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What is the amount of net realizable accounts receivable

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Question - The following information was gathered during the audit SINIBAK Company for 2020:

Accounts Receivable. Jan. 1. 2020 150,000

Disbursements for purchases 580,000

Decrease in Trade accounts payable 50,000

Decrease in merchandise inventory 121,000

Collection on account 750,000

Allowance for doubtful accounts. Dec. 31. 2020 12,000

Gross profit based on sales is 40% for three years up to 2020 of the current audit year.

Of the total sales, 30% is cash sales.

The sales reported per BIR is net of 12% value added tax (VAT) Sales return on account sales excluding 12% VAT 12,500

Required -

A) Based on the evidence you gathered, what is the total cash sates?

B) What is the amount of net realizable accounts receivable as of December 31, 2020?

Reference no: EM133139290

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