Question

The following information relates to Rem Corp's accountsreceivable for 2015:

Accounts receivable,1/1/15                   $ 500,000

Credit sales for2015                         2,000,000

Sales returns for2015                            60,000

Accounts written off during2015                  37,000

Collections from customers during2015        1,500,000

Estimated future sales returns at12/31/15         35,000

Estimated uncollectible accounts at12/31/15       73,000

Required:

What amount should Rem report for accounts receivable beforesales returns and uncollectible accounts, at December 31, 2015?

NOTE: Be sure to show all your calculations. This hasthe possibility of partial credit. Incorrect answers withoutcalculations will automatically result in zero points.

 

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