Question

The following account balances were extracted from the accounting records of Thomas Corporation at the end of the​ year: Accounts Receivable $ 1 comma 104 comma 000 Allowance for Uncollectible Accounts​ (Credit) $ 37 comma 000 UncollectibleminusAccount Expense $ 62 comma 000 What is the net realizable value of the accounts​ receivable?

Answer 1

Answer:

net realizable value of the accounts​ receivable is $1,067,000

Explanation:

given data

Accounts Receivable = $ 1,104,000

Accounts​ (Credit) = $37,000

Account Expense = $62,000

to find out

net realizable value of the accounts​ receivable

solution

we know here in accounting records Accounts Receivable , Accounts​ (Credit) and Account Expense so

net realizable value of the accounts​ receivable will be

net realizable value = Accounts Receivable - Accounts​ (Credit)

put here value

net realizable value = 1104000 - 37000

net realizable value = 1067000

so net realizable value of the accounts​ receivable is $1,067,000