HOW MUCH SHOULD BE PRESENTED AS " TRADE AND OTHER RECEIVABLES" UNDER CURRENT ASSETS? This will be the choices: a. 1,125,000b. 1,290,000c. 1,600,000d. 775,000 On December 31, 20X8, the "Receivables" account of Apple Companyshows an amortized cost of P1,950,000. Subsidiary details show thefollowing: Trade accounts receivable, P725,000; Trade notes receivable,P100,000; installments receivable, normally due one (1) year to two (2)years, P300,000; Customers' accounts reporting credit balances arisingfrom sales returns, (P30,000); Advance payments for purchase ofmerchandise, P150,000; Customers' accounts reporting credit balancesarising from advance payments, (P20,000); Cash advances to subsidiary,P400,000, Claims from insurance company, P15,000; Subscriptionreceivable due in 180 days, P300,000; Accrued rent receivable, P10,000.How much should be presented as "trade and other receivables" undercurrent assets? *

Particulars Amount Trade Receivables 725000 Trade Note Receivables 100000 Less: Sales Returns…

Answered: HOW MUCH SHOULD BE PRESENTED AS " TRADE…

HOW MUCH SHOULD BE PRESENTED AS " TRADE AND OTHER RECEIVABLES" UNDER CURRENT ASSETS? This will be the choices: a. 1,125,000 b. 1,290,000 c. 1,600,000 d. 775,000

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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Question

HOW MUCH SHOULD BE PRESENTED AS " TRADE AND OTHER RECEIVABLES" UNDER CURRENT ASSETS? This will be the choices: a. 1,125,000 b. 1,290,000 c. 1,600,000 d. 775,000

On December 31, 20X8, the "Receivables" account of Apple Company
shows an amortized cost of P1,950,000. Subsidiary details show the
following: Trade accounts receivable, P725,000; Trade notes receivable,
P100,000; installments receivable, normally due one (1) year to two (2)
years, P300,000; Customers' accounts reporting credit balances arising
from sales returns, (P30,000); Advance payments for purchase of
merchandise, P150,000; Customers' accounts reporting credit balances
arising from advance payments, (P20,000); Cash advances to subsidiary,
P400,000, Claims from insurance company, P15,000; Subscription
receivable due in 180 days, P300,000; Accrued rent receivable, P10,000.
How much should be presented as "trade and other receivables" under
current assets? *

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