Reference no: EM132315280
Question
Quirino Company had the following information related to its Accounts Receivable for the year 2018:
Accounts Receivable, January 1 P12,000,000
Credit Sales 20,000,000
Collection from customers, excluding the recovery 17,000,000
Accounts written off as worthless 300,000
Sales Return 1,000,000
Recovery of accounts written off 100,000
Estimated future sales return on December 31 400,000
Estimated uncollectible on December 31, per aging 1,000,000
Required: Quirino should report the December 31, 2018 Accounts Receivable before Allowance for Uncollectible accounts at _____________________
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