The following balances have been excerpted from Tito Piccolo's statement of fınancial position:December 31January 1Prepaid InsuranceP 6,000P 7,500Interest Receivable3,70014,500Salaries Payable61,50053,000Accounts Receivable550,000415,000Allowance for bad debts40,00025,000Tito Piccolo Company reported the following during 2020 the following items:PInsurance premiums paid41,500Interest collected123,500Salaries paid481,000Sales1,980,000How much is the insurance expense on the income statement for 2020? (no peso sign, no comma, whole number only

Prepaid inusurance is an asset and it normally had debit balance. Insurance premium paid is debited…

Answered: The following balances have been…

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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7. Debbie Company reported collections from customers of P6,000,000 for the year ended December 31, 2020. Additional information follows: 12/31/2019 12/31/2020 Accounts receivable P1,000,000 P3,000,000 Allowance for doubtful accounts ( 100,000) (150,000) Debbie wrote off uncollectible accounts totaling P500,000 during 2020. Under accrual basis, Debbie would report 2020 sales of Group of answer choices P4,500,000 P8,000,000 P8,550,000 P8,500,000
The accounts of Long Company provided the following 20X5 information at 31 December 20X5 (end of the annual period): Accounts receivable balance, 1 January 20X5 $51,000 Allowance for doubtful accounts balance, 1 January 20X5 3,000 Uncollectible account to be written off during 20X5 (ex-customer Slo) 1,000 Cash collected on accounts receivable during 20X5 170,000 Estimates for bad debt losses: Based on ending balance of accounts receivable, 8%. Based on aging schedule (excludes Slo’s account): Age Accounts Receivable Probability of Noncollection Less than 30 days $28,000 2% 31–90 days 7,000 10 91–120 days 3,000 30 More than 120 days 2,000 60 Required: Give the entry to write off customer Slo’s long-overdue account. Give all entries related to accounts receivable and the allowance account for the following two cases: Case A—Bad debt expense is based on the ending balance of accounts receivable Case B—Bad debt expense is based on aging Show how the results of applying each case above…
12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. XYZ’s management has estimated that $17,000 in accounts receivable would be uncollectible. For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense: Allowance for doubtful accounts: For the end of 2020, what is the company's net realizable value?
POLKADOT Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
Blackmon Corporation’s December 31, 2018, balance sheet disclosed the following information relating to its receivables: BLACKMON COMPANY Partial Balance Sheet December 31, 2018 1 Accounts Receivable $245,000.00 2 Less: Allowance for doubtful accounts (15,000.00) 3 $230,000.00 4 Notes Receivable* 50,000.00 5 Total receivables $280,000.00 *The company has a recourse liability of $700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled $2,200,000, and collections on accounts receivable (unassigned) amounted to $1,900,000. Uncollectible accounts totaling $18,000 from several customers were written off, and a $1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmon’s receivables occurred during the year: March 6 Received payment of $12,460 on a note from Renko Company. The…
What amount of doubtful account expense should Zee Company report for the current year? What total amount of expenses should X Company recognize in the fourth quarter? What total amount of loss on factoring should Y Company recognize in the current year?
Accounts Receivable of Power Company during 2020 was $140,000; it's Sales Revenue was $500,000, Sales Return and Allowance $40,000 and Sales Discount $10,000. AFDA has a debit balance of $2,000.The adjusting entry at December 31, 2020 assuming that the expected bad debts are 4% of Accounts Receivable will include: * AFDA $20,000 AFDA $7,600 AFDA $5,600 O AFDA $3,600 O None of the above
Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of December 31, 2020: Credit Balance in customers' accounts P120,000 Accounts Payable, net of debit balance from a supplier's account of P64,000 211,000 Stock dividends Payable 23,000 Note Payable, due 12/31/21 400,000 Note Payable, due 5/30/22 200,000 How much of the above amounts shall be reported as current liabilities as of December 31, 2020? a. P795,000 b. P667,000 c. P731,000 d. P818,000
FDN Company reported Accounts Receivable of P10,000,000 on December 31, 2021. Allowance for Doubtful Accounts was P1,000,000 on January 1, 2021. The following information is provided pertaining to the company's aging analysis. Time outstanding Accounts receivable Percent uncollectible Under 90 days P7,200,000 5% 91 180 days 1,800,000 7% 181 360 days 1,000,000 50% How much should be reported as Allowance for Doubtful Accounts as of December 31, 2021?

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