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Problem F (2 points) For the month of December, the records of ABC Corporation show the following information: Cash received on accounts receivable P70,000 Cash
Problem F (2 points) For the month of December, the records of ABC Corporation show the following information: Cash received on accounts receivable P70,000 Cash sales 60,000 Accounts Receivable, December 1 148,000 Accounts Receivable, December 31 160,000 Accounts Receivable written-off as uncollectible 2,000 How much are the gross sales in December? Problem G (2 points) At the close of its first year of operations, December 31, 20x4, Linn Company had accounts receivable of P490,000, after deducting the related allowance for doubtful accounts. During 20x4, the company had charges to bad debt expense of P90,000 and wrote off, as uncollectible, accounts receivable of P40,000. What should the company report on its balance sheet at December 31, 20x4 as accounts receivable before the allowance for doubtful accounts? Problem H (2 points) ABC Company provided the following information relating to current operations: Accounts receivable, January 1 Accounts receivable collected Cash sales Inventory, January 1 Inventory, December 31 Purchases Gross margin on sales 4,000,000 8,400,000 2,000,000 4,800,000 4,400,000 8,000,000 4,000,000 What amount should be reported as accounts receivable on December 31
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