Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I just need help with After Adjustments, I get 2,853,200 but its telling me that is wrong At the end of 2020, Bramble Corp.

image text in transcribedimage text in transcribedimage text in transcribed

Hi, I just need help with After Adjustments, I get 2,853,200 but its telling me that is wrong

At the end of 2020, Bramble Corp. has accounts receivable of $2.95 million and an allowance for doubtful accounts of $116,000. On January 16, 2021, Bramble determined that its $24,300 receivable from Cullumber Company will not be collected, and management has authorized its write off. On January 31, 2021, Bramble received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to Oriole Company The company had previously written off 100% of the amount due from Oriole ($51,000). To write off the Cullumber accounts: Debit Credit Account Titles and Explanation Allowance for Doubtful Accounts 24300 Accounts Receivable 24300 Oriole Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: Debit Credit Account Titles and Explanation Accounts Receivable 5100 Allowance for Doubtful Accounts 5100 What is the estimated net realizable value of Bramble's accounts receivable before and after the entries above? What is the book value of Bramble's accounts receivable before and after the entries above? Before Adjustments After Adjustments 2834000 $ Net Realizable Value | LA 2950000 $ 2930800 Book Value

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Managerial Accounting Creating Value In A Dynamic Business Environment

Authors: Ronald Hilton, David Platt

12th Edition

1260566390, 9781260566390

More Books

Students also viewed these Accounting questions