ABC Corp showed the following data on its accounts receivables: Accounts known to be worthless. P37,500 Advances to affiliated companies, P200,000 Account balances of customers, P750,000 Customers' account reporting credit balances arising from sales returns, (P45,000) Trade receivables from officers due currently P22,500 How much is the amount of trade receivables?     705,000 750,000 772,500 972,500

Q: 1. On December 31, 2013, the accounts receivable of Harem Company had a balance of P8,200,000. An…

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

Q: A business has the following balances at the beginning of the year: Accounts receivable: 265000…

A: Working   1. Balance in Allowance for Doubtful debts after write off = 39,750 - 31,800 = 7,950 2.…

Q: Accounts receivable has a debit balance of $6,000, and the allowance for uncollectible accounts has…

A: The account receivables represents the amount due from the customers. The net account receivables…

Q: Assume the following information for Kingbird Corp. Accounts receivable (beginning balance)…

A: Prepare the entries to record sales and collections during the period.

Q: 1. Information from the records of Stormfall Co. is shown below. Accounts receivable - net of P6,000…

A: Solution Trade receivable are defined as the amount owed to a business by its customers following…

Q: At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable…

A: In this question, we will post the journal entry for the, Journal entry shows the debit and credit…

Q: Accounts receivable (beginning balance)   $162,000 Allowance for doubtful accounts (beginning…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Discover reported $431,818 in net sales and $31,677 in accounts receivable for the current period.…

A: When the sales are made on an account that no cash is collected then it means sales are made on…

Q: Harem Company revealed a balance of P8,200,000 in the accounts receivable control at year-end. An…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: PLEASE Give Answer of this Question

A: To determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts, as well…

Q: ed Softee Sodas and Patterson Beverage Company are two of the largest and most successful beverage…

A: Step 1: The receivables turnover ratio can be calculated by dividing the Net sales by the Average…

Q: Assume the following information for Marin Corp. Accounts receivable (beginning balance)   $136,000…

A: Prepare the entries to record sales and collections,  write-off of uncollectible accounts and the…

Q: Information related to Lady Gangster Ltd. For 2021 is summarized below: Total credit sales L5,000,00…

A: Answer  In case of direct write-off method of accounting the amount of bad debt need to be reported…

Q: At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of…

A: Under the allowance method company makes provisions for uncollectible accounts at the end of the…

Q: Q5: At December 31, 2009, Leis Co. reported the following information on its balance sheet. Account…

A: Date Particulars Debit  Credit 1 Account receivables DR 3200000     To Sales revenue   3200000…

Q: Harlan Company uses the Allowance method for accounting for receivables. They had the following…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…

Q: The following information is available for Market, Incorporated and Supply, Incorporated at December…

A: Turnover :— It is calculated by dividing net sales revenue by average accounts receivable.  Average…

Q: At the beginning of the current period, Carla Vista Co. had a balance of $110,000 in Accounts…

A: Accounts receivable means those customer accounts to whom credit sales has been made, but amount has…

Q: Accounts Receivable has a balance of $30,000, and the Allowance for Bad Debts has a credit balance…

A: In order to increase the sales revenue, the business entities sold their goods on a credit basis.…

Q: A corporation has the following taxable income in its first 5 years of operations: Tax year Taxable…

A:

Q: he following information relates to Zulu Company’s accounts receivable for 20X1:…

A: The question is based on the concept of Financial Accounting.

Q: 42. On January 1, 20X4, Alejandro Company reported accounts receivable of P2,000,000 and allowance…

A: Bad Debt Expenses:Bad debt expenses, also referred to as uncollectible accounts or doubtful accounts…

Q: The following information is from the records of Mountainview Camera​ Shop:   Accounts​ receivable,…

A: Bad debt expense is the expense which is recorded when a receivable becomes uncollectible.

Q: A company reports accounts receivable of $180,000 on its balance sheet. The Allowance for Bad Debts…

A: Net realizable value (NRV) refers to the amount a company expects to receive from the sale of its…

Q: Charleston, Incorporated has Accounts Receivable of $260,000 and an Allowance for Doubtful Accounts…

A: Accounts Receivables - When company sell its goods or service to the customer on credit, Accounts…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.