For the next two (2) questions: Selected balances related to the accounts receivable of ABC Company as of December 31 are presented below: 2021 Accounts receivable, net 2022 P5,450,000 1,450,000 P3,500,000 750,000 Allowance for doubtful accounts During the year, sales amounted to P25,000,000, 20% of which are cash sales. Write-offs of uncollectible accounts amounted to P550,000 while recoveries of accounts previously written off totaled P300,000. 1. How much is the bad debt expense recognized in 2022? 2. What is the total amount of cash collected from customers in 2022?
For the next two (2) questions: Selected balances related to the accounts receivable of ABC Company as of December 31 are presented below: 2021 Accounts receivable, net 2022 P5,450,000 1,450,000 P3,500,000 750,000 Allowance for doubtful accounts During the year, sales amounted to P25,000,000, 20% of which are cash sales. Write-offs of uncollectible accounts amounted to P550,000 while recoveries of accounts previously written off totaled P300,000. 1. How much is the bad debt expense recognized in 2022? 2. What is the total amount of cash collected from customers in 2022?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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