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LEASE ANSWER REQUIREMENT D & E

LEASE ANSWER REQUIREMENT D & E

FINANCIAL ACCOUNTING
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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NOTE: PLEASE ANSWER REQUIREMENT D & E ONLY

Exercise 2-7 The accounts receivable control account for the OCEAN COMPANY shows a debit balance of P1,238,000; the allowance for doubtful accounts shows a credit balance of P76,000. Subsidiary ledger details reveal the following: 1. Trade accounts receivable, pledged (11otes payable to MBTC is P160,000) P210,000 2. Subscription receivable for common stock (due in 15 months) 3. Interest receivable on bonds 4. Installment receivable due in 1-16 months (including unearned finance charges of P5,000) 5. Trade receivables from officers due currently 6. Customers' accounts reporting credit balances fromi sales returns 7. Advance payment to creditors on purchase orders 8. Advance payment to creditors on order for machinery 9. Customers accounts with credit balances arising from advance 120,000 37,500 75,000 7,000 2,500 60,000 450,000 15,000 payments 10. Accounts known to be worthless 7,000 11. Trade accounts on which postdated checks are held (no entries were made on the receipt of the checks) 12. Advances to affiliated companies to be liquidated in cash 13. Other trade accounts receivable, not pledged 9,000 130,000 150,000 REQUIRED: 1. Compute for the following as of Dec. 31, 2019: a. Trade receivables, current assets (after deducting the related allowance) b. Trade receivables, other assets c. Non-trade receivables, current assets d. Non-trade receivables, other assets e. Other accounts, specify
Transcribed Image Text:Exercise 2-7 The accounts receivable control account for the OCEAN COMPANY shows a debit balance of P1,238,000; the allowance for doubtful accounts shows a credit balance of P76,000. Subsidiary ledger details reveal the following: 1. Trade accounts receivable, pledged (11otes payable to MBTC is P160,000) P210,000 2. Subscription receivable for common stock (due in 15 months) 3. Interest receivable on bonds 4. Installment receivable due in 1-16 months (including unearned finance charges of P5,000) 5. Trade receivables from officers due currently 6. Customers' accounts reporting credit balances fromi sales returns 7. Advance payment to creditors on purchase orders 8. Advance payment to creditors on order for machinery 9. Customers accounts with credit balances arising from advance 120,000 37,500 75,000 7,000 2,500 60,000 450,000 15,000 payments 10. Accounts known to be worthless 7,000 11. Trade accounts on which postdated checks are held (no entries were made on the receipt of the checks) 12. Advances to affiliated companies to be liquidated in cash 13. Other trade accounts receivable, not pledged 9,000 130,000 150,000 REQUIRED: 1. Compute for the following as of Dec. 31, 2019: a. Trade receivables, current assets (after deducting the related allowance) b. Trade receivables, other assets c. Non-trade receivables, current assets d. Non-trade receivables, other assets e. Other accounts, specify
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