32. If a company fails to record estimated bad debts expense, a. cash realizable value is understated. b. expenses are understated. C. revenues are understated. d. receivables are understated. 33. Leary Corporation had net credit sales during the year of $1,200,000 and cost of goods sold of $720,000. The balance in accounts receivable at the beginning of the year was $120,000 and at the end of the year was $180,000. What was the accounts receivable turnover? a. 8.0 b. 10.0 c. 6.7 d. 4.8