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Compute the net realizable value of accounts receivable

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Wellington Corp. has outstanding accounts receivable totaling P2,540,000 as of December 31 and sales on credit during the year of P12,800,000. There is also a debit balance of P6,000 in the allowance for doubtful accounts.

Problem 1) If the company estimates that 1% of its net credit sales will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense?

Problem 2) How much is the bad debts expense for the year?

Problem 3) Compute the net realizable value of Accounts Receivable

Reference no: EM132725906

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