1. After the accounts are adjusted at the end of the year, Accounts Receivable has a balance of $215,000, Uncollectible Accounts Expense has a balance of $17,500, and Allowance for Doubtful Accounts has a balance of $12,500. What is the net realizable value of the accounts receivable?
Accounts Receivable - Allowance accounts = net realizable value
215,000 - 12,500 = $202,500
2. Explain the meaning of the terms "tangible" and "intangible" and discuss how these terms are used in describing assets.
The asset which is touch able is called tangible assets for example office equipment and table and chairs and intangible assets are those which are not touchable like land and environments.