Еxercise 3 -3The adjusted trial balance of Thomas Company as of December 31, 2019 shows thefollowing:DebitCreditAccounts ReceivableP 1,000,000Allowance for Doubtful AccountsP 40,000Additional information:Cash sales of the company represent 10% of gross sales. Total sales amounted toP12,000,000.b. Ninety percent of the credit sales customers did not take advantage of the 2/10, n/30 terms.Total face value of accounts receivable collected during the year was P8,360,000.c. Sales returns in 2020 amounted to P400,000. All returns were from charge sales.d. During 2020, accounts totaling P40,000 were written off as uncollectible; bad debt recoveriesа.during the year amounted to P3,000.24e. The allowance for doubtful accounts is measured as follows:Percentage of ending balancePercent uncollectible6020201240560390Based on the information given, answer the following:1. Accounts Receivable balance as of December 31, 20202. Allowance for Doubtful Accounts, December 31, 20203. Net realizable value, December 31, 20204. Doubtful Accounts Expense for 2020.

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The adjusted trial balance of Thomas Company as of December 31, 2019 shows the lowing: Debit Credit Accounts Receivable P 1,000,000 Allowance for Doubtful Accounts P 40,000 ditional information: Cash sales of the company represent 10% of gross sales. Total sales amounted to

The adjusted trial balance of Thomas Company as of December 31, 2019 shows the lowing: Debit Credit Accounts Receivable P 1,000,000 Allowance for Doubtful Accounts P 40,000 ditional information: Cash sales of the company represent 10% of gross sales. Total sales amounted to

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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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
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