Reference no: EM132993566
Celaica Company reported the following accounts receivable at year-end:
Trisha Company 800,000.00
Jerard Company 2,000,000.00
Marc Company 1,500,000.00
Francis Company 1,000,000.00
All other accounts receivable 5,000,000.00
The entity determined that Trisha Company receivable is impaired by 500,000.00 and Francis Company receivable is totally impaired. The entity also determined that a composite rate of 4% is appropriate to measure impairment on all other accounts receivable.
Problem 1: What is the total impairment loss of accounts receivable?
Select one:
a. 1,500,000.00
b. 1,912,000.00
c. 1,700,000.00
d. 1,840,000.00
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