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What amount should modest report as accounts receivable

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Problem - In its December 31, 2014 balance sheet, Modest Co. reported accounts receivable of P500,000 before allowance for uncollectible accounts of P35,000. Credit sales during 2015 were P825,000, and collections from customers, excluding recoveries, totaled P678,000. During 2015, accounts receivable of P67,000 were written off and P27,000 were recovered. Modest estimated that P25,000 of the accounts receivable at December 31, 2015, were uncollectible.

Requirements -

a. In its December 31, 2015 balance sheet, what amount should Modest report as accounts receivable before allowance for uncollectible accounts?

b. How much should be recorded as bad debts expense for the year 2015?

Reference no: EM132972049

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