The data below is for Craft, Inc. for 2015.

Credit sales during the year $2,100,000
Accounts receivable-December 31, 2015 295,000
Allowance for doubtful accounts-December 31,2015 28,000
Bad debt expense for the year 17,000

What amount will Craft show on its year-end balance sheet for the net realizable value of its accounts receivable?

$267,000

Explanation:

When a company assesses that some of its receivables (due from customers who bought goods on account/credit) may not be collectible, the required entries are debit bad debt expense and credit allowance for bad debt.

The credit to allowance for bad debt is netted off the debit in accounts receivables to determine the net receivables in the balance sheet at the end of the period.

Hence Craft will show on its year-end balance sheet a net realizable value of its accounts receivable

= $295,000 - $28,000

= $267,000

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