3
nts
TB MC Qu. 5-43 (Algo) On January 1, Year 2, Kincaid Company's...
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $69,600 and
$2.600, respectively. During the year Kincaid reported $183,000 of credit sales. Kincaid wrote off $1,650 of receivables as uncollectible in
Year 2. Cash collections of receivables amounted to $215,500. Kincaid estimates that it will be unable to collect one percent (1%) of credit
sales.
The net realizable value of receivables appearing on Kincaid's Year 2 balance sheet will amount to:
