At year-end, Harem Company reported accounts receivable of P8,200,000 with thefollowing analysis:Accounts known to be worthless100,000Advance payments on purchase ordersAdvances to subsidiary400,0001,000,000Customers' accounts reporting credit balances arisingfrom sales returns( 600,000)Trade accounts receivables3,500,000Subscription receivable due in 30 daysTrade installments receivable due 1-18 months,2,200,000Including unearned finance charge of P50,000Trade accounts receivable from officers, due currentlyTrade accounts on which postdated checks are held andNo entries were made on receipt of checks850,000150,000200,000What is the correct balance of trade accounts receivable?

Name: At year-end, Harem Company reported accounts receivable of P8,200,000
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Description: At year-end, Harem Company reported accounts receivable of P8,200,000 with thefollowing analysis:Accounts known to be worthless100,000Advance payments on purchase ordersAdvances to subsidiary400,0001,000,000Customers' accounts reporting credit balan

working notes: Trade installments receivable=(850,000-P50,000) =800,000 Total balance of Trade…

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At year-end, Harem Company reported accounts receivable of P8,200,000 with the following analysis: Accounts known to be worthless Advance payments on purchase orders Advances to subsidiary Customers' accounts reporting credit balances arising 100,000 400,000 1,000,000 ( 600,000) 3,500,000 2,200,000 from sales returns Trade accounts receivables Subscription receivable due in 30 days 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 postdated checks are held and No entries were made on receipt of checks What is the correct balance of trade acCounts receivable? 850,000 150,000 200,000

At year-end, Harem Company reported accounts receivable of P8,200,000 with the following analysis: Accounts known to be worthless Advance payments on purchase orders Advances to subsidiary Customers' accounts reporting credit balances arising 100,000 400,000 1,000,000 ( 600,000) 3,500,000 2,200,000 from sales returns Trade accounts receivables Subscription receivable due in 30 days 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 postdated checks are held and No entries were made on receipt of checks What is the correct balance of trade acCounts receivable? 850,000 150,000 200,000

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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