On January 1, 2020 easy company reported accounts receivable P2,070,000 and allowance for doubtful accounts P80,000....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 2020 easy company reported accounts receivable P2,070,000 and allowance for doubtful accounts P80,000. Credit Sales Writeoffs Recoveries 2017 11,100,000 260,000 22,000 2018 12,250,000 295,000 37,000 2019 14,650,000 300,000 36,000 2020 15,000,000 310,000 40,000 The collections from customers during 2020 totaled 14 million pesos, excluding recoveries. Doubtful accounts are provided for as a percentage of credit sales. The entity calculated the percentage annually by using the experience of the three years prior to the current year. What amount should be reported as allowance for doubtful accounts on December 31, 2020? What is the net realizable value of accounts receivable on December 31, 2020? On January 1, 2020 easy company reported accounts receivable P2,070,000 and allowance for doubtful accounts P80,000. Credit Sales Writeoffs Recoveries 2017 11,100,000 260,000 22,000 2018 12,250,000 295,000 37,000 2019 14,650,000 300,000 36,000 2020 15,000,000 310,000 40,000 The collections from customers during 2020 totaled 14 million pesos, excluding recoveries. Doubtful accounts are provided for as a percentage of credit sales. The entity calculated the percentage annually by using the experience of the three years prior to the current year. What amount should be reported as allowance for doubtful accounts on December 31, 2020? What is the net realizable value of accounts receivable on December 31, 2020?
Expert Answer:
Answer rating: 100% (QA)
Amount reported as allowance for doubtful accounts Allowa... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
Posted Date:
Students also viewed these accounting questions
-
AINT NO MOUNTAIN HIGH ENOUGH has a note receivable from CLIMB EVERY MOUNTAIN (CEM). CEM is experiencing a great financial crisis and has negotiated for a restructuring of its note with a face amount...
-
Waiparous General Store has a note receivable from a customer. The customer pays the interest for the previous month on the first day of each month. Assuming Waiparous prepares monthly financial...
-
Georgia Company reported accounts receivable of $16.5 million at the end of its 2004 fiscal year. This amount was net of an allowance for doubtful accounts of $1,800,000. During 2005, Georgia sold...
-
Unlike affirmative action, diversity _ _ _ _ _ . a . can exist even if organizations do not take purposeful steps to create it b . is required by law for private employers with 5 0 or more employees...
-
David received a gift of stock from Ted this year when the stock was worth $24,000. Ted purchased the stock for $18,000 five years ago and paid $2,000 of gift taxes on the gift. What is David's basis...
-
Gary and Gertrude are married on April 8, 2017.They use Gertrudes home as their residence.Gertrude purchased the home on November 14, 2015, for $60,000.On February 19, 2018, Gertrude is killed in an...
-
A card is randomly selected from a standard deck of 52 playing cards. Find the probability that the card is between 7 and 10, inclusive, or is black. Find the probability.
-
Matt Peters wishes to evaluate the risk and return behaviors associated with various combinations of assets V and W under three assumed degrees of correlation: perfect positive, uncorrelated, and...
-
Task 1: Create a JavaBean Coffee Bean with the following: - Data members: int numSugar; double price; String typeCoffee; Methods: Constructor Accessor Mutator Task 2: Create a HTML CoffeeOrder.html...
-
1. What is the cost of debt for Sunrise Bakery? 2. What is their cost of equity? 3. What is the WACC? 4. Which cost of capital should be used to evaluate the feasibility of the oven purchase? 5....
-
Please do a type-written essay of at least five pages 2000 words for the topic "The Dialectic between Biblical Criticism and Christian"
-
Jared, age 54, earns $300,000 per year and is a participant in his employer's 401(k) plan. Ignoring the ADP Test requirements, what is the maximum amount that Jared can defer under the 401(k) plan in...
-
Companies use to help them deal with the force of rivalry among existing competitors. substitute products or services product differentiation barriers to entry value chain analysis
-
Blossom Company has the following information available for September 2022. Unit selling price of video game consoles $430 Unit variable costs $301 Total fixed costs $39,990 Units sold 600 (a)...
-
Can someone help me to correct this code. The problem asks us to: Credit card numbers are 16 numbers long with spaces every four numbers (represented by s below). Order of the numbers means something...
-
Sandhill Park la a private campling around near the Moune Miguel Recreation Ares it has compiled the following Frencial Information as of December 31, 2027. Service revenue (from camping fees...
-
Compute the following determinant using cofactor expansion for the 4 x4 pick the method of your choice for the 3 x 3 matrices. Hint: choose along w column carefully. 12-12 5031 2-1-20 102-2
-
The production budget of Artest Company calls for 80,000 units to be produced. If it takes 30 minutes to make one unit and the direct labor rate is $16 per hour, what is the total budgeted direct...
-
Consider the pattern in following selected year-end data for Landsdowne Company. Provide an explanation for the changes over the six-year period. Year 6 is the most recent year. What difficulties do...
-
Accounting and financial reporting is highly regulated in the United States. Standards specify the types of information to be reported and how accounting numbers are to be calculated. Listed below...
-
The following information is available for The Book Wermz for November, 2004. All numbers are dollar amounts. Cash balance, November 30 ............$12,307.99 Cash balance, October 31 ................
-
What are the four main consumer rights?
-
Identify the four levels of a company's ethical environment.
-
What is meant by social responsibility, and why do companies exercise it?
Study smarter with the SolutionInn App