What amount should be reported as "trade and other receivables" under currentassets?When examining the accounts of Brute Company, it is ascertained that balances relating to bothreceivables and payables are included in a single controlling account called "receivables control"with a debit balance of 4,850,000.An analysis of the make-up of this account revealed the following:DebitCreditAR – customers7,800,000AR – officers500,000Debit balances – creditors300,000Postdated checks from customers400,000Subscriptions receivable800,000Accounts payable for merchandise4,500,000200,000Credit balances in customers' accountsCash received in advance from customers forgoods not yet shipped100,000Expected bad debts150,000After further analysis of the aged accounts receivable, it is determined that the allowance fordoubtful accounts should be 200,000.What amount should be reported as “trade and other receivables" under current assets?Your answer

Trade receivables are the sums due to a company by its clients after the sale of products or…

What amount should be reported as "trade and other receivables" ur assets? When examining the accounts of Brute Company, it is ascertained that balances re receivables and payables are included in a single controlling account called "receiv with a debit balance of 4,850,000. An analysis of the make-up of this account revealed the following: Debit Cr AR – customers 7,800,000

What amount should be reported as "trade and other receivables" ur assets? When examining the accounts of Brute Company, it is ascertained that balances re receivables and payables are included in a single controlling account called "receiv with a debit balance of 4,850,000. An analysis of the make-up of this account revealed the following: Debit Cr AR – customers 7,800,000

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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Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $ 3,770 $ 4,640 Accounts receivable (net) 3,400 4,400 Allowance for doubtful accounts 370 240 Sales revenue 35,600 38,100 Total current assets 7,184 7,250 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnover enter the accounts receivable turnover in times rounded to 1 decimal place times The average collection period for 2022 enter the average collection period for 2022 in days rounded to 1 decimal place days
Use the following data to create a complete balance sheet. All accounts must be correctly labeled and arranged in the proper order. Cash Accounts receivable Accounts payable Short-term notes payable Inventories Gross fixed assets Long-term debt Common stock Accumulated depreciation $150,000 54,000 72,000 20,000 80,000 2,400,000 650,000 1,200,000 500,000
Please answer item 24-25 correctly and provide computation. Thank youuuu:)
You are appointed as the accountant of LALA-BTS Company. You noted that the Company estimated that 3% of its credit sales will not be collectible. Further documents showed the following balances before adjustments: •Credit Sales P2,500,000 •Accounts Receivable P300,000 •Allowance for doubtful accounts - 10,000 debit Determine the net realizable value of the accounts receivable.
The balance sheet of ANDY Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?
How did the Accounts Receivable write-off affect GENERAL MILLSS' financial statement? (in millions) Assets (Balance Sheet) [Select ] Net Income (Income Statement) [ Select ] Operating CF (Statement of CF) [ Select ]
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27.The ABC Co disclosed the following data at Dec 31, 20X1:Account known to be worthless, P37,500Advance payment to creditors on purchase orders P50,000Customers accounts (credit balance due to returns), P5,000Advances to employees, P34,000Trade receivable, P169,000Other non trade receivables, P4,000The amount of receivables at Dec 31, 20X1 is: 173,000 252,000 257,000 289,500
The accounts receivable of VERADIO COMPANY were stated at P1,467,000 in a balance sheet submitted to a banker for credit. Upon analysis, the asset was found to consist of the following items: Due from customers on open account P 1,125,000 Acknowledged claim for damages 22,500 Due from consignee at billed price – cost price being P22,500 30,000 Investment in and advances to affiliated company 150,000 Loans to officers and employees 13,500 Deposits with municipalities – bids for contracts 67,500 Unpaid capital stock subscriptions 60,000 Advances to creditors for merchandise purchased but not received 24,000 Cash advanced to salesmen for traveling expenses 4,500 Allowance for doubtful accounts ( 30,000) P1,467,000 The amount of P1,125,000 due from customers was the remaining balance after deducting accounts with credit balances of P6,000. During your examination, you noted that on December 31, the company assigned P300,000 of customers’ accounts to secure a 17%,…
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts…
Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600