Question
Apple Merchandising had net sales in 2011 of JPY700,000. At December 31, 2011, before adjusting entries, the balances in selected accounts were: accounts receivable JPY125,000
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Apple Merchandising had net sales in 2011 of JPY700,000. At December 31, 2011, before adjusting entries, the balances in selected accounts were: accounts receivable JPY125,000 debit, and allowance for doubtful accounts JPY1,200 credit. Cong Son estimates that 2% of its net sales will prove to be uncollectable. What is the cash realizable value of the receivables reported on the statement of financial position at December 31, 2012?
Apple Merchandising had net sales in 2011 of JPY700,000. At December 31, 2011, before adjusting entries, the balances in selected accounts were: accounts receivable JPY125,000 debit, and allowance for doubtful accounts JPY1,200 credit. Cong Son estimates that 2% of its net sales will prove to be uncollectable. What is the cash realizable value of the receivables reported on the statement of financial position at December 31, 2012?
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
