Lithotech,Inc Had Net Sales in 2016 of $700,000

question 76

Multiple Choice

Lithotech,Inc had net sales in 2016 of $700,000.At December 31,2016,before adjusting entries,the balances in selected accounts were: accounts receivable $125,000 debit,and allowance for doubtful accounts $1,200 debit.Lithotech estimates that 2% of its net sales will prove to be uncollectible.What is the cash realizable value of the receivables reported on the statement of financial position at December 31,2016?

• A)$109,800
• B)$111,000
• C)$112,200
• D)$122,500

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