On the December 31, 2023 balance sheet of Mavericks Co., the current receivables consisted of the following: Trade accounts receivable, including 12% VAT Trade notes receivable due on January 15, 2025 Allowance for uncollectible accounts Claim against shipper for goods lost in transit (November 2023) Receivable from sale of goods to employees net of huge discounts Selling price of unsold goods sent by Mavericks on consignment at 130% of cost (not included in Mavericks' ending inventory) Security deposit on lease of warehouse used for storing some inventories C d. P30,000 25,000 (2,000) 3,000 5,000 30,000 (2) At December 31, 2023, the correct total of Mavericks current net receivables is a. b. P57,786. P61,000. P87,000. P91,000. 26,000

On the December 31, 2023 balance sheet of Mavericks Co., the current receivables consisted of the following: Trade accounts receivable, including 12% VAT Trade notes receivable due on January 15, 2025 Allowance for uncollectible accounts Claim against shipper for goods lost in transit (November 2023) Receivable from sale of goods to employees net of huge discounts Selling price of unsold goods sent by Mavericks on consignment at 130% of cost (not included in Mavericks' ending inventory) Security deposit on lease of warehouse used for storing some inventories C d. P30,000 25,000 (2,000) 3,000 5,000 30,000 (2) At December 31, 2023, the correct total of Mavericks current net receivables is a. b. P57,786. P61,000. P87,000. P91,000. 26,000

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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