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How much is the bad debt expense during the year

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Q1. Happy birthday Company bought a building on November 1, 2017 with a cost amounting to P5,000,000. The accumulated depreciation as of December 31, 2019 is 650,000. What is the useful life assuming that the building has a P200,000 residual value.

a. 10 years

b. 15 years

c. 20 years

d. 16 years

Q2. Accounts Receivable at the end of the year was P2,000,000. Allowance for bad debts has a credit of P50,000 at the start of the year and P20,000 was recovered. The Company has a policy of having 2% of the accounts receivable as an allowance. How much is the bad debt expense during the year?

a. 0

b. 30,000

c. 40,000

d. 20,000

Reference no: EM132546018

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