Business, 10.12.2021 22:00 Diamondnado3046

A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable $ 425,000
Less:
Allowance for bad debts (18,000 ) $ 407,000
The company's accounting records revealed the following information for the year ended December 31, 2020:
Sales (all on account) $ 2,600,000
Cash collections from customers 2,375,000
Accounts written off 30,000
Bad debts expense (accrued at 12/31/20) 41,000
Required:
Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time.

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A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is pre...

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