38An entity reported current receivables on December 31, 2020 which consisted of the following: Trade accounts receivable930,000Allowance for uncollectible accounts20,000Claim against shipper for goods lost in transit in November 202030,000Selling price of unsold goods sent by the entity on consignment at 130% of cost and not included in the ending inventory260,000Security deposit on lease of warehouse used for storing inventories300,000 What is the correct total of current net receivables on December 31, 2020?

Any amount to be received within a period of one year or within operating cycle is known as current…

Answered: 38 An entity reported current…

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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An entity reported current receivables on December 31, 2020 which consisted of the following:

Trade accounts receivable	930,000
Allowance for uncollectible accounts	20,000
Claim against shipper for goods lost in transit in November 2020	30,000
Selling price of unsold goods sent by the entity on consignment at 130% of cost and not included in the ending inventory	260,000
Security deposit on lease of warehouse used for storing inventories	300,000

What is the correct total of current net receivables on December 31, 2020?

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