Reference no: EM132965571
Question - Galant Company has the following data relating to accounts receivable for the year ended December 31, 2019:
Accounts Receivable, January 1, 2019 P480,000
Allowance for Bad Debts, January 1, 2019 19,200
Sales during the year, all on account terms: 2/10, 1/15, n/30 2,400,000
Cash received from customers during the year 2,560,000
Accounts written off during the year 17,600
An analysis of cash received from customers during the year revealed that P1,411,200 was received from customers availing the 10-day discount period, P792,000 from customers availing the 15-day discount period, P4,800 represented recovery of accounts written off, and the balance was received from customers paying beyond the discount period.
Galant's year-end balance of allowance for bad debts was estimated to be 5% of the outstanding accounts receivable as at December 31, 2019, based on the aging of the accounts.
What is the accounts receivable balance at December 31, 2019?
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