1. What amount should be reported as accounts receivable on December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,0002. What amount should be reported as allowance for doubtful accounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000 Problem 4-13 (IAA)Wonder Company provided the following transactionsaffecting accounts receivable during the current year:5,900,000Sales- cash and creditCash received from credit customers, all of whomtook advantage of the discount feature of thecredit terms 4/10,n/30Cash received from cash customersAccounts receivable written off as worthlessCredit memorandum issued to credit customersfor sales returns and allowancesCash refunds given to cash customers for salesreturns and allowancesRecoveries on accounts receivable written off asuncollectible in prior periods not included incash received from credit customers3,024,0002,100,00050,000250,00020,00080,000Balances on January 1Accounts receivableAllowance for doubtful accounts950,000100,000The entity provided for uncollectible accounts by creditingallowance for doubtful accounts in the amount of P70,000 forthe current year.1. What amount should be reported as accounts receivableon December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,0002. What amount should be reported as allowance for doubtfulaccounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000

Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…

. What amount should be reported as accounts receivable on December 31? a. 1,300,000 b. 1,426,000 c. 1,280,000 d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31? a. 120,000

. What amount should be reported as accounts receivable on December 31? a. 1,300,000 b. 1,426,000 c. 1,280,000 d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31? a. 120,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9E

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Problem 7-12 (Algo) Accounts and notes receivable; discounting a note receivable; receivables turnover ratio financial statement effects [LO7-5, 7-6, 7-7, 7-8, 7-9] Chamberlain Enterprises incorporated reported the following receivables in its December 31, 2024, year-end balance sheet: Current assets: accounts Accounts receivable, net of $37,000 in allowance for uncollectible $ 283,000 11,050 390,000 Interest receivable Notes receivable Additional Information: 1. The notes receivable account consists of two notes, a $65,000 note and a $325,000 note. The $65,000 note is dated October 31, 2024, with principal and interest payable on October 31, 2025. The $325,000 note is dated June 30, 2024, with principal and 6% Interest payable on June 30, 2025. 2. During 2025, sales revenue totaled $1,470,000, $1,345,000 cash was collected from customers, and $35,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the…