The balance of the accounts receivable was extracted from Point Company's unadjusted trialbalance at December 31, 2011:Accounts receivableP1,000,000.00A test of collectability of the receivable showed that P580,000 is currently collectible and notimpaired; P300,000 has been outstanding more than the required period for similar transactionand objective evidence showed that only P158,000 is considered realizable but with a currentfair value of P141,000 ; the remaining receivable balance has been outstanding for 2 years andPoint Company estimates that none of which will be realized.What amount should the account receivable is reported in the December 31, 2011 statementof financial position? When examining the accounts of Brute Company, it is ascertained thatbalances relating to both receivables and payables are included in asingle controlling account called receivables control that has a debitbalance of P4,850,000, An analysis of the make-up of this accountrevealed the followingDebitCreditAccounts receivable - customersAccounts receivable - officersDebit balances - creditorsPostdated checks from customersSubscriptions receivableAccounts payable for merchandiseCredit balances in customers' accountsCash received in advance from customersfor goods not yet shippedExpected bad debts7,800,000500,000300,000400,000800,0004,500,000200,000100,000150,000After further analysis of the aged accounts receivable, it is determinedthat the allowance for doubtful accounts should be P200,000.What amount should be reported as "trade and other receivables" under

Since you have asked multiple question, we will solve the first question for you. If you want any…

The balance of the accounts receivable was extracted from Point Company's unadjusted trial balance at December 31, 2011: Accounts receivable P1,000,000.00 A test of collectability of the receivable showed that P580,000 is currently collectible and not impaired; P300,000 has been outstanding more than the required period for similar transaction and objective evidence showed that only P158,000 is considered realizable but with a current fair value of P141,000 ; the remaining receivable balance has been outstanding for 2 years and Point Company estimates that none of which will be realized. What amount should the account receivable is reported in the December 31, 2011 statement of financial position?

The balance of the accounts receivable was extracted from Point Company's unadjusted trial balance at December 31, 2011: Accounts receivable P1,000,000.00 A test of collectability of the receivable showed that P580,000 is currently collectible and not impaired; P300,000 has been outstanding more than the required period for similar transaction and objective evidence showed that only P158,000 is considered realizable but with a current fair value of P141,000 ; the remaining receivable balance has been outstanding for 2 years and Point Company estimates that none of which will be realized. What amount should the account receivable is reported in the December 31, 2011 statement of financial position?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On December 31, 2017, when its accounts receivable were $252,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,700, Oak Ridge Corp. estimated that $14,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Oak Ridge determined that Fei Ya Cheng’s account was uncollectible and wrote off $1,600. On November 12, 2018, Cheng paid the amount previously written off. What is the carrying amount of the receivables on (1) December 31, 2017; (2) May 11, 2018; and (3) November 12, 2018, assuming that the total amount of accounts receivable of $252,000 is unchanged on each of these three dates except for any changes recorded above.
An aging of a company's accounts receivable indicates that $9700 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $3010 balance, the adjustment to record bad debts for the period will require a(n)
What is the ending balance of the Allowance for doubtful receivables, given the following information: On January 1 2010, the Allowance for Doubtful Accounts of Alpha Inc. has a €10.500 credit balance and Accounts Receivable has a €150.000 debit balance. On December 31, some receivables are written down by €7.500 Answer: X
Dengar
Bidiyah Co. estimates that RO 6,500 of its accounts receivable to be uncollectible. If Allowance for Doubtful Accounts has a RO 1,200 debit balance, the company should record a: Select one: O a. None of the answers are correct O b. debit to Bad Debt Expense for RO 5,300. O c credit to Allowance for Doubtful Accounts for RO 6,500. Od. debit to Allowance for Doubtful Accounts for RO 5,300. O e. credit to Bad Debt Expense for RO 7,700.
On 31 Dec, Blue Ocean Pte Ltd's unadjusted trial balance includes the following items: Accounts Receivables Allowance For Doubtful Accounts $210,000 debit $2,500 credit There was objective evidence that 15% of a $20,000 debt owed by a debtor, Red Sea Logistics, would most probably be uncollectible. An aging analysis of the rest of the accounts receivables indicated that an estimated 5% of these accounts would not be collectible. The company uses the allowance method to value its accounts receivable. Present the adjusting entry to record Bad Debt Expenses. Show narration and workings. Explain why using the allowance method is better than the direct write-off method.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.