a.8,200,000b. 6,200,000c. 2,000,000d. 4,200,000Problem 4-15 (AICPA Adapted) 81 moldeSteven Company provided the following information duringthe first year of operations:0913410000Total merchandise purchases for the current yearMerchandise inventory on December 31Collections from customersbgodno odeAll merchandise was marked to sell at 40% above cost. AllIsales are on a credit basis and all accounts are collectible,What amount should be reported as accounts receivable onDecember 31? od ovearlo batablepore aba. 1,000,000b. 3,840,000c. 5,000,000d. 5,800,0007,000,0001,400,0004,000,000120000 030000,000at amount was received bremittance in full?a. 2,744,000b. 2,940,000c. 2,944,000d. 3,140,000Problem 4-17 (PHILCPA AGermany Company started businesyear. The entity established an all-estimated at 5% of credit sales.wrote off P50,000 of uncollectibleFurther analysis showed thamounted to P9,000,000 and ewas P1,500,000. Goods were sThe total sales comprised 80%sales. Total collections from eamounted to P6,000,000.1. What amount should bea. 10,500,000b. 18,750,000c. 12,000,0008,400,000d.2. What amount shouldof accounts reivabla. 1,980,000 =b. 2,350,000c. 1,930,000d. 2,400,000 2021. Onided foral creditethod ofapplyinge.Ciblee thatended2021000000oneone00Problem 5-10 (AICPA Adapted)Orr Company prepared an aging of accounts receivable onDecember 31 and determined that the net realizable valueof the accounts receivable was P2,500,000.Accounts receivable on December 31Allowance for doubtful accounts on January 1Accounts written off as uncollectibleRecovery of accounts written offWhat amount should be recognized as doubtful accountsexpense for the current year?a. 230,000b. 200,000c. 150,000d. 100,0002,700,000280,000230,00050,000Problem 5-11 (IAA)Roanne Company used the allowance method of accountingfor uncollectible accounts. During the current year, the entityhad charged P800,000 to bad debt expense and wrote offaccounts receivable of P900,000 as uncollectible.What was the decrease in working capital?a.900,000b. 800,000C. 100,000d.0Galaxy S21+ 5G

Account receivables closing balance is calculated as : Opening Balance + Total credit sale…

C. 2,00 d. 4,200,000 Problem 4-15 (AICPA Adapted) Steven Company provided the following information during the first year of operations: Total merchandise purchases for the current year Merchandise inventory on December 31 Collections from customers All merchandise was marked to sell at 40% above cost. All Isales are on a credit basis and all accounts are collectible What amount should be reported as accounts receivable c on December 31? a. 1,000,000 b. 3,840,000 c. 5,000,000 d. 5,800,000 120 7,000,000 1,400,000 4,000,000 000 000,000

C. 2,00 d. 4,200,000 Problem 4-15 (AICPA Adapted) Steven Company provided the following information during the first year of operations: Total merchandise purchases for the current year Merchandise inventory on December 31 Collections from customers All merchandise was marked to sell at 40% above cost. All Isales are on a credit basis and all accounts are collectible What amount should be reported as accounts receivable c on December 31? a. 1,000,000 b. 3,840,000 c. 5,000,000 d. 5,800,000 120 7,000,000 1,400,000 4,000,000 000 000,000

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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