Homework Help is Here – Start Your Trial Now!
Business
Accounting
On the December 31, 2020 statement of financial position of Babe Co., the current receivables consisted of the following: Trade accounts receivable- P75,000 Allowance for uncollectible accounts- P2,000 Claim against shipper for goods lost in transit (November 2020)- P3,000 Selling price of unsold goods sent by Babe on consignment at 130% of cost (not included in Babe ‘s ending inventory)- P26,000 Security deposit on lease of warehouse used for storing some inventories- P30,000   At December 31, 2020, the correct total of Babe’s current net receivables was A. P132,000 B. P106,000 C. P102,000 D. P76,000

On the December 31, 2020 statement of financial position of Babe Co., the current receivables consisted of the following: Trade accounts receivable- P75,000 Allowance for uncollectible accounts- P2,000 Claim against shipper for goods lost in transit (November 2020)- P3,000 Selling price of unsold goods sent by Babe on consignment at 130% of cost (not included in Babe ‘s ending inventory)- P26,000 Security deposit on lease of warehouse used for storing some inventories- P30,000   At December 31, 2020, the correct total of Babe’s current net receivables was A. P132,000 B. P106,000 C. P102,000 D. P76,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

On the December 31, 2020 statement of financial position of Babe Co., the current receivables consisted of the following:

  • Trade accounts receivable- P75,000
  • Allowance for uncollectible accounts- P2,000
  • Claim against shipper for goods lost in transit (November 2020)- P3,000
  • Selling price of unsold goods sent by Babe on consignment at 130% of cost (not included in Babe ‘s ending inventory)- P26,000
  • Security deposit on lease of warehouse used for storing some inventories- P30,000

 

At December 31, 2020, the correct total of Babe’s current net receivables was

A. P132,000

B. P106,000

C. P102,000

D. P76,000

Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS