Kindly answer in good accounting form. Preferably in table :) An analysis of the accounts receivable of Grammar Inc. shows the followinginformation:AgeBalance% CollectibleP3,500,0002,000,0001,200,0001,000,000Aud 800,000Current99.51 to 30 days past due31 to 60 days past due61 to 90 days past due91 to 120 days past due121 to 180 days past due181 to 360 days past dueMore than 360 days past due98959285400,00070200,000100,00050Before any adjustments were made, Grammar's allowance for doubtful accountshad a balance of P80,000.1. Determine the required balance of Grammar's doubtful accounts at the end ofthe reporting period.2. Determine the doubtful accounts expense Grammar should recognize duringthe period.3. Determine the net realizable value of Grammar's accounts receivable at theend of the period.

Calculation of Required balance of doubtful accounts The required balance of doubtful accounts will…

An analysis of the accounts receivable of Grammar Inc. shows the following information: Age Balance % Collectible Su Current P 3,500,000 2,000,000 1,200,000 1,000,000 800,000 400,000 200,000 100,000 99.5 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due a91 to 120 days past due 121 to 180 days past due | 181 to 360 days past due |More than 360 days past due 98 95 92 85 70 50 o Before any adjustments were made, Grammar's allowance for doubtful accounts had a balance of P80,000. 1. Determine the required balance of Grammar's doubtful accounts at the end of the reporting period. 2. Determine the doubtful accounts expense Grammar should recognize during the period. 3. Determine the net realizable value of Grammar's accounts receivable at the end of the period.

An analysis of the accounts receivable of Grammar Inc. shows the following information: Age Balance % Collectible Su Current P 3,500,000 2,000,000 1,200,000 1,000,000 800,000 400,000 200,000 100,000 99.5 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due a91 to 120 days past due 121 to 180 days past due | 181 to 360 days past due |More than 360 days past due 98 95 92 85 70 50 o Before any adjustments were made, Grammar's allowance for doubtful accounts had a balance of P80,000. 1. Determine the required balance of Grammar's doubtful accounts at the end of the reporting period. 2. Determine the doubtful accounts expense Grammar should recognize during the period. 3. Determine the net realizable value of Grammar's accounts receivable at the end of the period.

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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