Reference no: EM132974496
Question - The adjusted trial balance of Thomas Company as of December 31, 2018 shows the following:
Debit: Accounts Receivable 1,000,000
Credit: Allowance or bad debts 40,000
Additional information:
a. Cash sales of the company represent 10% of gross sales. Total sales amount to P12,000,000
b. 90% of the credit sales customers did not take advantage of the 2/10, n/30 terms. Total face value of accounts receivable collected during the year was P8,360,000
c. Sales returns in 2019 amounted to P400,000. All returns were from charge sale.
d. During 2019, accounts totaling to P40,000 were written off as uncollectible; bad debt recovery during the year amounted to P3,000
e. The allowance for bad debts is measured as follows.
Based on the information given, answer the following:
1. What the Accounts Receivable balance as of December 31, 2019?
2. What the Allowance for doubtful accounts, December 31, 2019?
3. What the Net realizable value, December 31, 2019?
4. What the Doubtful accounts expense for 2019?
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