or decrease)
$525,000 (40,000) $485,000 Accounts receivable Allowance Cash realizable value During 2020, sales on account were $145,000 and collections on account were $100,000. Also durir 2020, the company wrote off $5,000 in uncollectible accounts. An analysis of outstanding receivab accounts at year end indicated that uncollectible accounts should be estimated at $45,000. . The change in the cash realizable value from the balance at 12/31/19 to 12/31/20 was an increase e decrease of bow much? (Indicate whether increase or decrease)
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
Problem 5AP
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