29. Your audit disclosed that on December 31, 2010, the accounts receivable control account of Alilem Company had a balance of P2,865,000. An analysis of the accounts receivable account showed the following: Р 37,500 150,000 375,000 Accounts known to be worthless Advance payments to creditors on purchase orders Advances to affiliated companies Customers' accounts reporting credit balances arising from (225,000) 150,000 750,000 825,000 sales return Interest receivable on bonds Other trade accounts receivable – unassigned Subscriptions receivable due in 30 days Trade accounts receivable - assigned (Alilem company's equity in assigned accounts is P150,000) Trade installment receivable due 1- 18 months, including unearned finance charges of P30,000 Trade receivables from officers due currently Trade accounts on which post-dated checks are held (no entries were made on receipts of checks) 375,000 330,000 22,500 75,000 P2,865,000 QUESTIONS: Based on the above and the result of your audit, determine the adjusted balance of following: 1. The trade accounts receivable as of December 31, 2010 is a. P1,147,500 b. P1,522,500 c. P1,485,000 d. P1,447,500 2. The net current trade and other receivables as of December 31, 2010 is a. P2,647,500 b. P2,610,000 c. P2,272,500 d. P1,822,500 3. How much of the foregoing will be presented under noncurrent assets as of December 31, 2010? а. Р1,200,000 b. Р 375,000 c. P525,000 d. P
29. Your audit disclosed that on December 31, 2010, the accounts receivable control account of Alilem Company had a balance of P2,865,000. An analysis of the accounts receivable account showed the following: Р 37,500 150,000 375,000 Accounts known to be worthless Advance payments to creditors on purchase orders Advances to affiliated companies Customers' accounts reporting credit balances arising from (225,000) 150,000 750,000 825,000 sales return Interest receivable on bonds Other trade accounts receivable – unassigned Subscriptions receivable due in 30 days Trade accounts receivable - assigned (Alilem company's equity in assigned accounts is P150,000) Trade installment receivable due 1- 18 months, including unearned finance charges of P30,000 Trade receivables from officers due currently Trade accounts on which post-dated checks are held (no entries were made on receipts of checks) 375,000 330,000 22,500 75,000 P2,865,000 QUESTIONS: Based on the above and the result of your audit, determine the adjusted balance of following: 1. The trade accounts receivable as of December 31, 2010 is a. P1,147,500 b. P1,522,500 c. P1,485,000 d. P1,447,500 2. The net current trade and other receivables as of December 31, 2010 is a. P2,647,500 b. P2,610,000 c. P2,272,500 d. P1,822,500 3. How much of the foregoing will be presented under noncurrent assets as of December 31, 2010? а. Р1,200,000 b. Р 375,000 c. P525,000 d. P
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer correctly no. 29 and provide computation. Thank you:)
Transcribed Image Text:29. Your audit disclosed that on December 31, 2010, the accounts receivable control account of Alilem
Company had a balance of P2,865,000. An analysis of the accounts receivable account showed the
following:
P 37,500
150,000
375,000
Accounts known to be worthless
Advance payments to creditors on purchase orders
Advances to affiliated companies
Customers' accounts reporting credit balances arising from
sales return
(225,000)
150,000
750,000
825,000
Interest receivable on bonds
Other trade accounts receivable – unassigned
Subscriptions receivable due in 30 days
Trade accounts receivable - assigned (Alilem company's
equity in assigned accounts is P150,000)
Trade installment receivable due 1- 18 months, including
unearned finance charges of P30,000
Trade receivables from officers due currently
Trade accounts on which post-dated checks are held (no
entries were made on receipts of checks)
375,000
330,000
22,500
75,000
P2,865,000
QUESTIONS:
Based on the above and the result of your audit, determine the adjusted balance of following:
1. The trade accounts receivable as of December 31, 2010 is
a. P1,147,500
b. P1,522,500
c. P1,485,000
d. P1,447,500
2. The net current trade and other receivables as of December 31, 2010 is
a. P2,647,500
b. P2,610,000
c. P2,272,500
d. P1,822,500
3. How much of the foregoing will be presented under noncurrent assets as of December 31, 2010?
a. P1,200,000
b. Р 375,000
с. Р525,000
d. P
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