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Seiko Company reported the following balances after adjustment at year-end: 2017 2016 Accounts receivable Net realizable value 5,250,000 5,100,000 4,800,000 4,725,000 During 2017, the entity wrote off accounts totaling P160,000 and collected P40,000 on accounts written off in previous year. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2017?

Seiko Company reported the following balances after adjustment at year-end: 2017 2016 Accounts receivable Net realizable value 5,250,000 5,100,000 4,800,000 4,725,000 During 2017, the entity wrote off accounts totaling P160,000 and collected P40,000 on accounts written off in previous year. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2017?

Intermediate Accounting: Reporting And Analysis
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
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 10P: At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2...
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Seiko Company reported the following balances after adjustment at year-end: 2017 2016 Accounts receivable Net realizable value 5,250,000 5,100,000 4,800,000 4,725,000 During 2017, the entity wrote off accounts totaling P160,000 and collected P40,000 on accounts written off in previous year. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2017?
Transcribed Image Text:Seiko Company reported the following balances after adjustment at year-end: 2017 2016 Accounts receivable Net realizable value 5,250,000 5,100,000 4,800,000 4,725,000 During 2017, the entity wrote off accounts totaling P160,000 and collected P40,000 on accounts written off in previous year. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2017?
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