Problem 1 Meredith Company provided the following information: January 1,2020 December 31,2020 Accounts receivable 2,400,000.00 Allowance for doubtful accounts 120,000.00 Sales on account 16,000.00 Cash collection from customers 14,000.00 The cash collections included recovery of Php 20,000 from a customer whose account had been written off as worthlessin 2019. During 2020, it was necessary to recognize doubtful accounts expense of Php200,000 and write off wortless account of Php 60,000. December 1,2020, a customer settled an account by issuing a 12% six month note for Php 800,000. What is the net realizable value of accounts receivale on December 31,2020?
| Problem 1 | Meredith Company provided the following information: |
January 1,2020 December 31,2020
Allowance for doubtful accounts 120,000.00
Sales on account 16,000.00
Cash collection from customers 14,000.00
The cash collections included recovery of Php 20,000 from a customer whose account had been written off as worthlessin 2019. During 2020, it was necessary to recognize doubtful accounts expense of Php200,000 and write off wortless account of Php 60,000. December 1,2020, a customer settled an account by issuing a 12% six month note for Php 800,000. What is the net realizable value of accounts receivale on December 31,2020?
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