Perez Company Began the Current Year with a Balance of $148,000

question 166

Essay

Perez Company began the current year with a balance of $148,000 in accounts receivable and $8,600 in allowance for doubtful accounts. During the year, it provided $656,000 in services to customers on account and collected $580,000 in cash from its accounts receivable. Perez wrote off $6,500 of uncollectible accounts during the year. At the end of the year, the company prepared an aging schedule and adjusted its accounts based on the estimate that $12,600 of receivables would not be collected.Required:Compute the uncollectible accounts expenseDetermine the net realizable value of accounts receivable at the end of the current year.

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Definitions:

Follow-up Messages

Subsequent communications sent to provide additional information, ask for a response, or remind the recipient of a previous message.

Job-acceptance Messages

Written or oral communications conveyed by an individual to accept a job offer, typically including gratitude for the offer and confirmation of the start date and terms of employment.

Extrinsic Rewards

Rewards given by an external source, such as money or prizes, as motivation for specific behaviors or achievements.

The Job

A task or piece of work, often regular and performed in exchange for payment.