Reference no: EM132937992
Questions -
Q1) On August 5,2019, ABC Company sold P 500,00 worth of inventories with trade discounts of 10%,15%,25%, terms: 2/10,n/30. How much cash was received by ABC Company if on August 7, 2019, there were sales returns of P 25,000 and the customer paid on August 14,2019? Assume the company uses the allowance method to account for their sales discount.
Q2) As of January 1, 2020 , ABC Company has an accounts receivable balance of P 750,000. During the year, P 200,000 of the accounts receivable were assigned for a bank loan applied of P 100,000 and P 300,000 were factored with a factoring fee of 5% and 10% were withheld for any anticipated sales returns. Collections from the assigned accounts of P 50,000 were in this was applied first to interest of P 7,000 by ABC Company under non-notification basis. Also, there are sales returns of P 2,000. How much accounts receivable must be presented as of December 31, 2020, assuming only the above transactions happened during the year?
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