trade receivables Total current receivables
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Information from the records of Stormfall Co. is shown below:
customers' accounts 100,000
Notes receivable (trade) 15,000
Notes receivable (non-trade), ₱15,000 collectible
within one year 30,000
Dividends receivable 2,000
Subscriptions receivable 2,000
Advances to officers and employees (due in 10
months) 4,000
Accounts payable - net of ₱10,000 debit balance in
suppliers' accounts 3,000
How much are the following?
Total trade receivables Total current receivables
a. 132,000 154,000
b. 123,000 154,000
c. 143,000 162,000
d. 123,000 145,000
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- ABC Corp has the following items in its receivable and payable accounts: Due from customers, P156,000 Payable to creditors for merchandise, P62,000 Notes Receivable - long term, P80,000 Due from employees, P2,200 Cash dividends payable, P24,000 Claims from a courier company for losses, P4,000 Subscription Receivable, P20,000 The amount to be reported as trade and other receivable is: 156,000 236,000 242,200 262,200Information from the records of TEAM PAYAMAN Co. is shown below: Accounts Receivable -net of 20,000 credit balance in customers' accounts 200,000 Notes Receivable - Trade 20,000 Notes Receivable - non trade, collectible within one year 100,000 Dividends Receivable 4,000 Subscriptions Receivable 8,000 Advances to officers and employees (due in 18 months) 16,000 Accounts Payable - net of 12,000 debit balance in suppliers' accounts 12,000 How much is the total trade receivables? a. 220,000 c. 252,000 b. 240,000 d. 262,000Please read and enter answers carefully using the table provided.
- For the month of December, the records of Taboo Corporation show the following information: Cash received on accounts receivable - $140,000 Cash Sales - $120,000 Accounts Receivable, December 1 - $320,000 Accounts Receivable, December 31 - $286,000 Accounts Receivable written off as uncollectible - $4,000 The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What are the gross sales for the month of December?On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals Debit $27,300 15,300 4, 200 21,000 80,600 a-1. The receivables turnover ratio is a-2. The company collecting cash from customers b-1. Allowance for Uncollectible Accounts ratio b-2. The company expects an $148,400 Credit $1,600 During January 2024, the following transactions occur: January 2 January 6 Provide services to customers for cash, $52,100. Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. (Assume the company uses the allowance method) Pay cash for salaries, $33,100. January 20 January 22 Receive cash on accounts receivable, $87,000. January 25 Pay cash on accounts payable, $7,200. January 30 Pay cash for utilities during January,…In the statement of financial position at 31 December 20X5, Ken reported net receivables of $12,000. During 20X6 Ken made sales on credit of $125,000 and received cash from credit customers amounting to $ 115,500. At 31 December 20X6, Ken wished to write off debts of $7,100 and increase the allowance for receivables by $950 to $2,100. What is the net receivables figure to include in the statement of financial position at 31 December 20X6?
- Presented below are the receivables of One Time Big Time Corporation as of December 31, 2018. Mr. A - Accounts receivable (180 days past due) 70,000 Mr. B - Accounts receivable assigned to the accounts payable to a supplier. 30,000 Mr. C - Accounts receivable factored to a financing company without recourse. 60,000 Mr. D - Note receivable discounted at a bank. 20,000 Mr. E - Note receivable from customer, dishonored. 15,000 Mr. F - President of the Company, advances for personal use. 12,000 Mr. G - Proven worthless accounts. 8,000 Mr. H - Customer with credit balance. (5,000) Other Trade Accounts Receivables (P30,000 of which are pledged against a loan from X Bank.) 200,000 Additional information: The allowance for doubtful account has a credit balance of P10,000 at the beginning of the year. Based on aging of receivables, the required allowance for doubtful account will be P20,000. The accounts receivable from Mr.…On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit Cash $ 59,000 Accounts Receivable 25,600 Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 Common Stock 223,000 Retained Earnings 54,200 Totals $294,800 $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,80O. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,300. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500. Information for adjusting entries: a. Depreciation on the equipment…Logan Sales provides the following information: Net credit sales: $770,000 Beginning net accounts receivable: $45,000.00 Ending net accounts receivable: $22,000 Calculate the accounts receivable turnover ratio. (Round your answer to the nearest whole number.) A. 23 times B. 35 times C. 33 times D. 17 times
- For the month of December, the records of ABC Corporation show the following information:Cash received on accounts receivable ₱ 70,000Cash sales 60,000Accounts Receivable, December 1 148,000Accounts Receivable, December 31 160,000Accounts Receivable written-off as uncollectible 2,000How much are the gross sales in December?Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000…Use the following information about a company's receivable transactions to determine relevant balances. * Account balances at 1/1/x2 Accounts receivable $100,000 Allowance for doubtful accounts 7,000 Allowance for sales returns 2,000 During the year, 20x2, the company had the following transactions related to receivables: • Credit sales revenue of $350,000 recorded. • Cash collections from accounts of $370,000. • Customer account write-offs in the amount of $10,000 • Customer returns of credit sales in the amount of $3,500. • Bad debt expense of $5,000 recorded at the end of the period. • The company estimates sales returns at 2% of credit sales revenue for the period. Determine the net realizeable value of receivables at the end of the year as disclosed on the balance sheet.
