PART 1 Patriots Corp. reported the following account balances (always assume account balances are "normal" unless a problem tells you otherwise.):

Accounts Receivable, 1/1/Year3 $ 80,000

Allowance for Uncollectible accounts 1/1/Year3 $ 2,400

Sales on Credit, during Year3 $ 300,000

Collections on account, during Year3 $ 270,000

Write-offs of uncollectible accounts, during Year3 $ 2,800

What is the net realizable value of accounts receivable at January 1, Year3 (the beginning of the accounting period)?

a 80,000 b. 82,400 c 77,600 d 110,000 e 77,200

PART 2

What is the balance in accounts receivable at 12/31/Year3 (before any adjusting entries)?

a. 27,200 b 110,000 c. 80,000 d. 107,200 e 377,200