A portion of the ourrent assets section of the December 31, 2016, balance sheet

Question

A portion of the ourrent assets section of the December 31, 2016, balance sheet for Gibbs Co. is presented here Accounts receivable Less: Allowance for bad debts 24,600 3,000) 21,600 The company's accounting records revealed the folowing information for the year ended December 31, 2017 on account $ 174,500 150,000 Cash collections from customers Accounts written of Bad debts expense (aocrued at 1231/17) Caloulate the net realizable value of accounts receivable at December 31, 2017, and prepare the appropriate balance sheet presentation for Gibbs Co, as of that point in time. (Hilint Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) Less Allowance for bad debts Accounts receivable (Net MacBook Air 20 3 5 7 8 9

Explanation / Answer

Calculation of Gross Accounts receivable -

Calculation of allowance for bad debts -

so now calculation of Accounts receivable (Net) -

Please check with answer and let me know.

Accounts receivable as on 31st Dec.2016 24600 add sales during 2017 174500 less Cash collection from customers 150000 Gross accounts receivable as of 31st Dec. 2017 49100

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