Related data of Jimin Company: Accounts receivable, beginning P395,200 Allowance for bad debts, beginning 8,500 Sales for the year 5,000,000 Collection 4,680,000 Percentage of Bad debts is 2% of sales How much is the Net realizable value?

Related data of Jimin Company: Accounts receivable, beginning P395,200 Allowance for bad debts, beginning 8,500 Sales for the year 5,000,000 Collection 4,680,000 Percentage of Bad debts is 2% of sales How much is the Net realizable value?

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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Question

Related data of Jimin Company:

Accounts receivable, beginning P395,200

Allowance for bad debts, beginning 8,500

Sales for the year 5,000,000

Collection 4,680,000

Percentage of Bad debts is 2% of sales

How much is the Net realizable value?

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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