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1. What amount was reported as allowance for doubtful accounts on December 31 before adjustment? a. 1,100,000 b. 1,150,000 c. 1,250,000- d. 1,200,000 2. What amount should be reported as required allowance for doubtful accounts on, December 31? a. 1,650,000 b. 1,950,000 c. 1,700,000 d. 1,450,000 3. What amount should be reported as doubtful accounts expense for the current year? a. 1,200,000 b. 1,650,000 900,000 d: c. 950,000

1. What amount was reported as allowance for doubtful accounts on December 31 before adjustment? a. 1,100,000 b. 1,150,000 c. 1,250,000- d. 1,200,000 2. What amount should be reported as required allowance for doubtful accounts on, December 31? a. 1,650,000 b. 1,950,000 c. 1,700,000 d. 1,450,000 3. What amount should be reported as doubtful accounts expense for the current year? a. 1,200,000 b. 1,650,000 900,000 d: c. 950,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. What amount was reported as allowance for doubtful accounts on December 31 before adjustment? а. 1,100,000 b. 1,150,000 с. 1,250,000. d. 1,200,000 00 2. What amount should be reported as required allowance for doubtful accounts on, December 31? a. 1,650,000i b. 1,950,000 с. 1,700,000 d. 1,450,000 3. What amount should be reported as doubtful accounts expense for the current year? a. 1,200,000 b. 1,650,000 900,000 d. с. 950,000 4. What is the year-end adjustment to the allowance for doubtful accounts on December 31? a. 900,000 debit b. 900,000 credit C. 500,000 debit d. 500,000 credit 5. What amount should be reported as net realizable value of accounts receivable on December 31? a. 9,900,000 b. 8,250,000 c. 8,350,000 d. 8,200,000
Transcribed Image Text:1. What amount was reported as allowance for doubtful accounts on December 31 before adjustment? а. 1,100,000 b. 1,150,000 с. 1,250,000. d. 1,200,000 00 2. What amount should be reported as required allowance for doubtful accounts on, December 31? a. 1,650,000i b. 1,950,000 с. 1,700,000 d. 1,450,000 3. What amount should be reported as doubtful accounts expense for the current year? a. 1,200,000 b. 1,650,000 900,000 d. с. 950,000 4. What is the year-end adjustment to the allowance for doubtful accounts on December 31? a. 900,000 debit b. 900,000 credit C. 500,000 debit d. 500,000 credit 5. What amount should be reported as net realizable value of accounts receivable on December 31? a. 9,900,000 b. 8,250,000 c. 8,350,000 d. 8,200,000
No year-end adjustments to the allowance account were made. During the.current year, credit sales totaled P20,000,000, accounts at the amount indicated by the year-end aging From inception of operations, Comprehensive Company in the "over 360 days" aging category, additional accounts Effective with the current year, the entity adopted a new accounting method for estimating the allowance for doubtful provided for uncollectible accounts expense under the The balance in the allowance for doubtful accounts was allowance method using the percentage of sales method. No year-end adjustments to the allowance account were made The balance in the allowance for doubtful accounts was P1,000,000 at the beginning of current year. During the.current year, credit sales totaled P20,000,000 interim provisions for doubtful accounts were made at 2% of credit sales, bad debts of P200,000 were written off, and recoveries of accounts previously written off amounted to P50,000. An aging of accounts receivable was made for the first time on December 31. Aging Balance Uncollectible 0 - 60 6,000,000 2,000,000 1,500,000 500,000 10% 61 – 180 20% 181 Over 360 30% 360 50% Based on the review of collectibility of the account balances in the "over 360 days" aging category, additional accoune totaling P100,000 are to be written off on December 31. Effective with the current year, the entity adopted aA accounting method for estimating the allowance for doube accounts at the amount indicated by the vear-end agne 'accounts receivable.
Transcribed Image Text:No year-end adjustments to the allowance account were made. During the.current year, credit sales totaled P20,000,000, accounts at the amount indicated by the year-end aging From inception of operations, Comprehensive Company in the "over 360 days" aging category, additional accounts Effective with the current year, the entity adopted a new accounting method for estimating the allowance for doubtful provided for uncollectible accounts expense under the The balance in the allowance for doubtful accounts was allowance method using the percentage of sales method. No year-end adjustments to the allowance account were made The balance in the allowance for doubtful accounts was P1,000,000 at the beginning of current year. During the.current year, credit sales totaled P20,000,000 interim provisions for doubtful accounts were made at 2% of credit sales, bad debts of P200,000 were written off, and recoveries of accounts previously written off amounted to P50,000. An aging of accounts receivable was made for the first time on December 31. Aging Balance Uncollectible 0 - 60 6,000,000 2,000,000 1,500,000 500,000 10% 61 – 180 20% 181 Over 360 30% 360 50% Based on the review of collectibility of the account balances in the "over 360 days" aging category, additional accoune totaling P100,000 are to be written off on December 31. Effective with the current year, the entity adopted aA accounting method for estimating the allowance for doube accounts at the amount indicated by the vear-end agne 'accounts receivable.
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