52. What is the amount of bad debts expense in its December 31, 2022 Statement of Comprehensive income assuming the Dolor's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and beginning balance of allowance of P20,000? The details of the accounts receivable of Dolor Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4.200.000 90,000 Accounts written off as uncollectible The following transactions were included in the recorded transactions during the year: a. Invoice dated December 28, 2022 for P350,000 was shipped on December 31, 2022 terms FOB destination. The goods were recorded as sale on account and was received by Customer Bin on January 3, 2023. b. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered FOB destination which were received on December 10, 2021. The agreed price should be at P22 per unit only. Oa. P145,000 O b. P80,500 c. P162,500 Od. P170,000
52. What is the amount of bad debts expense in its December 31, 2022 Statement of Comprehensive income assuming the Dolor's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and beginning balance of allowance of P20,000? The details of the accounts receivable of Dolor Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4.200.000 90,000 Accounts written off as uncollectible The following transactions were included in the recorded transactions during the year: a. Invoice dated December 28, 2022 for P350,000 was shipped on December 31, 2022 terms FOB destination. The goods were recorded as sale on account and was received by Customer Bin on January 3, 2023. b. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered FOB destination which were received on December 10, 2021. The agreed price should be at P22 per unit only. Oa. P145,000 O b. P80,500 c. P162,500 Od. P170,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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