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A company has the following account balances at the beginning of an accounting period: Accounts receivable $417,000 and Allowance for Doubtful...
4. A company has the following account balances at the beginning of an accounting period: Accounts receivable $417,000 and Allowance for Doubtful Accounts $12,000. During the year, the company had net sales (all on credit)of $700,000, collections on accounts receivable of $540,000, and $7,000 of accounts were written off. If the company uses the income statement approach of estimating uncollectible accounts and has estimated that uncollectible accounts will be 1.5% of net sales, what is the amount of uncollectible accounts expense that will be recognized for the year?5. What was the net realizable value of Accounts receivable in problem #4 prior to the adjustment for uncollectible accounts?Need show the work plz
