Milky Way Inc. provided the following information on December 31, 2021: P 900,000 2,500,000 1,300,000 750,000 500,000 Employee income taxes withheld.... Cash balance at BPI-Leon Guinto Branch Cash overdraft at BDO-A. Mabini Branch. Accounts receivable with credit balance.. Estimated amount of meeting warranties... Estimated damages as a result of unsatisfactory... 1,500,000 Accounts payable... Deferred serial bonds, issued at par and bearing interest at 12%, payable in semi-annual installments of P 500,000 due April land October 1 of each, the last bond to be paid on October 1, 2027. Interest is also paid semi-annually.. 3,000,000 5,000,000 What amount should be reported as total current liabilities on December 31, 2021?

Milky Way Inc. provided the following information on December 31, 2021: P 900,000 2,500,000 1,300,000 750,000 500,000 Employee income taxes withheld.... Cash balance at BPI-Leon Guinto Branch Cash overdraft at BDO-A. Mabini Branch. Accounts receivable with credit balance.. Estimated amount of meeting warranties... Estimated damages as a result of unsatisfactory... 1,500,000 Accounts payable... Deferred serial bonds, issued at par and bearing interest at 12%, payable in semi-annual installments of P 500,000 due April land October 1 of each, the last bond to be paid on October 1, 2027. Interest is also paid semi-annually.. 3,000,000 5,000,000 What amount should be reported as total current liabilities 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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2 Nissan Inc. prepared an aging of its accounts receivable at December 31,2020 and determined that the net realizable value of the receivables was P250,000. Additional information is available as follows: Allowance for Bad Debts, 12/31/19 - debit balance Accounts written off as uncollectible during 2020 Accounts Receivable at 12/31/20 adjusted Uncollectible accounts recovery during 2020 What is amount of bad debts expense that shall be presented in Nissan's 2020 statement of financial performance? P 28,000 23,000 270,000 5,000
accounts receivable
HURON COMPANY-3 The uncollectible accounts receivable rate in the sector where the business operates is high. As of December 31, 2019, the balance of the "Accounts Receivable" of the business is $1,250,000. Of these receivables, $850,000 are not yet due. However, receivables worth $400,000 have past due. The aging of these past due receivables has been done, and according to this aging, the collectibility probabilities anticipated by the business are presented in the table below. Days Past Due - Amount $ - Collectibility Probability 1-15 days 180,000 0.98 16-30 days 84,000 0.95 31-60 days 47,000 0.80 61-90 days 35,000 0.70 91-120 days 15,000 0.40 121-240 days 20,000 0.30 More than 241 days 19,000 0.01 Total 400,000 Requirements: 1)The company will implement a policy for allowance for doubtful accounts for the first time at the end of this year. What is the amount of doubtful accounts allowance that needs to be set aside? How will the receivables and allowances be reported in the…
Subject: accounting
The accounts of Long Company provided the following 20X5 information at 31 December 20X5 (end of the annual period): Accounts receivable balance, 1 January 20X5 $51,000 Allowance for doubtful accounts balance, 1 January 20X5 3,000 Uncollectible account to be written off during 20X5 (ex-customer Slo) 1,000 Cash collected on accounts receivable during 20X5 170,000 Estimates for bad debt losses: Based on ending balance of accounts receivable, 8%. Based on aging schedule (excludes Slo’s account): Age Accounts Receivable Probability of Noncollection Less than 30 days $28,000 2% 31–90 days 7,000 10 91–120 days 3,000 30 More than 120 days 2,000 60 Required: Give the entry to write off customer Slo’s long-overdue account. Give all entries related to accounts receivable and the allowance account for the following two cases: Case A—Bad debt expense is based on the ending balance of accounts receivable Case B—Bad debt expense is based on aging Show how the results of applying each case above…
Keel Company's December 31 balances from the prior year related to accounts receivable follow. Accounts receivable (Dr.) Allowance for doubtful accounts (Cr.) $500,000 10,000 During the current year, $15,000 of accounts receivable is considered uncollectible, and no more effort to collect these accounts will be made. Total sales for the current year are $2,000,000, of which $400,000 are cash sales. A total of $1,500,000 cash was collected during the current year from sales that were originally made on account. Required a. Assuming that Keel applies the allowance method to estimate net accounts receivable and uses 10% of accounts receivable as its estimate of expected credit losses, prepare the disclosure on gross and net accounts receivable on the balance sheet at December 31 of the current year. • Note: Do not use negative signs in your answers. Balance Sheet, December 31 Accounts receivable Less: Allowance for doubtful accounts Accounts receivable, net 0
Moving to another question will save this response. Question 14 Sama company has the following unadjusted account balances at December 31, 2021; Total Sales of $720,000, Accounts Receivable of $205,000 and the allowance was estimated as 3.5% of the total Account Receivable. The Allowance for Doubtful Accounts had a credit balance of $2,400, before the estimate was made. Required: Prepare the adjusting journal entry to record bad debts expense for 2021. Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash...... 120 Cr. Owner capital.............. 120 10 (Mac) I %0 O
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12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. XYZ’s management has estimated that $17,000 in accounts receivable would be uncollectible. For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense: Allowance for doubtful accounts: For the end of 2020, what is the company's net realizable value?
:Company provided the following information related to its accounts receivable. Last year 12/31 Estimated that P7,000 of accounts receivable would become uncollectible. Current year 1/05 Wrote-off the P 5,000 balance owed by J Company and the 2,000 balance owed by F Company. 3/18 Reinstate the account of J Company that had been written off since they signify and confirmed the payment. 3/21 Receipt of payment in full. Required: Journalize the transactions