Based on the given, these ar the requirements:How much should be reported as “Uncollectible Accounts Expense” in its fiscal year ending May 31, 2021 statement of comprehensive income?How much is the balance of the “Allowance for Uncollectible Accounts” to be reported in the Statement of Financial Position as at May 31, 2021?How much is the Amortized Cost/Net Realizable Value of the Accounts Receivable at May 31, 2021? The following information is available for Pearl Corp.Allowance for Uncollectible Accounts, June 1, 2020 P50,000Accounts written off during the fiscal year12,000Accounts previously written and subsequently recovered 8,000On May 31, 2021, Pearl Corp. had a total accounts receivable of P1,056,000.Presented below is the analysis of the age, the peso amount of the receivable according to their age and percent/amountof uncollectible based on observable data leading to the recognition expense related to the receivable.Estimated UncollectibleAge0-30 days P960,00031-60 daysAmount5%64,00010%Over 60 days32,000P22,400

Calculation of amount of Uncollectible accounts expense Uncollectible accounts expense = Estimated…

How much is the balance of the “Allowance for Uncollectible Accounts” to be reported in the Statement of Financial Position as at May 31, 2021? How much is the Amortized Cost/Net Realizable Value of the Accounts Receivable at May 31, 2021?

How much is the balance of the “Allowance for Uncollectible Accounts” to be reported in the Statement of Financial Position as at May 31, 2021? How much is the Amortized Cost/Net Realizable Value of the Accounts Receivable at May 31, 2021?

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

100%

Based on the given, these ar the requirements:

How much should be reported as “Uncollectible Accounts Expense” in its fiscal year ending May 31, 2021 statement of comprehensive income?
How much is the balance of the “Allowance for Uncollectible Accounts” to be reported in the Statement of Financial Position as at May 31, 2021?
How much is the Amortized Cost/Net Realizable Value of the Accounts Receivable at May 31, 2021?

The following information is available for Pearl Corp.
Allowance for Uncollectible Accounts, June 1, 2020 P50,000
Accounts written off during the fiscal year
12,000
Accounts previously written and subsequently recovered 8,000
On May 31, 2021, Pearl Corp. had a total accounts receivable of P1,056,000.
Presented below is the analysis of the age, the peso amount of the receivable according to their age and percent/amount
of uncollectible based on observable data leading to the recognition expense related to the receivable.
Estimated Uncollectible
Age
0-30 days P960,000
31-60 days
Amount
5%
64,000
10%
Over 60 days
32,000
P22,400

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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