Reference no: EM132577739
Linda Company's accounts receivable balance at January 1, 2017 was P1, 450,000 net of allowances totaling P75, 000.
During 2017, Linda Company reported sales of P5, 200, 000. 15% of sales in 2017 were cash sales and the rest were on account under a 3/10, n/10 credit term. Sales returns amounted to P80, 000 for cash sales in which the costumers are refunded and P95, 000 for credit sales.
Total debit to cash during the period P5, 740, 000 which includes recoveries of previously written-off accounts totaling P110, 000. 40% of the collections from its current costumers were made within the discount period.
Receivables written-off in 2017, P90, 000
Question 1: The gross accounts receivable of Linda Company at December 31, 2017 is:
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