3. The following data are presented concerning the Allowance for Bad Debts of Company A for the year ended December 31,2023: Allowance for Bad Debts, Jan.1,2023 Write off of Accounts Receivable during 2023 Recovery of Previously Written off Accounts Receivable Credit Sales for the year Accounts Receivable, Jan. 1, 2023 Collections during 2023 P250,000 50,000 150,000 1,200,000 9,000,000 4,000,000 Required: Determine the following for the year ended December 31,2023: 3.1. Bad Debts Expense assuming the company provides 2% of Credit Sales 3.2. Ending Balance of Allowance for Bad debts using the assumption in number 3.1 3.3. Net Realizable Value of Accounts Receivable using the assumption in number 3.1

3. The following data are presented concerning the Allowance for Bad Debts of Company A for the year ended December 31,2023: Allowance for Bad Debts, Jan.1,2023 Write off of Accounts Receivable during 2023 Recovery of Previously Written off Accounts Receivable Credit Sales for the year Accounts Receivable, Jan. 1, 2023 Collections during 2023 P250,000 50,000 150,000 1,200,000 9,000,000 4,000,000 Required: Determine the following for the year ended December 31,2023: 3.1. Bad Debts Expense assuming the company provides 2% of Credit Sales 3.2. Ending Balance of Allowance for Bad debts using the assumption in number 3.1 3.3. Net Realizable Value of Accounts Receivable using the assumption in number 3.1

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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