Reference no: EM132787123
On January 1, 2020, the following data was presented by Toyota Inc. concerning its Accounts Receivables:
Accounts Receivable P20,000,000
Allowance for Bad Debts (2,000,000)
Net Realizable Value of AR P18,000,000
Additional data for 2020 are as follows:
a. The total sales for 2020 is P100,000,000.
b. Toyota received P20,000,000 from cash customers during the year.
c. On July 1, 2020, a credit memo was issued to James Bond for P10,000,000.
d. On July 2, 2020, a cash customer returned a truck with a selling price of P5,000,000.
e. On September 1, 2020, the company received P27,000,000 cash from the collection of current receivables. The customers availed of the cash discount which is 10%.
f. On October 1, 2020, the company factored its account receivable from SM Inc. for P1,000,000. The gross amount of that receivable is P1,500,000 with the net realizable value of P1,200,000.
g. On November 1, 2020, the note receivable of P2,000,000 from Avatar Inc. was dishonored by non-payment. The accrued interest up to this date is P200,000.
h. On November 10, 2020, P10,000,000 accounts receivable were assigned to BDO Inc. No collection was made during 2011 according to the assignee.
i. On December 1, 2020, P5,000,000 accounts receivable written off in 2010 were recovered.
j. On December 15, 2020, P1,000,000 accounts receivable was written off.
Required:
Problem 1: Based on the result of your audit, determine the following as of December 31, 2020:
I. Ending Accounts Receivable
II. Bad Debts Expense assuming the company provides 10% bad debts based on Net Credit Sales
III. Ending Allowance for Bad Debts using the assumption in number II
IV. Net Realizable Value of Accounts Receivable using the assumption in number II
V. Bad Debts Expense assuming the company provides 10% bad debts based on Ending Accounts Receivable
VI. Ending Allowance for Bad Debts using the assumption in number V
VII. Net Realizable Value of Accounts Receivable using the assumption in number V
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