nediate Accounting 1.docx Open with Gööglé Docs receivabla 16. Apple Company determined that the net realizable value of Its accounts receivable at December 31, 2020 based on aging of accounts recelvable was P3,160,000. Additional Information for 2020 is as follows: Allowance for doubtful accounts - Jan. 1 Accounts receilvable - December 31 Doubtful accounts written off during the year Doubtful accounts recovered during the year 500,000 4,800,000 320,000 70,000 What should be the doubtful accounts expense a. 390,000 b. 480,000 2020? 520,000 d. 460,000 C. 17. Mulberry Company's allowance for doubtful accounts had a credit balance of P110,000 at December 31, 2019. Mulberry accrues doubt accounts expense for 2020 amounting to P48,000 based on sales. During 2020, Mulberry write off accounts totaling P90,000. The agin accounts receivable indicated that a P345,000 allowance for doubtful accounts was required at December 31, 2020. What amount of doubtful accounts expense should be reported for 2020? a. P325,000 b. P277,000 C. P193,000 d. P48,000 18. Madali Lang Company provided the following data for 2019: Allowance for doubtful accounts, January 1 P 360,000 19,000,000 Sales 1,600,000 400,000 400,000 Sales returns and allowances Sales discounts Accounts written off as uncollectible
nediate Accounting 1.docx Open with Gööglé Docs receivabla 16. Apple Company determined that the net realizable value of Its accounts receivable at December 31, 2020 based on aging of accounts recelvable was P3,160,000. Additional Information for 2020 is as follows: Allowance for doubtful accounts - Jan. 1 Accounts receilvable - December 31 Doubtful accounts written off during the year Doubtful accounts recovered during the year 500,000 4,800,000 320,000 70,000 What should be the doubtful accounts expense a. 390,000 b. 480,000 2020? 520,000 d. 460,000 C. 17. Mulberry Company's allowance for doubtful accounts had a credit balance of P110,000 at December 31, 2019. Mulberry accrues doubt accounts expense for 2020 amounting to P48,000 based on sales. During 2020, Mulberry write off accounts totaling P90,000. The agin accounts receivable indicated that a P345,000 allowance for doubtful accounts was required at December 31, 2020. What amount of doubtful accounts expense should be reported for 2020? a. P325,000 b. P277,000 C. P193,000 d. P48,000 18. Madali Lang Company provided the following data for 2019: Allowance for doubtful accounts, January 1 P 360,000 19,000,000 Sales 1,600,000 400,000 400,000 Sales returns and allowances Sales discounts Accounts written off as uncollectible
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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16. Apple Company determined that the net realizable value of its accounts receivable at December 31, 2020 based on aging of accounts
recelvable was P3,160,000. Additional Information for 2020 Is as follows:
Allowance for doubtful accounts Jan. 1
Accounts recelvable December 31
Doubtful accounts written off during the year
Doubtful accounts recovered during the year
500,000
4,800,000
320,000
70,000
What should be the doubtful accounts expense for 20207
a. 390,000
b. 480,000
c. 520,000
d. 460,000
17. Mulberry Company's allowance for doubtful accounts had a credit balance of P110,000 at December 31, 2019. Mulberry accrues doubtful
accounts expense for 2020 amounting to P48,000 based on sales. During 2020, Mulberry write off accounts totaling P90,000. The aging of
accounts receivable indicated that a P345,000 allowance for doubtful accounts was required at December 31, 2020. What amount of
doubtful accounts expense should be reported for 2020?
a. P325,000
b. P277,000
P193,000
d. P48,000
C.
18. Madali Lang Company provided the following data for 2019:
P 360,000
19,000,000
1,600,000
400,000
400,000
Allowance for doubtful accounts, January 1
Sales
Sales returns and allowances
Sales discounts
Accounts written off as uncollectible
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