Problem 4-12 (IAA)theVon Company provided the following data for the currentyear in relation to accounts receivable:0,0000,0000,0005,000DebitsJanuary 1 balance after deducting credit balance P30,000Charge salesCharge for goods out on consignmentShareholders' subscriptionsAccounts written off but recoveredCash paid to customer for January 1 credit balanceGoods shipped to cover January 1 credit balanceDeposit on long-term contractClaim against common carrierAdvances to supplier530,0005,250,00050,0001,000,00010,00025,0005,000500,000400,000300,0005,000,000nceCreditsCollections from customers, including overpaymentof P50,000WriteoffMerchandise returnsAllowances to customers for shipping damagesCollection on carrier claimCollection on subscription5,200,00035,00025,00015,000,50,000200,0001. What amount should be reported as accounts receivableon December 31?blea. 565,000b. 595,000c. 545,000d. 495,00000002. What total amount of trade and other receivables shouldbe reported under current assets?a. 1,745,000b. 2,045,000c. 1,245,000d. 1,195,000с.3. What total amount of other receivables should be reportedunder noncurrent assets?a. 1,650,000b. 1,150,000c. 1,300,000d. 1,600,000129

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Von 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 Accounts written off but recovered Cash paid to customer for January 1 credit balance Goods shipped to cover January 1 credit balance Deposit on long-term contract Claim against common carrier Advances to supplier 530,000 5,250,000 50,000 1,000,000 10,000 25,000 5,000 500,000 400,000 300,000 Credits Collections from customers, including overpayment of P50,000 Writeoff Merchandise returns Allowances to customers for shipping damages Collection on carrier claim Collection on subscription 5,200,000 35,000 25,000 15,000, 50,000 200,000 1. What amount should be reported as accounts receivable on December 31? а. 565,000 b. 595,000 c. 545,000 d. 495,000 2. What total amount of trade and other receivables should be reported under current assets? a. 1,745,000 b. 2,045,000 c. 1,245,000 d. 1,195,000 3. What total amount of other receivables should be reported under noncurrent assets? a. 1,650,000 b. 1,150,000 c. 1,300,000 d. 1,600,000

Von 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 Accounts written off but recovered Cash paid to customer for January 1 credit balance Goods shipped to cover January 1 credit balance Deposit on long-term contract Claim against common carrier Advances to supplier 530,000 5,250,000 50,000 1,000,000 10,000 25,000 5,000 500,000 400,000 300,000 Credits Collections from customers, including overpayment of P50,000 Writeoff Merchandise returns Allowances to customers for shipping damages Collection on carrier claim Collection on subscription 5,200,000 35,000 25,000 15,000, 50,000 200,000 1. What amount should be reported as accounts receivable on December 31? а. 565,000 b. 595,000 c. 545,000 d. 495,000 2. What total amount of trade and other receivables should be reported under current assets? a. 1,745,000 b. 2,045,000 c. 1,245,000 d. 1,195,000 3. What total amount of other receivables should be reported under noncurrent assets? a. 1,650,000 b. 1,150,000 c. 1,300,000 d. 1,600,000

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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