Use the solution to exercise S4-8 to answer these questions about Environmental Products Inc. for 2017.
1. Start with Accounts Receivable's beginning balance ($80,000) and then post to the Accounts Receivable T-account. How much do Environmental Products's customers owe the company at December 31, 2017?
2. Start with the Allowance account's beginning credit balance ($17,500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at
December 31, 2017, does the company expect not to collect?
3. At December 31, 2017, what is the net realizable value of the company's accounts receivable?