FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- SISSY Company provided the following information relating to accounts receivable for the current yearAccounts receivable on January 1 1,300,000Credit Sales 5,400,000Collections from customers, 4,750,000Accounts written off 125,000Estimated uncollectible receivables per aging 165,000What is the balance of accounts receivable before allowance for doubtful accounts on December 31?a. 1,825,000b. 1,850,000c. 1,950,000d. 1,990,000arrow_forwardABC Co. has the following information on December 31, 20x1 before any year-end adjustments. Net credit sales 6,300,000 Accounts receivable, December 976,500 Allowance for doubtful accounts, Dec. 31 (before any necessary year-end adjustments) 53,550 Percentage of credit sales 2% The aging of receivables is shown below: Days outstanding Receivable balances % uncollectible 0 – 60 378,000 1% 61 – 120 283,500 2% Over 120 315,000 6% Total accounts receivables 976,500 Additional information: ABC Co. uses the percentage of credit sales in determining bad debts in monthly financial reports and the aging of receivables for its annual financial statements. Accounts written-off during the year amounted to ₱119,700 and accounts recovered amounted to ₱28,350. As of December 31, ABC Co. determined that ₱63,000 accounts receivable from a certain customer included in the “61-120 days outstanding” group is 95% collectible and a ₱31,500 account included in the “Over 120 days outstanding” group is…arrow_forward
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