Thank you po 3. The following information is available from the records of MANUEL Corp.:Accounts receivable, January 1Sales - all on creditSales returns and allowancesAllowance for bad debts, January 1Write-offs during the year250,0001,567,0002,50024,00026,000Cash received from customers on current accountsnet of sales discount of P4,500Recoveries of accounts written off in previous year1,504,0001,000The balance of accounts receivable at December 31 is: 5. ALIAH Company sells to wholesalers on terms of 5/15, net 30. ALIAH has no cash sale but 50% of customerstake advantage of the discount. AAA uses the gross method of recording sales. An analysis of trade receivablesat December 31, 2016 revealed the following:Age0 - 15 days16 - 30 daysOver 30 daysAmount15,000,0003,000,0002,000,000On the December 31, 2016 statement of financial position, what amount should be reported as allowance forCollectible100%95%1,500,000discounts?

3. The following information is available from the records of MANUEL Corp.: Accounts receivable, January 1 Sales - all on credit Sales returns and allowances Allowance for bad debts, January 1 Write-offs during the year Cash received from customers on current accounts 250,000 1,567,000 2,500 24,000 26,000 net of sales discount of P4,500 Recoveries of accounts written off in previous year 1,504,000 1,000 The balance of accounts receivable at December 31 i:

3. The following information is available from the records of MANUEL Corp.: Accounts receivable, January 1 Sales - all on credit Sales returns and allowances Allowance for bad debts, January 1 Write-offs during the year Cash received from customers on current accounts 250,000 1,567,000 2,500 24,000 26,000 net of sales discount of P4,500 Recoveries of accounts written off in previous year 1,504,000 1,000 The balance of accounts receivable at December 31 i:

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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