On December 31, 2021, Doctor Jones Inc.'s "Accounts Receivable" balance per ledger of P1,250,000 includes the following: MasterCard credit sale of merchandise to customer P 10,000 Overpayment to supplier for inventory purchased on account Insurance claim on automobile accident 20,000 2,000 4,000 Advances to sales manager due in one year 5-year note receivable due from company president 300,000 6,000 (this was issued by the president for the loan granted to him) Interest due on 5-year note from company president; interest payable annually Acceptance of 6-month note for past due account arising from sale of inventory 5,000 100 Accrued interest receivable on the note above Overpayment by customer of an accounts receivable Accounts receivable to customers definitely uncollectible Other trade accounts receivable - unassigned Trade accounts receivable - assigned (5,000) 4,000 50,000 10,000 Notes receivable from customer (this note is for a cash loan made to this customer collectible in 3 years) Claim for a tax refund from last year 30,000 3,000 4,000 250,000 125,000 150,000 30,000 10,000 Prepaid insurance - 4 months remaining in the policy period Advances to stockholders, wherein P100,000 is collectible currently Advances to affiliates Subscriptions receivable Special deposits on contract bids Dividends receivable
On December 31, 2021, Doctor Jones Inc.'s "Accounts Receivable" balance per ledger of P1,250,000 includes the following: MasterCard credit sale of merchandise to customer P 10,000 Overpayment to supplier for inventory purchased on account Insurance claim on automobile accident 20,000 2,000 4,000 Advances to sales manager due in one year 5-year note receivable due from company president 300,000 6,000 (this was issued by the president for the loan granted to him) Interest due on 5-year note from company president; interest payable annually Acceptance of 6-month note for past due account arising from sale of inventory 5,000 100 Accrued interest receivable on the note above Overpayment by customer of an accounts receivable Accounts receivable to customers definitely uncollectible Other trade accounts receivable - unassigned Trade accounts receivable - assigned (5,000) 4,000 50,000 10,000 Notes receivable from customer (this note is for a cash loan made to this customer collectible in 3 years) Claim for a tax refund from last year 30,000 3,000 4,000 250,000 125,000 150,000 30,000 10,000 Prepaid insurance - 4 months remaining in the policy period Advances to stockholders, wherein P100,000 is collectible currently Advances to affiliates Subscriptions receivable Special deposits on contract bids Dividends receivable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:On December 31, 2021, Doctor Jones Inc.'s "Accounts Receivable" balance per ledger of P1,250,000 includes
the following:
P 10,000
20,000
2,000
4,000
MasterCard credit sale of merchandise to customer
Overpayment to supplier for inventory purchased on account
Insurance claim on automobile accident
Advances to sales manager due in one year
5-year note receivable due from company president
(this was issued by the president for the loan granted to him)
300,000
Interest due on 5-year note from company president; interest payable annually
Acceptance of 6-month note for past due account arising from
6,000
sale of inventory
5,000
100
Accrued interest receivable on the note above
Overpayment by customer of an accounts receivable
Accounts receivable to customers definitely uncollectible
Other trade accounts receivable – unassigned
Trade accounts receivable – assigned
Notes receivable from customer (this note is for a cash loan made to this
(5,000)
4,000
50,000
10,000
customer collectible in 3 years)
30,000
3,000
Claim for a tax refund from last year
Prepaid insurance – 4 months remaining in the policy period
Advances to stockholders, wherein P100,000 is collectible currently
4,000
250,000
125,000
150,000
30,000
10,000
Advances to affiliates
Subscriptions receivable
Special deposits on contract bids
Dividends receivable
Transcribed Image Text:5,000
6,000
4,900
6,000
Notes receivable dishonored (to be transferred to accounts receivable)
Accrued rent receivable
Claims against common carriers
Acceptance of 8-month note from employees arising from sale of inventory
Trade installment receivable due within 16 months,
220,000
1,250,000
gross of unearned interest income of P20,000
TOTAL
REQUIRED:
Based on the above data, compute for the following:
1. Trade and other receivables to be presented in the current asset section of the balance sheet
2. Total non-current receivables as of December 31
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