Question: Hello im in rush right now can someone please help me. I need clear solution that is easy to copy thank you!! Please provide correct
Hello im in rush right now can someone please help me. I need clear solution that is easy to copy thank you!!
Please provide correct answer thanks you! I need this Asap
For item nos. 18-20: During the second year of operations, Bora Company found itself in financial difficulties. The entity decided to use the accounts receivable as a means of obtaining cash to continue operations. On July 1, 2021, the entity sold P1,500,000 of accounts receivable for cash proceeds of P1,400,000. No allowance for doubtful accounts was associated with these accounts. On December 15, 2021, the entity assigned the remainder of its accounts receivable, P5,000,000 as of that date, as collateral on a P2,500,000, 12% annual interest rate loan from Finance Company. The entity received P2,500,000 less a 2% finance charge. None of the assigned accounts had been collected by the end of the year. It is estimated that 10% of accounts receivable would be uncollectible. The entity revealed the following data on December 31, 2021: Accounts receivable, excluding factored and assigned accounts 1,000,000 Accounts receivable - assigned 5,000,000 Accounts receivable - factored 1,500,000 Allowance for doubtful accounts before adjustment 100,00018) What total amount was received from the financing of accounts receivable? a . 3,900,000 b . 3,850,000 C. 3,950,000 4,000,000 e. none of the above 19) What is the net realizable value of accounts receivable on December 31, 2021? a . 4,500,000 b. 5,400,000 C. 6,000,000 d. 5,000,000 e none of the above 20) What amount should be recognized as doubtful accounts expense for 2021? a. 600,000 b. 500,000 C. 650,000 d. 0 e none of the above
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