Problem 4-12 (IAA) Von Company provided the following data for the current year in relation to accounts receivable: Debits January 1 balance after deducting credit balance P30,000 530,000 Charge sales 5,250,000 Charge for goods out on consignment 50,000 Shareholders' subscriptions 1,000,000 Accounts written off but recovered 10,000 Cash paid to customer for January 1 credit balance 25,000 Goods shipped to cover January 1 credit balance 5,000 Deposit on long-term contract 500,000 Claim against common carrier 400,000 Advances to supplier 300,000 Credits Collections from customers, including overpayment of P50,000 5,200,000 Writeoff 35,000 Merchandise returns 25,000 Allowances to customers for shipping damages 15,000 Collection on carrier claim 50,000 Collection on subscription 200,000 1. What amount should be reported as accounts receivable on December 31? a. 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
