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What is net realizable value of accounts receivable on dec

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The financial statement of Anne Company included in the following information for 2020:

                                                      January 1              December 31
Accounts receivable                   1,200,000
Allowance for doubtful accounts     60,000
Sales                                                                  8,000,000
Cash collected from customers                                     7,000,000

The cash collection included a recovery of P10,000 from a customers whose account had been written off s worthless in 2019. During 2020, it was necessary to recognized doubtful accounts expense of P100,000 and write off worthless customers' accounts P30,000. On December 31, 2020, a customer settled an account by issuing a 12% six-month note for P400,000.

problem 1: What is the net realizable value of accounts receivable on December 31, 2020?

Reference no: EM132783764

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