Problem 20-3 (PHILCPA Adapted) entity provided the following data: Recoveries Credit sales Writeoffs 260,000 295,000 300,000 310,000 22,000 37,000 36,000 40,000 2013 2014 11,100,000 12,250,000 14,650,000 15,000,000 2015 2016 The collections from customers during 2016 totaled P14,000,000 excluding recoveries. Doubtful accounts are provided for as a percentage of credit sales The entity calculated the percentage annually by using the experience of the three years prior to the current year. 1. What amount should be reported as doubtful accounts expense for 2016? a. 310,000 b. 300,000 c. 222,000 d. 378,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2016? a. 110,000 b. 378,000 c. 300,000 d. 478,000 3. What is the net realizable value of accounts receivable on December 31, 2016? (a. 2,650,000 b. 2,690,000 c. 2,760,000 d. 2,800,000 P2,070,000 and for The On 1, receivable

Problem 20-3 (PHILCPA Adapted) entity provided the following data: Recoveries Credit sales Writeoffs 260,000 295,000 300,000 310,000 22,000 37,000 36,000 40,000 2013 2014 11,100,000 12,250,000 14,650,000 15,000,000 2015 2016 The collections from customers during 2016 totaled P14,000,000 excluding recoveries. Doubtful accounts are provided for as a percentage of credit sales The entity calculated the percentage annually by using the experience of the three years prior to the current year. 1. What amount should be reported as doubtful accounts expense for 2016? a. 310,000 b. 300,000 c. 222,000 d. 378,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2016? a. 110,000 b. 378,000 c. 300,000 d. 478,000 3. What is the net realizable value of accounts receivable on December 31, 2016? (a. 2,650,000 b. 2,690,000 c. 2,760,000 d. 2,800,000 P2,070,000 and for The On 1, receivable

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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