What is the total impairment of receivables for faizer corp

Assignment Help Accounting Basics

Reference no: EM132703274

Problem 1: FAIZER Corporation does business throughout Asia. The company builds and sells equipment used in manufacturing pharmaceuticals. On December 31, 2020, FAIZER's individually significant accounts receivable are as follows: JSK Company- 80,000; PALL Inc.- 200,000; RAFA Co.- 120,000; DJOKOVIC Co.-100,000; other receivables- 500,000. FAIZER Corporation determines that JSK Company's receivable is impaired by P40,000 and DJOKOVIC Co.'s receivable is totally impaired. The other receivables from RAFA and PALL are not considered impaired. However, FAIZER determines that a composite rate of 2% is appropriate to measure impairment on all other receivables including on RAFA and PALL. What is the total impairment of receivables for FAIZER Corporation for 2020?

Group of answer choices

a.140,000

b.156,400

c.150,000

d.123,600

Reference no: EM132703274

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