Reference no: EM132737248
Glee Company sells directly to customers. On January 1, 2013, the balance of account receivable is P2,070,000 and the allowance for doubtful accounts P40,000.
The following data are available:
Credit Sales Write Offs Recoveries
2017 1,100,000 26,000 2,000
2018 2,250,000 29,000 3,000
2019 4,650,000 30,000 3,200
2020 4,000,000 31,000 4,000
- The collections from customers during 2020 totaled 3.5 million pesos, excluding recoveries. Doubtful accounts are provided for as a percentage of accounts receivable. The entity estimates 2% of ending balance of accounts receivable in 2020 is uncollectible.
Required:
Problem a. What amount should be reported as allowance for doubtful accounts on December 31, 2020?
Problem b. What is the net realizable value of accounts receivable on December 31, 2020?
Problem c. How much is the doubtful accounts expense in 2020?
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