In the statement of financial position at 31 December 20X5, Ken reported net receivables of $12,000. During 20X6 Ken made sales on credit of $125,000 and received cash from credit customers amounting to $ 115,500. At 31 December 20X6, Ken wished to write off debts of $7,100 and increase the allowance for receivables by $950 to $2,100. What is the net receivables figure to include in the statement of financial position at 31 December 20X6?
In the statement of financial position at 31 December 20X5, Ken reported net receivables of $12,000. During 20X6 Ken made sales on credit of $125,000 and received cash from credit customers amounting to $ 115,500. At 31 December 20X6, Ken wished to write off debts of $7,100 and increase the allowance for receivables by $950 to $2,100. What is the net receivables figure to include in the statement of financial position at 31 December 20X6?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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![In the statement of financial position at 31 December
20X5, Ken reported net receivables of $12,000. During
20X6 Ken made sales on credit of $125,000 and
received cash from credit customers amounting to $
115,500. At 31 December 20X6, Ken wished to write
off debts of $7,100 and increase the allowance for
receivables by $950 to $2,100. What is the net
receivables figure to include in the statement of
financial position at 31 December 20X6?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5cec4cf-95e8-47ea-980e-6ad8b1e8ac5c%2Fbfc173cd-a1e1-431c-a4ce-8d24478468c5%2Fmqyboc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In the statement of financial position at 31 December
20X5, Ken reported net receivables of $12,000. During
20X6 Ken made sales on credit of $125,000 and
received cash from credit customers amounting to $
115,500. At 31 December 20X6, Ken wished to write
off debts of $7,100 and increase the allowance for
receivables by $950 to $2,100. What is the net
receivables figure to include in the statement of
financial position at 31 December 20X6?
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