At the end of the 2018 fiscal year, Reversiflex Filing Company reported net accounts receivable of $755,000
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At the end of the 2018 fiscal year, Reversiflex Filing Company reported net accounts receivable of $755,000 and allowance for doubtful accounts of $15,000. At the following year-end, the corresponding figures were $649,000 and $13,000, respectively. During 2019, the company had credit sales of $3,210,000 and wrote off $19,000 of accounts that became uncollectible.
Required:
Determine the amount of cash collected from customers and the amount of bad debts expense for fiscal year 2019.
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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