Question
a. There were $182,900 of sales on account during the accounting period. Write-offs of uncollectible accounts were $1,800. What was the amount of cash collected
a.There were $182,900 of sales on account during the accounting period. Write-offs of uncollectible accounts were $1,800. What was the amount of cash collected from accounts receivable? What amount of uncollectible accounts expense was reported on the income statement? What was the net realizable value of receivables at the end of the accounting period?
b.The note receivable has a two-year term with a 6.50 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest?(Round your answers to the nearest dollar amount.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started