Good day again. I just want to ask the solutions of the following questions. Thank you 1. What amount was reported as allowance for doubtfulaccounts on December 31 before adjustment?а. 1,100,000b. 1,150,000с. 1,250,000.d. 1,200,000002. What amount should be reported as required allowancefor doubtful accounts on, December 31?a. 1,650,000ib. 1,950,000с. 1,700,000d. 1,450,0003. What amount should be reported as doubtful accountsexpense for the current year?a. 1,200,000b. 1,650,000900,000d.с.950,0004. What is the year-end adjustment to the allowance fordoubtful accounts on December 31?a. 900,000 debitb. 900,000 creditC. 500,000 debitd. 500,000 credit5. What amount should be reported as net realizable valueof accounts receivable on December 31?a. 9,900,000b. 8,250,000c. 8,350,000d. 8,200,000 No year-end adjustments to the allowance account were made.During the.current year, credit sales totaled P20,000,000,accounts at the amount indicated by the year-end agingFrom inception of operations, Comprehensive Companyin the "over 360 days" aging category, additional accountsEffective with the current year, the entity adopted a newaccounting method for estimating the allowance for doubtfulprovided for uncollectible accounts expense under theThe balance in the allowance for doubtful accounts wasallowance method using the percentage of sales method.No year-end adjustments to the allowance account were madeThe balance in the allowance for doubtful accounts wasP1,000,000 at the beginning of current year.During the.current year, credit sales totaled P20,000,000interim provisions for doubtful accounts were made at 2% ofcredit sales, bad debts of P200,000 were written off, andrecoveries of accounts previously written off amounted toP50,000.An aging of accounts receivable was made for the first timeon December 31.AgingBalanceUncollectible0 -606,000,0002,000,0001,500,000500,00010%61 – 18020%181Over36030%36050%Based on the review of collectibility of the account balancesin the "over 360 days" aging category, additional accounetotaling P100,000 are to be written off on December 31.Effective with the current year, the entity adopted aAaccounting method for estimating the allowance for doubeaccounts at the amount indicated by the vear-end agne'accounts receivable.

Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

1. What amount was reported as allowance for doubtful accounts on December 31 before adjustment? a. 1,100,000 b. 1,150,000 c. 1,250,000- d. 1,200,000 2. What amount should be reported as required allowance for doubtful accounts on, December 31? a. 1,650,000 b. 1,950,000 c. 1,700,000 d. 1,450,000 3. What amount should be reported as doubtful accounts expense for the current year? a. 1,200,000 b. 1,650,000 900,000 d: c. 950,000

1. What amount was reported as allowance for doubtful accounts on December 31 before adjustment? a. 1,100,000 b. 1,150,000 c. 1,250,000- d. 1,200,000 2. What amount should be reported as required allowance for doubtful accounts on, December 31? a. 1,650,000 b. 1,950,000 c. 1,700,000 d. 1,450,000 3. What amount should be reported as doubtful accounts expense for the current year? a. 1,200,000 b. 1,650,000 900,000 d: c. 950,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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