he following data were taken from the records of Zhubair Company for the year ended December 31, 2021: Sales on account P 7,200,000 Notes received to settle accounts 800,000 Provision for doubtful accounts 180,000 Accounts determined to be worthless 50,000 Purchases on account 7,800,000 Payments to creditors 6,400,000 Discounts allowed by creditors 520,000 Merchandise returned by customer 30,000 Collections received to settle accounts 4,900,000 Notes given to creditors to settle accounts 500,000 Merchandise returned to suppliers 140,000 Payments on notes payable 200,000 Discounts taken by customers 80,000 Collections received in settlement of notes 360,000 What is the outstanding balance of the notes receivable account at December 31, 2021? What is the net realizable value of the accounts receivable?
he following data were taken from the records of Zhubair Company for the year ended December 31, 2021: Sales on account P 7,200,000 Notes received to settle accounts 800,000 Provision for doubtful accounts 180,000 Accounts determined to be worthless 50,000 Purchases on account 7,800,000 Payments to creditors 6,400,000 Discounts allowed by creditors 520,000 Merchandise returned by customer 30,000 Collections received to settle accounts 4,900,000 Notes given to creditors to settle accounts 500,000 Merchandise returned to suppliers 140,000 Payments on notes payable 200,000 Discounts taken by customers 80,000 Collections received in settlement of notes 360,000 What is the outstanding balance of the notes receivable account at December 31, 2021? What is the net realizable value of the accounts receivable?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 19
The following data were taken from the records of Zhubair Company for the year ended December 31, 2021:
Sales on account P 7,200,000
Notes received to settle accounts 800,000
Provision for doubtful accounts 180,000
Accounts determined to be worthless 50,000
Purchases on account 7,800,000
Payments to creditors 6,400,000
Discounts allowed by creditors 520,000
Merchandise returned by customer 30,000
Collections received to settle accounts 4,900,000
Notes given to creditors to settle
accounts 500,000
Merchandise returned to suppliers 140,000
Payments on notes payable 200,000
Discounts taken by customers 80,000
Collections received in settlement of
notes 360,000
- What is the outstanding balance of the notes receivable account at December 31, 2021?
- What is the net realizable value of the
accounts receivable ?
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