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Seiko Company reported the following balances after adjustment at year-end: 2017 2016 Accounts receivable Net realizable value 5,250,000 5,100,000 4,800,000 4,725,000 During 2017, the entity wrote off accounts totaling P160,000 and collected P40,000 on accounts written off in previous year. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2017?

Seiko Company reported the following balances after adjustment at year-end: 2017 2016 Accounts receivable Net realizable value 5,250,000 5,100,000 4,800,000 4,725,000 During 2017, the entity wrote off accounts totaling P160,000 and collected P40,000 on accounts written off in previous year. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2017?

FINANCIAL ACCOUNTING
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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Seiko Company reported the following balances after adjustment at year-end: 2017 2016 Accounts receivable Net realizable value 5,250,000 5,100,000 4,800,000 4,725,000 During 2017, the entity wrote off accounts totaling P160,000 and collected P40,000 on accounts written off in previous year. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2017?
Transcribed Image Text:Seiko Company reported the following balances after adjustment at year-end: 2017 2016 Accounts receivable Net realizable value 5,250,000 5,100,000 4,800,000 4,725,000 During 2017, the entity wrote off accounts totaling P160,000 and collected P40,000 on accounts written off in previous year. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2017?
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