The following accounts and their balances appear in an unadjusted trial balance of Shine Company as of December 31, 2018: Cash and Cash Equivalents - 400,000 Trade and other receivables - 2,000,000 Subscription receivable - 375,000 Inventory - 500,000 Trade and other payables - 670,000 Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2019, P200,000 December 31, 2019, P100,000 and June 30, 2020, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Shine’s own shares. What is the total current assets at December 31, 2018?

The following accounts and their balances appear in an unadjusted trial balance of Shine Company as of December 31, 2018: Cash and Cash Equivalents - 400,000 Trade and other receivables - 2,000,000 Subscription receivable - 375,000 Inventory - 500,000 Trade and other payables - 670,000 Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2019, P200,000 December 31, 2019, P100,000 and June 30, 2020, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Shine’s own shares. What is the total current assets at December 31, 2018?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

See similar textbooks

Similar questions

The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets and total current liabilities at December 31, 2020?
The following accounts and their balances appear in an unadjusted trial balance of YOU Company as of December 31, 2018: Cash and cash equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivables - 375,000; Inventory - 500,000; Trade and other payables - 670,000; Income tax payable - 196,500; Additional information:• Trade and other receivables include long-term advances to company officers amounting to P430,000• The subscriptions receivable has the following call dates: June 30, 2019 – P200,000; December 31, 2019 – P100,000; and June 30, 2020 – P75,000• Inventory of P500,000 was determined by physical count. At December 31, 2018, goods costing P125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end.• Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in YOU’s own…
The following accounts and their balances appear in an unadjusted trialbalance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000;Subscription receivable - 375,000; Inventory -500,000; Trade and otherpayables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. 1.What is the total current assets at December 31, 2020? 2.What is the total current liabilities at December 31, 2020?
The following accounts and their balances appear in an unadjusted trial balance of Shine Company as of December 31, 2018: Cash and Cash Equivalents - 400,000 Trade and other receivables - 2,000,000 Subscription receivable - 375,000 Inventory - 500,000 Trade and other payables - 670,000 Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2019, P200,000 December 31, 2019, P100,000 and June 30, 2020, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Shine's own shares. Using the information of Shine's Company, what is the total current liabilities at December 31, 2018?
The following accounts and their balances appear in an unadjusted trial balance of Jhet Co. as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is distributable…
The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: Cash and cash equivalents P400,000 Trade and other receivables 2,000,000 Subscription receivables 375,000 Inventory 500,000 Trade and other payables 670,000 Income tax payable 196,500 Additional Information: - Trade and othe receivables include long term advances to company officers amounting to P430,000 - The subscriptions receivable has the following call dates: June 30, 2022 - P200,000; December 31, 2022- P100,000, and June 30, 2023- P75,000 - Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costing P125,000 are transit from a supplier. Terms of purchase of the…
Show the solution in good accounting form 1. The following accounts and their balances appear in an unadjusted trial balance of JISOO Company as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. On December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods are FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which…
Required: (a) What is the total estimated uncollectible amount of accounts receivable? (b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.
Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable – P1,000,000; Accounts receivable – 45,000; Unearned rent revenue – P288,000; Withholding tax payable – P258,000; Reserves – P75,000; Bonds payable due in 2025 – P5,000,000; Accrued interest expense - P225,000; Trademark – P390,000. How much should Emmanuel report as total liabilities in its December 31, 2021 statement of financial position? A. 6,771,000 B. 6,891,000 C. 6,846,000 D. 6,666,000
CPA Co.'s allowance for doubtful accounts was P1,000,000 at the end of 2021 and P900,000 at the end of 2020. For the year ended December 31, 2021, the entity reported doubtful accounts expense of P160,000 in the income statement. What amount was debited to the appropriate account to write off uncollectible accounts in 2021?
On January 1, 2020, the records of ABC Company showed a debit balance of P650,000 in its Accounts Receivable account. The following summary transactions that occurred during 2020 were also shown under the said account: Debits:Charge sales, P6,300,000Shareholders’ subscriptions, P200,000Deposit on contract, P120,000Claims against common carrier for shipping damages, P100,000IOUs from employees, P10,000Cash advances to affiliates, P150,000Advances to a supplier, P30,000Credits:Collections from customers, P5,300,000Write-off, P35,000Merchandise returns, P45,000Allowances to customers for shipping damages, P25,000Collections on carrier claims, P40,000Collections on subscriptions, P50,000Required:a. Determine the correct amount of accounts receivable.b. Compute the amount to be presented as “trade and other receivables” under current assets.
Please show solutions in getting the answer. Thank you!