miller collected $70,000 of cash from its receivables accounts. the company estimates that it will be unable to collect 3% of its sales on account. what is the amount of uncollectible accounts expense that will be recognized on the year 1 income statement?

$29,910 - The final accounts receivable balance is $33,000 ($0 initial balance + $103,000 in revenue on account - $70,000 in collections, $3,090 is the final amount of the allowance for doubtful accounts, $33,00 - $3,090 = net realizable value of $29,910).

What is cash from receivable accounts?

Receivables from customers represent a short-term obligation for them as well as cash to one's organization. How long one can wait for a customer to pay depends on the cash flow factors. The supplier reports the short-term credit as current assets on the balance sheet, which has an impact on cash flow as accounts payable.

Is cash similar to accounts receivable?

Accounts receivable are, in other words, short-term lines of credit that a business owner offers to the client.

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