Problem 12 Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________ Problem 13 On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000 Total 150,000 On December 31, 2020, the correct total of Mann’s current net receivables was _________. Problem 14 The following information relates to Jay Co.’s accounts receivable for 2020: Accounts receivable, 1/1/20 650,000 Credit sales for 2020 2,700,000 Sales returns for 2020 75,000 Accounts written off during 2020 40,000 Collections from customers during 2020 2,150,000 Estimated future sales returns at 12/31/20 50,000 Estimated uncollectible accounts at 12/31/20 110,000 What amount should Jay report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, 2020? __________
Problem 12
Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it
made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020,
Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year
end is on June 30, 2020. What amount will be reported in the
for the
Problem 13
On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of
the following:
Trade accounts receivable 93,000
Allowance for uncollectible accounts (2,000)
Claim against shipper for goods lost in transit (November 2020) 3,000
Selling price of unsold goods sent by Mann on consignment at
130% of cost (not included in Mann’s ending inventory) 26,000
Security deposit on lease of warehouse used for storing some inventories 30,000
Total 150,000
On December 31, 2020, the correct total of Mann’s current net receivables was _________.
Problem 14
The following information relates to Jay Co.’s accounts receivable for 2020:
Accounts receivable, 1/1/20 650,000
Credit sales for 2020 2,700,000
Sales returns for 2020 75,000
Accounts written off during 2020 40,000
Collections from customers during 2020 2,150,000
Estimated future sales returns at 12/31/20 50,000
Estimated uncollectible accounts at 12/31/20 110,000
What amount should Jay report for accounts receivable, before allowances for sales returns
and uncollectible accounts, at December 31, 2020? __________
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