What is the net realizable value of accounts receivable a 1970000 b 1820000 c

What is the net realizable value of accounts

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2.What is the net realizable value of accounts receivable? . a.1,970,000 b.1,820,000 c.1,800,000 d.1,950,000 3.What is the adjusted inventory? 4.What total amount of current assets should be reported?
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Page 4 SOLUTION PROBLEM 2 Question 1 Answer D Cash on hand 130,000 Customer postdated check ( 20,000) Employee IOU ( 10,000) Adjusted cash on hand 100,000 Cash in bank per bank statement 370,000 Outstanding checks ( 70,000) 300,000 Adjusted cash balance 400,000 Question 2 Answer B Customers’ debit balances 1,900,000 Customer deposit erroneously netted 50,000 Customer postdated check 20,000 Accounts receivable 1,970,000 Allowance for doubtful accounts ( 150,000) Net realizable value 1,820,000 Question 3 Answer C Inventory per book 2,000,000 Undelivered goods incorrectly excluded from inventory (750,000 / 150%) 500,000 Adjusted inventory 2,500,000 Question 4 Answer B Cash 400,000 Accounts receivable, net of allowance 1,820,000 Advances to employee - IOU 10,000 Inventory 2,500,000 Prepaid expenses 100,000 Total current assets 4,830,000
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