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Compute the net realizable value of accounts receivable

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Question - Gardo Corporation decided that the Allowance for Bad Debts should be adjusted to equal the estimated amount required based on the aging of the accounts as of December 31. Following data were gathered:

Allowance for bad debts, January 1, 2021 P120,000

Provision for bad dents during 2021 (2% of P3,000,000 sales) 60,000

Bad debts written off in 2021 75,000

Estimated bad debts per aging of accounts on December 31, 2021 80,000

Accounts receivable, December 31, 2021 500,000

Required -

1. Compute the 2021 Bad debts expense.

2. Compute the net Realizable value of Accounts Receivable on December 31, 2021.

3. Compute the Allowance for Bad Debts should be increased (decreased) by amount?

Reference no: EM133163649

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