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Business, 08.02.2021 23:30 krystinayagel013

On January 1, 2014 the accounts receivable and the allowance for doubtful accounts carried balances of $20,000 (debit) and $500 (credit), respectively. During the year, the company reported revenues of $100,000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible during the year. Cash collections of receivables amounted to $74,550. If the company estimates uncollectible accounts to be 4% of accounts receivable, determine the net realizable value of receivables appearing on the 2014 balance sheet:

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