Reference no: EM132586698

The following information relates to ABC Company's accounts receivable for 2018:

Accounts receivable, January 1, 2017         P975,000

Credit sales for 2017                          4,050,000

Sales Returns for 2017                       112,500

Write-off                                          60,000

Collections from customers during 2017   3,225,000

Estimated future sales returns at December 31, 2017  75,000

Estimated sales discounts accounts at December 31, 2017  25,000

Question 1: What amount should ABC report for accounts receivable at December 31, 2017 statement of financial position?

Option 1: P1, 627,500

Option 2: Answer not given

Option 3: P1, 627,500

Option 4: P1, 800,000

Option 5: P1, 527,500