At the end of 2016, Crane Company has accounts receivable of $713,800 and an all

Question

At the end of 2016, Crane Company has accounts receivable of $713,800 and an allowance for doubtful accounts of $23,690.On January 24, 2017, it is from Madonna Inc. Is not collectible and therefore management authorizes a write-off of $3,885. learned that the company's recelvable to record the write-off. Enter 2016 amounts as beginning balances. (Enter negative amounts using either a negative sign preceding the parentheses e.g. (45).) nomber eg, AS or Assets s Liabilities + Stockholders Equity Allow. For Retained Earnings Accts. Rec.Doubtful Accts + Common StockRev. Exp. Beg, Bal. Jan. 24 Adj. Bal. ENTERACTIVE TUTORIAL What is the cash realizable value of the accounts receivable before the write-off and after the write-off Before Write-off After Write-Off Cash realizable value s

Explanation / Answer

Tabular Summary :

Calculate cash relizable value of the account receivable :

Assets = Liabilities + Stockholder's equity Allow. for Retained Earnings Accts. Rec. - Doubtful Accts = + Common stock + Rev. - Exp. Beg. Bal 713800 23690 Jan 24 (3885) (3885) Adj. Bal 709915 19805

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