Answer 1 to 4 Problem 5-20 (AICPA Adapted)Sky Company provided the following informationyear-end:20202019Accounts receivableAllowance for doubtful accountsAllowance for sales returns880,000( 10,000)( 20,000)800,000( 15,000)( 25,000)850,000760,000Net realizable valueThe entity reported doubtful accounts expense in 2020 of P30,000and had products returned for credits totaling P15,000 at salaprice. Gross sales for 2020 amounted to P6,150,000.1. What amount of accounts receivable was written during2020?a. 35,000b. 30,000с. 15,000d. 10,0002. What amount was collected from customers during 2020?a. 6,035,000b. 6,070,000c. 6,020,000d. 6,100,0003. What amount was recorded as estimated sales returnsduring 2020?10,000b. 15,000c. 20,000d.a.с.5,0004. What amount was reported as net sales for 2020?a. 6,150,000b. 6,140,000c. 6,100,000d. 6,135,000

Part 1) Amount Written Off As Bad Debts 35000 (15000 + 30000 -10000) Therefore, the…

Problem 5-20 (AICPA Adapt Sky Company provided the following information year-end: at 2020 2019 Accounts receivable Allowance for doubtful accounts Allowance for sales returns 880,000 ( 10,000) ( 20,000) 800,000 ( 15,000) ( 25,000) 760,000 850,000 Net realizable value The entity reported doubtful accounts expense in 2020 of P30,000 and had products returned for credits totaling P15,000 at sale price. Gross sales for 2020 amounted to P6,150,000. 1. What amount of accounts receivable was written during 2020? a. 35,000 b. 30,000 с. 15,000 d. 10,000 2. What amount was collected from customers during 2020? a. 6,035,000 b. 6,070,000 c. 6,020,000 d. 6,100,000 3. What amount was recorded as estimated sales returns during 2020? 10,000 b. 15,000 20,000 d. a. C. 5,000 4. What amount was reported as net sales for 2020? a. 6,150,000 b. 6,140,000 с. 6,100,000 d. 6,135,000

Problem 5-20 (AICPA Adapt Sky Company provided the following information year-end: at 2020 2019 Accounts receivable Allowance for doubtful accounts Allowance for sales returns 880,000 ( 10,000) ( 20,000) 800,000 ( 15,000) ( 25,000) 760,000 850,000 Net realizable value The entity reported doubtful accounts expense in 2020 of P30,000 and had products returned for credits totaling P15,000 at sale price. Gross sales for 2020 amounted to P6,150,000. 1. What amount of accounts receivable was written during 2020? a. 35,000 b. 30,000 с. 15,000 d. 10,000 2. What amount was collected from customers during 2020? a. 6,035,000 b. 6,070,000 c. 6,020,000 d. 6,100,000 3. What amount was recorded as estimated sales returns during 2020? 10,000 b. 15,000 20,000 d. a. C. 5,000 4. What amount was reported as net sales for 2020? a. 6,150,000 b. 6,140,000 с. 6,100,000 d. 6,135,000

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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Question list O Question 1 O Question 2 O Question 3 O Question 4 More Info N 1 2 3 4 5 6 7 8 9 10 To Find F Given P FIP 1.1200 1.2544 1.4049 1.5735 1.7623 1.9738 2.2107 2.4760 2.7731 3.1058 K 0.8929 0,7972 0.7118 0.6355 0.5674 0.5066 0.4523 0.4039 Most likely estimates for a project are as follows. 0.3606 0.3220 To Find P Given F PIF Choose the correct choice below. Determine whether the statement "This project (based upon the most likely estimates) is profitable." is true or false. ✔Click the icon to view the relationship between the PW and the percent change in parameter. Click the icon to view the interest and annuity table for discrete compounding when the MARR is 12% per year False O True To Find F Given A FIA 1.0000 2.1200 3.3744 4.7793 6.3528 8.1152 10.0890 12.2997 14.7757 17.5487 To Find P Given A PIA 0.8929 1.6901 2.4018 3.0373 3.6048 4.1114 4.5638 4.9676 5.3282 5.6502 To Find A Given F AIF 1.0000 04717 0.2963 0.2092 0.1574 0.1232 0.0991 0.0813 0.0877 0.0570 To Find A Given P…
red Question 11 4) Listen Use the graphs below to categorize the statements to describe either Graph A or Graph B. 3 Graph A Graph B 0 #12 " 3/2 2x 0 */2 3/2 2 -1 T graph a graph b Add an answer item! Add an answer item! Answer Bank amplitude = 1 midline is y=3 f(x)= cos(x)+3 amplitude =3 f(x)=3sin(x)+1 midline is y=1 All Change