Multiple Choice
Hancock Medical Supply Co. ,which had no beginning balance in its Accounts Receivable and Allowance for Doubtful Accounts,earned $160,000 of revenue on account during 2016.During 2016,Hancock collected $128,000 of cash from its receivables accounts.The company estimates that it will be unable to collect 1% of revenue on account.The amount of net realizable value of receivables on the December 31,2016 balance sheet would be:
A) $30,400.
B) $30,720.
C) $32,000.
D) $30,000.
Correct Answer:
Verified
Correct Answer:
Verified
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