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1. Information from the records of Stormfall Co. is shown below. Accounts receivable - net of P6,000 credit balance in customers' accounts 100,000 Notes receivable (trade) Notes receivable (non-trade), P15,000 collectible within 15,000 30,000 one year • Dividends receivable • Subscriptions receivable Advances to officers and employees (due in 10 months) • Accounts payable - net of PI0,000 debit balane in suppliers' accounts 2,000 2,000 4.000 3,000 How mmach are the following? Total trade receizvables Total current recrizables a 132,000 b. 123,000 c. 143,000 d. 123,000 154.000 154.000 162,000 145,000 2. On December 27, 20d, ABC Co. received a sale order for a credit sale of goods with selling price of P3,000. The goods were shipped by ABC an December 31, 20xd and were received by the buyer on Jamuary 2, 202. The related shipping costs amounted to P20. ABC Co. collected the receivable an Jamuary 5, 202. If the term of the sale is FOB destiution frcigit collect, how much net cachis collected on Jamuary 5, 202? a 3,020 ь. 3.000 c. 2,900 d.0 3. Soap Co. has the following infomation on December 31, 20d before ay year-end adjustnents. Allowance for doubthul accounts, Jan. 1 30,400 Write-offs 19,000 Recoveries 3,500 Sales (including cash sales of P360,000) Sales retums and discounts (inchuding P3,500 sales retums on cash sales) 2,280,000 22,500 Accounts receivable, Dec. 31 570,000 Percentage of credit sales 3% How mch is the recoverable historical cost of account receivable? a 198,370 b. 502.630 c. 456,780

1. Information from the records of Stormfall Co. is shown below. Accounts receivable - net of P6,000 credit balance in customers' accounts 100,000 Notes receivable (trade) Notes receivable (non-trade), P15,000 collectible within 15,000 30,000 one year • Dividends receivable • Subscriptions receivable Advances to officers and employees (due in 10 months) • Accounts payable - net of PI0,000 debit balane in suppliers' accounts 2,000 2,000 4.000 3,000 How mmach are the following? Total trade receizvables Total current recrizables a 132,000 b. 123,000 c. 143,000 d. 123,000 154.000 154.000 162,000 145,000 2. On December 27, 20d, ABC Co. received a sale order for a credit sale of goods with selling price of P3,000. The goods were shipped by ABC an December 31, 20xd and were received by the buyer on Jamuary 2, 202. The related shipping costs amounted to P20. ABC Co. collected the receivable an Jamuary 5, 202. If the term of the sale is FOB destiution frcigit collect, how much net cachis collected on Jamuary 5, 202? a 3,020 ь. 3.000 c. 2,900 d.0 3. Soap Co. has the following infomation on December 31, 20d before ay year-end adjustnents. Allowance for doubthul accounts, Jan. 1 30,400 Write-offs 19,000 Recoveries 3,500 Sales (including cash sales of P360,000) Sales retums and discounts (inchuding P3,500 sales retums on cash sales) 2,280,000 22,500 Accounts receivable, Dec. 31 570,000 Percentage of credit sales 3% How mch is the recoverable historical cost of account receivable? a 198,370 b. 502.630 c. 456,780

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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Can you please answer this with soution so I can undrstand the problems. thank you so much! this is intermediate accounting problems.

1. Information from the records of Stormfall Co. is shown below. Accounts receivable - net of P6,000 credit balance in customers' accounts 100,000 Notes receivable (trade) Notes receivable (non-trade), P15,000 collectible within 15,000 30,000 one year • Dividends receivable • Subscriptions receivable Advances to officers and employees (due in 10 months) • Accounts payable - net of PI0,000 debit balane in suppliers' accounts 2,000 2,000 4.000 3,000 How mmach are the following? Total trade receizvables Total current recrizables a 132,000 b. 123,000 c. 143,000 d. 123,000 154.000 154.000 162,000 145,000 2. On December 27, 20d, ABC Co. received a sale order for a credit sale of goods with selling price of P3,000. The goods were shipped by ABC an December 31, 20xd and were received by the buyer on Jamuary 2, 202. The related shipping costs amounted to P20. ABC Co. collected the receivable an Jamuary 5, 202. If the term of the sale is FOB destiution frcigit collect, how much net cachis collected on Jamuary 5, 202? a 3,020 ь. 3.000 c. 2,900 d.0 3. Soap Co. has the following infomation on December 31, 20d before ay year-end adjustnents. Allowance for doubthul accounts, Jan. 1 30,400 Write-offs 19,000 Recoveries 3,500 Sales (including cash sales of P360,000) Sales retums and discounts (inchuding P3,500 sales retums on cash sales) 2,280,000 22,500 Accounts receivable, Dec. 31 570,000 Percentage of credit sales 3% How much is the recoverable historical cost of account receivable? a 498,370 b. 502.630 c. 466,750 d. 478,970
Transcribed Image Text:1. Information from the records of Stormfall Co. is shown below. Accounts receivable - net of P6,000 credit balance in customers' accounts 100,000 Notes receivable (trade) Notes receivable (non-trade), P15,000 collectible within 15,000 30,000 one year • Dividends receivable • Subscriptions receivable Advances to officers and employees (due in 10 months) • Accounts payable - net of PI0,000 debit balane in suppliers' accounts 2,000 2,000 4.000 3,000 How mmach are the following? Total trade receizvables Total current recrizables a 132,000 b. 123,000 c. 143,000 d. 123,000 154.000 154.000 162,000 145,000 2. On December 27, 20d, ABC Co. received a sale order for a credit sale of goods with selling price of P3,000. The goods were shipped by ABC an December 31, 20xd and were received by the buyer on Jamuary 2, 202. The related shipping costs amounted to P20. ABC Co. collected the receivable an Jamuary 5, 202. If the term of the sale is FOB destiution frcigit collect, how much net cachis collected on Jamuary 5, 202? a 3,020 ь. 3.000 c. 2,900 d.0 3. Soap Co. has the following infomation on December 31, 20d before ay year-end adjustnents. Allowance for doubthul accounts, Jan. 1 30,400 Write-offs 19,000 Recoveries 3,500 Sales (including cash sales of P360,000) Sales retums and discounts (inchuding P3,500 sales retums on cash sales) 2,280,000 22,500 Accounts receivable, Dec. 31 570,000 Percentage of credit sales 3% How much is the recoverable historical cost of account receivable? a 498,370 b. 502.630 c. 466,750 d. 478,970
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