1. The following information relates to ABC Company's accounts receivable for 2018:

Accounts receivable, January 1, 2017

P975,000

Credit sales for 2017

4,050,000

Sales Returns for 2017

112,500

Write-off

60,000

Collections from customers during 2017

3,225,000

Estimated future sales returns at December 31, 2017

75,000

Estimated sales discounts accounts at December 31, 2017

25,000

What amount should ABC report for accounts receivable at December 31, 2017 statement of financial position?

• P1, 627,500
• Answer not given
• P1, 627,500
• P1, 800,000
• P1, 527,500