7.3 Report accounts receivable on the balance sheet 1) Accounts receivable are reported at "current market value" in the current assets section of the balance sheet. 2) Accounts receivable...

7.3 Report accounts receivable on the balance sheet

1) Accounts receivable are reported at "current market value" in the current assets section of the balance sheet.

2) Accounts receivable may be reported "net of allowance for doubtful accounts."

3) Assume that at December 31, 2013, Sophie Corporation has an Accounts Receivable balance of $325,000 and its Allowance for Doubtful Accounts balance is $17,979. How is the Accounts Receivable presented on the balance sheet?

4) Assume that at December 31, 2013, Alyson Corporation has an Accounts Receivable balance of $240,000 and its Allowance for Doubtful Accounts balance is $13,900. Prepare a partial Balance Sheet showing the Accounts Receivable section.