Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the information from the following journal entries to answer the questions about Ruby Inc for 2020 . (Click the icon to view the journal
Use the information from the following journal entries to answer the questions about Ruby Inc for 2020 . (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ( 885,000) and then post to the Account Receivable T-account How much do Ruby's customers owe the company at Decermber 31,2020 ? 2. Start with the Allowance account's beginning credit balance, (\$19,500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at Decermber 31,2020 , does the company expect not to collect? 3. At December 31,2020 , what is the net realzable value of the company's accounts receivable? Journal entries Use the information from the following journal entries to answer the questions about Ruby Inc. for 2020 . Using the T-account you prepared above, how much is the company owed at December 31,2020 ? $ collect? (Leave any unused cells blank.) Using the T-account you prepared above, how much does the company expect not to collect at December 31,2020 ? The company expects not to collect at December 31,2020,3 Requirement 3. At December 31,2020 , what is the net realizable value of the company's accounts receivable? Ruby's net realizable value of accounts receivable is $ Use the information from the following journal entries to answer the questions about Ruby Inc. for 2020. Requirement 1. Start with the Account Receivable's beginning balance ($85,000) and then post to the Account Receivab ipared above, how much is the company owed at December 31,2020 ? \$ Beg. Bal. he Allowance account's beginning credit balance ($19,500) and then post to the Allowance fo Collections 1 cells blank.) End. Bal. Net credit sales Write-offs illectible Accounts pared above, how much does the company expect not to collect at December 31, 2020? The company expects not to collect at December 31,2020,9 Requirement 3 . At December 31,2020 , what is the net realizable value of the company's accounts receivable? Ruby's net realizable value of accounts receivable is $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started