Question
Ledger Company had the following balances on its balance sheet at the end of year 3: Accounts Receivable...........................661000 Allowance for uncollectible accounts......33050 Net realizable value...........................627950
Ledger Company had the following balances on its balance sheet at the end of year 3: Accounts Receivable...........................661000 Allowance for uncollectible accounts......33050 Net realizable value...........................627950 Ledger Company had the following balances on its balance sheet at the end of year 4: Accounts Receivable............................542200 Allowance for uncollectible accounts.......26250 Net realizable value...........................515950 During year 4, Ledger had sales (all on credit) of $2800000. They record bad debt expense of 56000. No recoveries of prior year write-offs were received in year 4. How much cash did Ledger collect on account in year 4? What amount of accounts were written off as uncollectible in year4?
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