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How much should reported as allowance for doubtful accounts

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Reference no: EM133109014

Question - FDN Company reported Accounts Receivable of P10,000,000 on December 31, 2021. Allowance for Doubtful Accounts was P1,000,000 on January 1, 2021. The following information is provided pertaining to the company's aging analysis.

Time outstanding

Accounts receivable

Percent uncollectible

Under 90 days

P7,200,000

3%

91 - 180 days

1,800,000

6%

181 - 360 days

1,000,000

30%

Required - How much should be reported as Allowance for Doubtful Accounts as of December 31, 2021?

Reference no: EM133109014

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