llowing on ber 31, 4,000,000 8,000,000 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 Cash in bank Accounts receivable Allowance for doubtful accounts Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. 2,000,000 What amount should be reported as total current assets on December 31, 2021?

llowing on ber 31, 4,000,000 8,000,000 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 Cash in bank Accounts receivable Allowance for doubtful accounts Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. 2,000,000 What amount should be reported as total current assets on December 31, 2021?

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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Problem 4 : On January 1, 20x1, ABC Co. sold inventory costing P1,800,000 with a list price of P2,200,000 and a cash price of P2,000,000 in exchange for a P2,400,000 noninterest-bearing note due on December 31, 20x3 How much is the initial measurement of the receivable? How much is the carrying amount of the receivable on December 31, 20x1?
View Policies Current Attempt in Progress Swifty Corporation factors $ 6500000 of its accounts receivables with recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Swifty estimates the fair value of the recourse liability at $ 224000. What would be recorded as a gain (loss) on the transfer of receivables? O Gain of $ 325000. O Gain of $ 1199000. O Loss of $ 549000. O Loss of $ 224000. Save for Later Attempts: 0 of 1 used Submit Answer
Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Community Development Fund?
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Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 Miscellaneous Expenses 4,000.00 How much is to be allocated for General Reserved Fund?
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Q2. X Company has the following receivables classified into individually significant and all other receivables. Individually significant P Company Q Company R Company S Company All other receivables $ 65,000 95,000 75,000 35,000 270,000 425,000 695,000 Total receivables. X company determines that P's receivable is impaired by $20,000, and S's receivable is totally impaired. Both Q's and R's receivables are not considered impaired. X company also determines that a composite rate of 2% is appropriate to measure impairment on all other receivables. Required: Calculate the total impairment on accounts Receivable 1
PROBLEM SOLVING: 2-1 Accounts Receivables Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit Selected Accounts Credit Cash 500,000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6,750,000 Additional information are as follows: Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked "NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible