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Required information [The following information applies to the questions displayed below.] Sage Incorporated experienced the following transactions for Year 1, its first year of operations:
Required information [The following information applies to the questions displayed below.] Sage Incorporated experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $110,000 cash. 2. Purchased $200,000 of merchandise on account. 3. Sold merchandise that cost $164,000 for $326,000 on account. 4. Collected $286,000 cash from accounts receivable. 5. Paid $180,000 on accounts payable. 6. Paid $48,000 of salaries expense for the year. 7. Paid other operating expenses of $64,000. 8. Sage adjusted the accounts using the following information from an accounts recelvable aging schedulc c. What is the net realizable value of the accounts recelvable at December 31 , Year 1
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