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Problem 1: SMS Co. has sales of P3 million. Its credit period and average collection period are both 30 days and 1% of its sales end up as bad debts. The general manager intends to extend the credit period of 45 days which will increase sales by P300,000. However, bad debts losses on the incremental sales would be 3%. Costs of products and related expenses amount to 40% exclusive of the cost of carrying receivables of 15% and bad debts expenses. Assuming 360 days a year, the change in policy would result to incremental investments in receivables of
Option 1: P24,704
Option 2: P65,000
Option 3: P162,500
Option 4: P701,573
Make the necessary journal entries for each of the above dates. 2,000,000 shares authorized: 40,000 shares of $6 par value sock issued and outstanding
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