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8 At the year-end, Amy's books show an extract of its receivables. It shows an opening allowance for receivables of $22,000 and a receivable amount
8 At the year-end, Amy's books show an extract of its receivables. It shows an opening allowance for receivables of $22,000 and a receivable amount of $370,000. Amy decided to write off irrecoverable debts amounting to $20,000. The closing allowance for receivables has been set at 25%. What will be the net closing balance for receivables that will be shown in the Statement of Financial Position? (A) $260,000 (B) $262,500 (C) $229,500 (D) $220,000 ( )
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