G M N 0 P 1 Information related to accounts receivable is given 2 At the beginning of the year PS Corp has a balance of 50,450,000 in accounts receivable and $220,000 in the allowance for doubtful accounts. Sales for the year were: of this amount 70% were on Credit Cash payments on account were $12.505,000. Sales returns were $40,000. Accounts of S107.600 were written off but 4 $12.900 was subsequently recovered and collected. This $12.900 cash payment was in addition to the collections previous mentioned 5 At year and a review indicatioed that of outstanding accounts receivable were uncollectible, but that there was no risk of further sales returns 6 2 Required: Show how net accounts receivale would be reported on the statement of financial pouston, and calculate bad dets expense for the year 115 marks 1 10 11 12 13 14 15 16 17 19 20 21 22 23 SARAN G M N 0 P 1 Information related to accounts receivable is given 2 At the beginning of the year PS Corp has a balance of 50,450,000 in accounts receivable and $220,000 in the allowance for doubtful accounts. Sales for the year were: of this amount 70% were on Credit Cash payments on account were $12.505,000. Sales returns were $40,000. Accounts of S107.600 were written off but 4 $12.900 was subsequently recovered and collected. This $12.900 cash payment was in addition to the collections previous mentioned 5 At year and a review indicatioed that of outstanding accounts receivable were uncollectible, but that there was no risk of further sales returns 6 2 Required: Show how net accounts receivale would be reported on the statement of financial pouston, and calculate bad dets expense for the year 115 marks 1 10 11 12 13 14 15 16 17 19 20 21 22 23 SARAN