Questions:1. The loss from discounting of notes receivables is?2. The adjusted balance of Accounts Receivable as of December 31, 2020 is?3. The adjusted balance of Notes Receivable as of December 31, 2020 is?4. The amount to be reported as trade and other receivables in the entity's statement of financial position as of December 31, 2020 is? - this question please, thank you The December 31, 2019 statement of financial position ofHelp Company included the following information:Notes receivableLess: NR discounted598,000(380,000)P 218,000Accounts receivableLess: Allow. for D.A.Total receivablesP2,240,000( 141,000)2,099,000P2,317,000The following transactions occurred during 2020:P8,812,0008,410,000Sales on accountCollections on accountsAccounts receivable written off asuncollectible1.2.3.138,000290,000Notes receivable collectedCustomer notes received in paymentof accounts receivableNotes receivable discounted paid atmaturityNotes receivable discounteddefaulted, including interest ofP200 and a P100 fee. This4.5.740,0006.360,0007.amount is expected to be collectedin 2021Proceeds from customer notes20,3008.discounted (face value P450,000,accrued interest income, P2,000)Collections on accounts previouslywritten offSales returns and allowancesRequired allowance for doubtfulaccounts based on impairmentassessment at year end448,5009.5,00020,00010.11.12,000

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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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Questions:

1. The loss from discounting of notes receivables is?

2. The adjusted balance of Accounts Receivable as of December 31, 2020 is?

3. The adjusted balance of Notes Receivable as of December 31, 2020 is?

4. The amount to be reported as trade and other receivables in the entity's statement of financial position as of December 31, 2020 is? - this question please, thank you

The December 31, 2019 statement of financial position of
Help Company included the following information:
Notes receivable
Less: NR discounted
598,000
(380,000)
P 218,000
Accounts receivable
Less: Allow. for D.A.
Total receivables
P2,240,000
( 141,000)
2,099,000
P2,317,000
The following transactions occurred during 2020:
P8,812,000
8,410,000
Sales on account
Collections on accounts
Accounts receivable written off as
uncollectible
1.
2.
3.
138,000
290,000
Notes receivable collected
Customer notes received in payment
of accounts receivable
Notes receivable discounted paid at
maturity
Notes receivable discounted
defaulted, including interest of
P200 and a P100 fee. This
4.
5.
740,000
6.
360,000
7.
amount is expected to be collected
in 2021
Proceeds from customer notes
20,300
8.
discounted (face value P450,000,
accrued interest income, P2,000)
Collections on accounts previously
written off
Sales returns and allowances
Required allowance for doubtful
accounts based on impairment
assessment at year end
448,500
9.
5,000
20,000
10.
11.
12,000

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