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How much is the net realizable value of accounts receivable

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Question - Smithson Corporation had an opening balance in the Allowance for Doubtful Accounts of P20,000. During 2020, the entity recorded a provision for doubtful accounts amounting to P14,200 and collected P4,200 on accounts previously written off. The balance in Accounts Receivable was P400,000 at January 1 and P480,000 at December 31. At 12/31/20, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. How much is the net realizable value of accounts receivable at year end?

Reference no: EM132938884

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