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The following information relates to Kay Companys accounts receivable for 20X1. Accounts receivable 1/1/X1 $ 425,000 Credit sales for 20X1 3,265,000 Sales returns during 20X1
The following information relates to Kay Companys accounts receivable for 20X1. Accounts receivable 1/1/X1 $ 425,000 Credit sales for 20X1 3,265,000 Sales returns during 20X1 29,000 Accounts written off during 20X1 18,500 Collections from customers during 20X1 3,348,000 Estimated future sales returns at 12/31/X1 40,000 Estimated uncollectible accounts at 12/31/X1 90,000 Required: a. Determine the amount should Kay report as gross accounts receivable at December 31, 20X1. b. Determine the amount should Kay report as net accounts receivable at December 31, 20X1
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