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Bri Instructions - Auditing : x 04_Quiz_1(4).pdf X 04_Handout_1(6).pdf x & docx-4.docx | Cheque | x Net Realizable Value - | x Course Hero X + X O https://$3.amazonaws.com/$3.edu20.org/files/5874568/04_Quiz_1%284%29.pdf?X-Amz-Algorithm=AWS4-HMA... G 1 of 3 + | A) Read aloud | Draw V Highlight V Erase Case 1 Presented below are unrelated situations. Answer the questions related to each situation. The following information is from Gon Corporation's first year of operations: Merchandise purchased P675,000 Ending merchandise inventory 185,000 Collections from customers 225,000 1. All sales are on account and goods sell at 30% above cost. What are the accounts receivable balance at the end of the first year of operations? Killua Co. reported the following information at the end of its first year of operations, December 31, 201A: Doubtful accounts expense for 201A P406,500 Uncollectible accounts written off during 201A 70,800 Net realizable value of accounts receivable 1,342,500 2. What are the accounts receivable balance on December 31, 201A? Kurapika, Inc. sells a variety of imported goods. By selling on credit, Kurapika cannot expect to collect 100% of its accounts receivable. At December 31, 201A, Kurapika reported the following in its statement of financial position. Accounts receivable P2,637,000 Less: Allowance for doubtful accounts 160,200 Accounts receivable, net P2,476,800 During the year ended December 31, 201B, Kurapika earned sales revenue of P645,243,000 and collected cash of P633,684,600 from customers. Assume that the bad debt expense for the year was 1% of sales revenue and that Kurapika wrote of uncollectible accounts receivable totaling P6,527,400. 3. What are the accounts receivable balance on December 31, 201B? 4. What is the balance of Allowance for Uncollectible Accounts account at December 31, 201B? Type here to search 99+ W ~ 0 ) ENG 7:03 pm 26/10/2020 E3