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Amount of Net Realizable Value of Receivables

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Kentucky Supply Co., which has no beginning balance in its Accounts Receivable and Allowance for Doubtful Accounts, earned $80,000 of revenue on account during 2012. During 2012, the company collected $64,000 of cash from its receivables accounts. Kentucky estimates that will be unable to collect 2% of revenue on account. The amount of net realizable value of receivables on the December 31, 2012 balance.

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Solution Summary

The solution determines the amount of net realizable value of receivables.