1. On December 31, 2013, the accounts receivable of Harem Company had a balance ofP8,200,000. An analysis of the accounts receivable showed the following:Accounts known to be worthless100,000400,0001,000,000(600,000)400,0003,500,0002,200,000850,000Advance payments to creditors on purchase ordersAdvances to affiliated entitiesCustomers' accounts reporting credit balances arising from sales returnsInterest receivable on bondsTrade accounts receivableSubscription receivable due in 30 daysTrade installments receivable due 1-18 months, including unearnedfinance charge of P50,000Trade accounts receivable from officers, due currentlyTrade accounts on which postdated checks are held (no entries weremade on receipt of checks)150,000200,000What is the correct balance of trade accounts receivable?a. 4,650,000b. 4,700,000c. 4,150,000d. 4,050,000

Accounts receivable are those individuals or firm to whom the goods or services are provided by the…

1. On December 31, 2013, the accounts receivable of Harem Company had a balance of P8,200,000. An analysis of the accounts receivable showed the following: 100,000 400,000 Accounts known to be worthless Advance payments to creditors on purchase orders Advances to affiliated entities Customers' accounts reporting credit balances arising from sales returns Interest receivable on bonds 1,000,000 (600,000) 400,000 3,500,000 2,200,000 850,000 Trade accounts receivable Subscription receivable due in 30 days Trade installments receivable due 1-18 months, including unearned finance charge of P50,000 Trade accounts receivable from officers, due currently Trade accounts on which postdated checks are held (no entries were made on receipt of checks) 150,000 200,000 What is the correct balance of trade accounts receivable? а. 4,650,000 b. 4,700,000 с. 4,150,000 d. 4,050,000

1. On December 31, 2013, the accounts receivable of Harem Company had a balance of P8,200,000. An analysis of the accounts receivable showed the following: 100,000 400,000 Accounts known to be worthless Advance payments to creditors on purchase orders Advances to affiliated entities Customers' accounts reporting credit balances arising from sales returns Interest receivable on bonds 1,000,000 (600,000) 400,000 3,500,000 2,200,000 850,000 Trade accounts receivable Subscription receivable due in 30 days Trade installments receivable due 1-18 months, including unearned finance charge of P50,000 Trade accounts receivable from officers, due currently Trade accounts on which postdated checks are held (no entries were made on receipt of checks) 150,000 200,000 What is the correct balance of trade accounts receivable? а. 4,650,000 b. 4,700,000 с. 4,150,000 d. 4,050,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sah
20. The trade accounts receivable balance as at December 31, 2021 is A. P 1,522,500 B. P 1,147,500 C. P 1,485,000 D. p 1,447,500 21. The net current trade and other receivables as at December 31, 2021 is A. P 1,822,500 B. P 2,272,500 C. P 2,647,500 D. P 2,610,000 22. How much of the foregoing will be presented under noncurrent assets as at December 31, 2021? Α. ΡΟ B. P 375,000 C. P 525,000 D. P 1,200,000
The following information extracted from the accounting records of the South Co. at the beginning of 2020 : Accounts Receivable $ 63000 , Allowance for Doubtful Accounts 1400 ( credit ) during 2017 : 1- sales on credit amounted to $ 575000 2- $ 557400 was collected on receivables 3- $ 2600 of receivables were written off as uncollectible . On December 31 , 2017 , South Co estimates its bad debts to be 4 % of the gross accounts receivable balance From the previous information put true or false
The following information is extracted from Shelton Corporation’s accounting records at the beginning of 2016: Accounts Receivable $64,000 Allowance for Doubtful Accounts 1,100 (credit) During 2016, sales on credit amounted to $568,000, $559,000 was collected on outstanding receivables and $2,500 of receivables were written off as uncollectible. On December 31, 2016, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. 1. Prepare the journal entry necessary to record Shelton’s estimate of bad debt expense for 2016. 2. Prepare the Accounts Receivable section of Shelton’s December 31, 2016, balance sheet. 3. Compute Shelton’s receivables turnover. (Round to one decimal place.)
The following accounts were taken from Zious Inc.’s statement of financial position at December 31, 2021. DEBIT CREDIT Accounts receivable P 4,100,000 Allowance for doubtful accounts 100,000 Net Credit Sales P 7,500,000 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported in 2021 A. P 23,000 B. P 223,000 C. P 225,000 D. P 123,000
Use the following information for questions 8 to 9. The balance sheet for the Dixie Corporation on December 31, 2007 includes the following receivables balances: Notes Receivable Less notes discounted P365,000 155,000 P210,000 Accounts Receivable Less allowance for doubtful accounts P856,000 41,500 814,500 Selected ransactions during 2008 included the following: Notes received in settlement of accounts totaled P825,000. а. b. Notes receivable discounted as of December 31, 2007, were paid at maturity with the exception of one P30,000 note on which the company had to pay the bank P30,900, which included interest and protest fees. It is expected that recovery will be made on this note early 2009. Customers' notes of P600,000 were discounted with recourse during the year, proceeds from their transfer being P585,000. Of this total, P480,000 matured during the year without notice of protest. С. h. Notes receivable collected during the year totaled P270,000 and interest collected was P24,500.…
Question: What is the amount of bad debts expense in its December 31, 2022 Statement of Comprehensive income assuming the Dolor’s policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and beginning balance of allowance of P20,000?
Your audit disclosed that on December 31, 2021, the accounts receivable control account of Eileen Company had a balance of P 2,865,000. An analysis of the accounts receivable account showed the following: Accounts known to be worthless P 37,500 Advance payments to creditors on purchase orders 150,000 Advances to affiliated companies 375,000 Customer’s accounts reporting credit balances arising from sales return (225,000) Interest receivable on bonds 150,000 Other trade accounts receivable -unassigned 750,000 Trade accounts receivable – assigned ( Eileen Company’s equity in assigned accounts is P 150,000) 375,000 Subscription receivables due in 30 days 825,000 Trade installment receivable due 1-18 months including unearned finance charges of P 30,000 330,000 Trade receivables from officers due currently 22,500 Trade accounts on which post-dated…
What is the net sales of the entity for 2016?
Please answer item 24-25 correctly and provide computation. Thank youuuu:)
The beginning balances of the accounts receivable and allowance for bad debts accounts of Goodness Co. are P3,000,000 and P30,000, respectively. On your audit of the financial statements for the period ended and as of December 31, 2016, you have gathered the following information: Credit sales; terms 2/10, 1/15, n/30 10,000,000 Total Collections 7,430,000 Accounts written-off 20,000 Recoveries 5,000 Sales returns 15,000 Additional information: 50% of the credit sales were collected within the 10-day discount period and 20% were collected within the 15-day discount period Recoveries were immediately collected upon setting back the receivable The entity follows the percentage of accounts receivable to determine the balance of allowance for bad debtRequirement How much is the bad debts expense for 2016?
Use the following to answer questions 28-29: Accounts receivable Allowance Cash realizable value 12/31/2016 $525,000 (45,000) $480.000 During 2017, sales on account were $145,000 and collections on account were $86,000. Also during 2017; the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $54,000. 28. The change in the cash realizable value from the balance at 12/31/2016 to 12/31/2017 was a:. A) $50,000 B) $59,000. C) $42,000 D) $51,000 29. Bad debts expense for 2017 is: A) $17,000 B) $9,000 C) $54,000 D) $1,000