Reference no: EM132964535
The Financial Statements of Integrity Corporation included the following:
December 31, 2021 December 31, 2022
Accounts Receivable P735,000
Allowance for Uncollectible 16,200
Accounts Sales on Account P4,500,000
Cash Collected from 4,200,000 customers
- Among the cash collections was the full recovery of a P16,000 receivable from Mr. Saint Homobonus, a customer whose account had been written off as worthless late in 2021.
- During 2022, it was necessary to write-off uncollectible customer's accounts totaling P20,200.
- On December 1, 2022, a customer settled his account by issuing to Integrity Corporation a 9%, six-month note for P250,000.
- At December 31, 2022, the accounts receivable included P100,800 past due accounts. After careful study of all past-due accounts, the management estimated that the probable loss contained therein was 10%. In addition, 2% of the current accounts receivable might prove uncollectible.
Problem 1: What is the balance of Accounts Receivable as of December 31, 2022?
Problem 2: What is the amount of the current accounts receivable that might prove to be uncollectible?
Problem 3: What is the amount of the current accounts receivable that might prove to be uncollectible?
Problem 4: What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December 31, 2022?
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