51. At the end of its first year of operations. December 31, 2019, Cauayan, Inc. reported the following information:

Accounts Receivable, net of allowance for doubtful accounts9, 500,000

Customer accounts written off as uncollectible during 2019 240,000

Bad debts expense for 2019840,000

What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts?

52. The following accounts were taken from Cervantes Inc.'s balance sheet at December 31, 2019

DebitCredit

Accounts receivable4,100,000

Allowance for doubtful accounts100,000

Net credit sales7,500,000

If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2019.

53. Tender Juicy Company accepted from a customer a P 4,000,000 90 DAY, 12 % note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2019.

What amount was received from the note receivable discounting?

54. Tender Company accepted from a customer a 4,000,000, 90-day, 12% note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2019.

What amount should be reported as loss on note receivable discounting?

55. Stevenson Company used the retail inventory method to estimate inventory:

COSTRETAIL

Beginning inventory700,0001,000,000

Purchases4,100,0006,300,000

Net markups700,000

Net markdown500,000

Sales6,600,000

Estimated normal shoplifting losses 200,000

Under the conventional retail method, what is the estimated cost of ending inventory?