An entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible
An entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 44E: Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note:...
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An entity provided the following information for the current year:
P2,000,000 | |
Credit sales | 10,000,000 |
Collection from customers, excluding recovery of accounts written off | 8,000,000 |
Accounts written off as worthless | 100,000 |
Sales return | 500,000 |
Recovery of accounts written off | 50,000 |
Estimated future sales returns on December 31 | 150,000 |
Estimated uncollectible accounts on December 31 per aging | 300,000 |
What is the “amortized cost” of accounts receivable on December 31?
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