Hi, i hope you will answer po Problem 1-6. Thank you ll SUN LTE VPN *11:11 AM48%lair.educationASSIGNMENT NUMBER 2PROBLEM SOLVINGTrade and Other Receivables1. On December 31, 2016 the accounts receivable control account of ALIGN Company had a balance ofP8,200,000. An analysis of the accounts receivable account showed the following:Accounts known to be worthlessAdvances payments to creditors on purchased ordersAdvances to affiliated companiesCustomers' accounts reporting credit balances arising from sales returnsInterest receivable on bonds100,000400,0001,000,000( 600,000)400,0002,000,0002,200,000Trade accounts receivable - unassignedSubscription receivable due in 30 daysTrade accounts receivable - assigned(Finance Company's equity in assigned accounts is P500,000)Trade installments receivable due 1-18 months, includingunearned finance charge of P50,000Trade accounts receivable from officers, due currentlyTrade accounts on which post-dated checks are held(no entries were made on receipt of checks)1,500,000850,000150,000200,000TotalP 8,200,000The correct balance of the trade accounts receivable on December 31, 2016 is:eon2. At the end of the first year of operations, December 31, 2016, ABBY Inc. reported the following information:Accounts receivable, netCustomer accounts written-off in 2016Bad debts expense for 2016The balance in accounts receivable at Dec. 31, 2016 before subtracting the allowance for doubtful accounts is:950,00010,00070,000P3. The following information is available from the records of MANUEL Corp.:Accounts receivable, January 1Sales - all on creditSales returns and allowancesAllowance for bad debts, January 1Write-offs during the yearCash received from customers on current accounts250,0001,567,0002,50024,00026,000net of sales discount of P4,5001,504,0001,000Recoveries of accounts written off in previous yearThe balance of accounts receivable at December 31 is:An analysis and aging of ARABELLA Corp. accounts receivables at Dec. 31, 2016 disclosed the following:Amounts estimated to be uncollectibleAccounts receivableAllowance for doubtful accounts (per books)4.P80,0001,600,000125,000The net realizable value of ARABELLA Corp. receivables at December 31, 2016 is:5. ALIAH Company sells to wholesalers on terms of 5/15, net 30. ALIAH has no cash sale but 50% of customerstake advantage of the discount. AAA uses the gross method of recording sales. An analysis of trade receivablesat December 31, 2016 revealed the following:Age0 - 15 days16 - 30 daysOver 30 daysAmount15,000,0003,000,0002,000,000On the December 31, 2016 statement of financial position, what amount should be reported as allowance forCollectible100%95%1,500,000discounts?6. Based on aging of the receivables at December 31, 2016, BARN Co. has determined that its collectible tradereceivables was P6,500,000. The following information pertains to BARN Company's receivables in 2016: tradereceivables December 31, P7,000,000; allowance for uncollectible accounts January 1, P600,000; uncollectibleaccounts written off, P360,000; and uncollectible accounts recovered, P40,000.BARN Co.'s provision for bad debts for 2016 would be7.IRIS Inc. prepared an aging of its accounts receivable at December 31, 2016 and determined that the netrealizable value of the receivables at that date was P50,000. Additional information is available as follows:Accounts receivable, December 31, 2015Accounts receivable, December 31, 2016Allowance for doubtful accounts at December 31, 2015Accounts written off as uncollectible during 2016IRIS bad debt expense for the year ended, December 31, 2016 is:48,00054,0006,0005,000PPage 1 of 2

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

1. On December 31, 2016 the accounts receivable control account of ALIGN Company had a balance of P8,200,000. An analysis of the accounts receivable account showed the following: Accounts known to be worthless Advances payments to creditors on purchased orders Advances to affiliated companies Customers' accounts reporting credit balances arising from sales returns Interest receivable on bonds Trade accounts receivable - unassigned Subscription receivable due in 30 days Trade accounts receivable - assigned (Finance Company's equity in assigned accounts is P500,000) 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 post-dated checks are held (no entries were made on receipt of checks) Total 100,000 400,000 1,000,000 ( 600,000) 400,000 2,000,000 2,200,000 1,500,000 850,000 150,000 200,000 P 8,200,000 The correct balance of the trade accounts receivable on December 31, 2016 is: 2. At the end of the first year of operations, December 31, 2016, ABBY Inc. reported the following information: Accounts receivable, net Customer accounts written-off in 2016 Bad debts expense for 2016 The balance in accounts receivable at Dec. 31, 2016 before subtracting the allowance for doubtful accounts is: 950,000 10,000 70,000 3. The following information is available from the records of MANUEL Corp.: Accounts receivable, January 1 Sales - all on credit Sales returns and allowances Allowance for bad debts, January 1 Write-offs during the year Cash received from customers on current accounts 250,000 1,567,000 2,500 24,000 26,000 net of sales discount of P4,500 Recoveries of accounts written off in previous year 1,504,000 1,000 The balance of accounts receivable at December 31 is: 4. An analysis and aging of ARABELLA Corp. accounts receivables at Dec. 31, 2016 disclosed the following: Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) 80,000 1,600,000 125,000 The net realizable value of ARABELLA Corp. receivables at December 31, 2016 is:_ 5. ALIAH Company sells to wholesalers on terms of 5/15, net 30. ALIAH has no cash sale but 50% of customers take advantage of the discount. AAA uses the gross method of recording sales. An analysis of trade receivable Amount 15,000,000 3,000,000 2,000,000 On the December 31, 2016 statement of financial position, what amount should be reported as allowance at December 31, 2016 revealed the following: Age 0 - 15 days 16 - 30 days Over 30 days Collectible 100% 95% 1,500,000 discounts? 6. Based on aging of the receivables at December 31, 2016, BARN Co. has determined that its collectible trade receivables was P6,500,000. The following information pertains to BARN Company's receivables in 2016: tra receivables December 31, P7,000,000; allowance for uncollectible accounts January 1, P600,000; uncollectible accounts written off, P360,000; and uncollectible accounts recovered, P40,000. BARN Co.'s provision for bad debts for 2016 would be 7. IRIS Inc. prepared an aging of its accounts receivable at December 31, 2016 and determined that the net realizable value of the receivables at that date was P50,000. Additional information is available as follows: Accounts receivable, December 31, 2015 Accounts receivable, December 31, 2016 Allowance for doubtful accounts at December 31, 2015 Accounts written off as uncollectible during 2016 IRIS bad debt expense for the year ended, December 31, 2016 is: 48,000 54,000 6,000 5,000