Gary Collins owns Collin's Collectibles, which sells high-end collectibles from around the world. Sales on credit in Year One were $2,638,100. Gary estimates that $76,000 of the credit sales will not be collected. At the end of the year, the balance in accounts receivable was $667,000. the amount of cash collected from receivables in Year One? The amount of cash collected from receivables in Year One is: $ 1,895,100 Check Answer This question is locked The net realizable value of the receivables at the end of Year One is: $ Check Answer You can check your answer 2 more times before the question is locked. Continuing in Year Two, Gary begins the year with a balance in accounts receivable of $567,000 and balance in the allowance account of $76,000. Sales on credit were $2,650,000 and the company wrote off $68,000 in receivables that were determined to be bad. If the ending balance in accounts receivable is $400,000, the amount of cash collected in Year Two is: $ Check