Wonder Company provided the following transaction affecting accounts receivableduring the current year:Sales - cash and credit5,900,000Cash received from credit customers, all of whom tookAdvantage of the discount feature of the creditTerms 4/10, n/303,024,00050,000Accounts receivables written off as worthlessCredit memorandum issued to credit customers forSales return and allowances250,000Cash refund given to cash customers for salesReturns and allowances20,000Recoveries on accounts receivable written off as uncollectiblein prior periods not included in cash receivedww wwfrom credit customers80,000Balances on January 1Accounts receivable950,000Allowance for doubtful accounts100,000The entity provided for uncollectible accounts by crediting allowance for doubtfulaccounts in the amount of P70,000 for the current year.What amount should be reported as accounts receivable on December 31? Van Company provided the following data for the current year in relation toaccounts receivable:DebitsJanuary 1 balance after deducting credit balance P30,000Charge salesCharge for goods out on consignmentShareholders' subscriptions530,0005,250,00050,0001,000,00010,00025,000Accounts written off but recoveredCash paid to customer for January 1 credit balanceGoods shipped to cover January 1 credit balanceDeposits on long-term contractClaim against common carrierAdvances to supplier5,000500,000400,000300,000CreditsCollections from customers, including over payment of P50,000Writeoff5,200,00035,00025,00015,00050,000Merchandise returnsAllowances to customers for shipping damagesCollection on carrier claimCollection on subscriptionWhat total amount of trade and other receivables should be reported under current200,000assets?

Name: Wonder Company provided the following transaction affecting accounts
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Description: Wonder Company provided the following transaction affecting accounts receivableduring the current year:Sales - cash and credit5,900,000Cash received from credit customers, all of whom tookAdvantage of the discount feature of the creditTerms 4/10, n/

Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Business

Accounting

Van Company provided the following data for the current year in relation to accounts receivable: Debits January 1 balance after deducting credit balance P30,000 Charge sales Charge for goods out on consignment Shareholders' subscriptions 530,000 5,250,000 50,000 1,000,000 10,000 25,000 5,000 500,000 400,000 300,000 Accounts written off but recovered Cash paid to customer for January 1 credit balance Goods shipped to cover January 1 credit balance Deposits on long-term contract Claim against common carrier Advances to supplier Credits Collections from customers, including over payment of P50,000 Writeoff Merchandise returns 5,200,000 35,000 25,000 15,000 50,000 200,000 What total amount of trade and other receivables should be reported under current Allowances to customers for shipping damages Collection on carrier claim Collection on subscription assets?

Van Company provided the following data for the current year in relation to accounts receivable: Debits January 1 balance after deducting credit balance P30,000 Charge sales Charge for goods out on consignment Shareholders' subscriptions 530,000 5,250,000 50,000 1,000,000 10,000 25,000 5,000 500,000 400,000 300,000 Accounts written off but recovered Cash paid to customer for January 1 credit balance Goods shipped to cover January 1 credit balance Deposits on long-term contract Claim against common carrier Advances to supplier Credits Collections from customers, including over payment of P50,000 Writeoff Merchandise returns 5,200,000 35,000 25,000 15,000 50,000 200,000 What total amount of trade and other receivables should be reported under current Allowances to customers for shipping damages Collection on carrier claim Collection on subscription assets?

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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