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2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts of $44,300 and $1,675, respectively. The company reported credit
2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts of $44,300 and $1,675, respectively. The company reported credit sales of $490,250 during the year, and wrote off $1,400 of uncollectible accounts. Sirus Company prepared the following aging schedule on December 31, Year 2: Number of Days Receivables % Likely to be Past Due Amount Uncollectible Current S 24,750 1% 0-30 8,300 5% 31-60 9,000 10% 61-90 2,150 25% Over 90 1,750 50% Total $ 45,950 Required: (Show all your work-Answers need to be supported or you will lose points.)(10 points) a) Compute the amount of cash collected from accounts receivable. b) Compute the uncollectible accounts expense. | c) Determine the net realizable value of accounts receivable
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