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Find what is the accounts receivable balance at december

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Reference no: EM132665729

Sunny Company sells a variety of imported goods. By selling on credit, Sunny cannot expect to collect 100% of its accounts receivable. At December 31, 2019, Sunny reported the following on its statement of financial position:

Accounts receivable:            P 2197500
Less: allowance for bad debts        13,500

During the year ended December 31, 2020, Sunny earned sales revenue of P 537702500 and collected cash of P 528070500 from the customers. Assume bad debt expense for the year was 1% of sales revenue and that Sunny write off uncollectible accounts receivable totaling P 5439500

Problem 1: What is the accounts receivable balance at December 31, 2020?

Reference no: EM132665729

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