Laura had net sales (all on account) in 2020 of $840000. At December 31, 2020, before adjusting entries, the balances in selected accounts were: accounts receivable $1060000 debit, and allowance for doubtful accounts $2190 debit. Laura estimates that 4% of its accounts receivable will prove to be uncollectible. What is the net amount expected to be collected of the receivables reported on the financial statements at December 31, 2020?

$1017600 is the net amount to be shown

Explanation:

The Allowance for doubtful account should be = 1060000 multiply with 4% = 42400

Calculate net realizable value is as follows:

The Net realizable value = Account receivable  minus the Allowance for doubtful accounts

= 1060000 minus 42400

Thus, Net realizable value = 1017600

Therefore, after calculating the above equation, it is clear that the net amount of realizable value in order to be reported on the financial statements as at December 31, 2020 is $1017600

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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