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1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current asset b. Trade receivables, other assets c. Non-trade receivables, current assets d. Non-trade receivables, other assets e. Other accounts (specify)

1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current asset b. Trade receivables, other assets c. Non-trade receivables, current assets d. Non-trade receivables, other assets e. Other accounts (specify)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PLEASE ANSWER NO. 3 (REQUIREMENT NO.3)

REQUIRED: 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current asset b. Trade receivables, other assets Non-trade receivables, current assets d. Non-trade receivables, other assets e. Other accounts (specify) C.
Transcribed Image Text:REQUIRED: 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current asset b. Trade receivables, other assets Non-trade receivables, current assets d. Non-trade receivables, other assets e. Other accounts (specify) C.
104 Exercise 2-6 Your analysis of Accounts Receivable carried at P2,406,750 on Dec. 31, 2019 shows the following: a. P1,496,832 Debit balance in accounts with customers broken down as: 1. Installment account sales, 2015 2. Installment account sales, 2016 3. Installment account sales, 2017 4. Installment account sales, 2018 5. Installment account sales, 2019 6. Regular account sales(2/10,n/30) P46,864 18,804 52,418 68,056 310,690 1,000,000 / P1,496,832 Insiallment credit term: Four(4) years.. Yb. 32,082 Credit balance in accounts with customers. 12,000 Cash deposit with RFM Co. representing a 10% down C. payment a contract to buy merchandise in 2020. 20,000 Advances to employees to be liquidated in cash 10,000 Notes receivable (loan to employees granted 4-2-18 for two d. e. years) f. 140,000 Amount due on capita! stock subscriptions of P300,000; no due date. 100,000 Advances to Donna, president. This is covered by an unsecured note due in two years to be offset against salary. 368,000 Shipment out to consignees. Oniy 60% of the consignment is reported to be sold on Dec. 31, 2019. The total shipment cost g. h. P240,000. 40,000 Working fund advances to salesmen; 60% of the amount was actually advanced to them; of the amount advanced 60% is not i. spent yet by them as of Dec. 31, 2019. j. 180,000 Advances to subsidiary- Donna Don Co. Repayınent is spread out equally over the next four years. k. 34,000 Pre-dated billing of merchandise to be shipped in April, 2020. Merchandise cost P22,500. 14,000 Claims filed against MRR (approved and due on 3-14-20) 24,000 Merchandise ordered by customer under the term FOB destination. Merchandise costing P16,000 is in transit as of 1. m. Dec. 31, 2019. P2,406,750
Transcribed Image Text:104 Exercise 2-6 Your analysis of Accounts Receivable carried at P2,406,750 on Dec. 31, 2019 shows the following: a. P1,496,832 Debit balance in accounts with customers broken down as: 1. Installment account sales, 2015 2. Installment account sales, 2016 3. Installment account sales, 2017 4. Installment account sales, 2018 5. Installment account sales, 2019 6. Regular account sales(2/10,n/30) P46,864 18,804 52,418 68,056 310,690 1,000,000 / P1,496,832 Insiallment credit term: Four(4) years.. Yb. 32,082 Credit balance in accounts with customers. 12,000 Cash deposit with RFM Co. representing a 10% down C. payment a contract to buy merchandise in 2020. 20,000 Advances to employees to be liquidated in cash 10,000 Notes receivable (loan to employees granted 4-2-18 for two d. e. years) f. 140,000 Amount due on capita! stock subscriptions of P300,000; no due date. 100,000 Advances to Donna, president. This is covered by an unsecured note due in two years to be offset against salary. 368,000 Shipment out to consignees. Oniy 60% of the consignment is reported to be sold on Dec. 31, 2019. The total shipment cost g. h. P240,000. 40,000 Working fund advances to salesmen; 60% of the amount was actually advanced to them; of the amount advanced 60% is not i. spent yet by them as of Dec. 31, 2019. j. 180,000 Advances to subsidiary- Donna Don Co. Repayınent is spread out equally over the next four years. k. 34,000 Pre-dated billing of merchandise to be shipped in April, 2020. Merchandise cost P22,500. 14,000 Claims filed against MRR (approved and due on 3-14-20) 24,000 Merchandise ordered by customer under the term FOB destination. Merchandise costing P16,000 is in transit as of 1. m. Dec. 31, 2019. P2,406,750
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