Business, 24.04.2020 20:01 zachzach28280

Guthrie Corporation reports accounts receivable at a net realizable value of $2,940,000 (gross receivable of $3,000,000 minus allowance for uncollectible accounts of $60,000). Assume that there is an active market for these types of receivables and that the price is 94% of face value. To adjust the receivable's carrying value to fair value, Guthrie would make which of the following entries

A.
DR Unrealized loss on receivables $180,000
CR Fair value adjustment--accounts receivable $180,000

B.
DR Unrealized loss on receivables $120,000
CR Fair value adjustment--accounts receivable $120,000

C.
DR Realized loss on receivables $180,000
CR Accounts receivable $180,000

D.
DR Realized loss on receivables $120,000
CR Accounts receivable $120,000

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 00:20

Suppose that the world price of steel is $100 a ton, india does not trade internationally, and the equilibrium price of steel in india is $60 a ton. suppose that india now begins to trade internationally. the price of steel in india the quantity of steel produced in india a. does not change; does not change b. falls; increases c. falls; decreases d. rises; decreases e. rises; increases the quantity of steel bought by india india steel. a. increases; exports b. decreases; imports c. decreases; exports d. does not change; neither imports nor exports e. increases; imports

Answers: 2

Answer

Business, 22.06.2019 04:10

You are head of the schwartz family endowment for the arts. you have decided to fund an arts school in the san francisco bay area in perpetuity. every 5 years, you will give the school $ 1 comma 000 comma 000. the first payment will occur 5 years from today. if the interest rate is 5.9 % per year, what is the present value of your gift?

Answers: 1

Answer

Business, 22.06.2019 05:50

Emily spent her summer vacation in buenos aires, argentina, where she got plastic surgery for a fraction of what it would cost in the united states. this is an example of:

Answers: 2

Answer

Business, 22.06.2019 20:00

Suppose a country's productivity last year was 84. if this country's productivity growth rate of 5 percent is to be maintained, this means that this year's productivity will have to be:

Answers: 2

Answer

You know the right answer?

Guthrie Corporation reports accounts receivable at a net realizable value of $2,940,000 (gross recei...

Questions