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Compute for the deductible bad debt expense

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AB Company, a resident foreign corporation using cash basis of accounting to report on a fiscal year ending every August 31, had the following account balances in its August 31, 2020 trial balance:

Credit

Sales AP8,000,000

Accounts Receivable (60% from resident clients)5,000,000

Allowance for bad debts300,000

For the year ending August 31, 2020, AB Company estimates a provision of 5% of receivables. AB Company was able to collect 80,000 from accounts that were previously written off

Problem 1: Compute for the deductible bad debt expense.

Reference no: EM132759803

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