Reference no: EM132936311
Questions -
Q1) You are given the following information relating to ABV Co., a merchandising company: Gross profit base on sales 20% Accounts receivable, Dec. 31, 2019 P 80,000 Collections on accounts receivable in 2020 P 430,000 Cost of goods available for sale in 2020 P 460,000 Merchandise inventory, Dec. 31, 2020 P 100,000 Assuming all sales were on account, what was the company's Accounts Receivable balance on Dec. 31, 2020?
-P 100,000
-P 50,000
-P 120,000
-P 90,000
Q2) BTS Company prepared an aging of its accounts receivable on December 31, 2020 and determined that the estimated uncollectibles on that date was P85,200. During 2020, some customers' accounts were written off. Additional information is available as follows:
Allowance for Bad Debts, December 31, 2019- P63,000
Bad debts expense reported in profit or loss- P18,000
Accounts Receivable, December 31, 2020- P607,500
Uncollectible accounts recovery during 2020- P12,000
How much were the accounts written off during 2020?
-P6,000
-P22,200
-P7,800
-P18,000
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