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You were assigned to audit the Receivables of STUVWXYZ Corporation for the year ending December, 31, 2022. Following data are the transactions related to Receivables during 2022: (Balance of Trade Receivables January 1, 2022 is P250,000). Installment Receivable (customers provided post-dated checks; no entries were made on receipt of checks) P3,200,000 Interest Receivable on Bonds 68,200 Trade Accounts Receivable-Assigned 1,800,000 422,000 Subscription Receivable (due in 60 days) Collection from Trade Receivables 7,518,000 4,300,000 Advances to suppliers (to purchase raw materials) Advances to affiliated companies (to purchase computer equipment) 975,000 Sales by consignee on credit (per memo advice) Unpledged Trade Accounts Receivable 4,200,000 855,000 Purchased goods, FOB shipping point (goods arrived 12-23-2022) 4,590,000 Other Trade Receivables-Unassigned 6,545,000 750,000 Trade Receivables (estimated 85% collectible) Equipment sold on credit (in the warehouse for safekeeping per buyer's request) 1,928,000

You were assigned to audit the Receivables of STUVWXYZ Corporation for the year ending December, 31, 2022. Following data are the transactions related to Receivables during 2022: (Balance of Trade Receivables January 1, 2022 is P250,000). Installment Receivable (customers provided post-dated checks; no entries were made on receipt of checks) P3,200,000 Interest Receivable on Bonds 68,200 Trade Accounts Receivable-Assigned 1,800,000 422,000 Subscription Receivable (due in 60 days) Collection from Trade Receivables 7,518,000 4,300,000 Advances to suppliers (to purchase raw materials) Advances to affiliated companies (to purchase computer equipment) 975,000 Sales by consignee on credit (per memo advice) Unpledged Trade Accounts Receivable 4,200,000 855,000 Purchased goods, FOB shipping point (goods arrived 12-23-2022) 4,590,000 Other Trade Receivables-Unassigned 6,545,000 750,000 Trade Receivables (estimated 85% collectible) Equipment sold on credit (in the warehouse for safekeeping per buyer's request) 1,928,000

FINANCIAL ACCOUNTING
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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You were assigned to audit the Receivables of STUVWXYZ Corporation for the year ending December, 31, 2022. Following data are the transactions related to Receivables during 2022: (Balance of Trade Receivables January 1, 2022 is P250,000). Installment Receivable (customers provided post-dated checks; no entries were made on receipt of checks) P3,200,000 Interest Receivable on Bonds 68,200 Trade Accounts Receivable-Assigned 1,800,000 422,000 Subscription Receivable (due in 60 days) Collection from Trade Receivables 7,518,000 4,300,000 Advances to suppliers (to purchase raw materials) Advances to affiliated companies (to purchase computer equipment) 975,000 Sales by consignee on credit (per memo advice) Unpledged Trade Accounts Receivable 4,200,000 855,000 Purchased goods, FOB shipping point (goods arrived 12-23-2022) 4,590,000 Other Trade Receivables-Unassigned 6,545,000 750,000 Trade Receivables (estimated 85% collectible) Equipment sold on credit (in the warehouse for safekeeping per buyer's request) 1,928,000
Transcribed Image Text:You were assigned to audit the Receivables of STUVWXYZ Corporation for the year ending December, 31, 2022. Following data are the transactions related to Receivables during 2022: (Balance of Trade Receivables January 1, 2022 is P250,000). Installment Receivable (customers provided post-dated checks; no entries were made on receipt of checks) P3,200,000 Interest Receivable on Bonds 68,200 Trade Accounts Receivable-Assigned 1,800,000 422,000 Subscription Receivable (due in 60 days) Collection from Trade Receivables 7,518,000 4,300,000 Advances to suppliers (to purchase raw materials) Advances to affiliated companies (to purchase computer equipment) 975,000 Sales by consignee on credit (per memo advice) Unpledged Trade Accounts Receivable 4,200,000 855,000 Purchased goods, FOB shipping point (goods arrived 12-23-2022) 4,590,000 Other Trade Receivables-Unassigned 6,545,000 750,000 Trade Receivables (estimated 85% collectible) Equipment sold on credit (in the warehouse for safekeeping per buyer's request) 1,928,000
Customer's account incurring credit balance due to overpayment 320,000 Goods shipped to buyer, FOB destination (goods arrived 12-30-2022) 2,550,000 Consigned goods sold on credit (no remittance made to consignor) 719,000 Trade Receivables (90% is known to be worthless) 200,000 37,000 Trade Receivables recovered (previously written off) Cash Sales (with 15% discount) 7,320,000 Sales Returns and Allowances (on credit sales) 768,500 Goods shipped to buyer (FOB shipping point) 2,134,000 1,000,000 Subscription Receivable - Ordinary shares (due in 11 months) Installment sales due 1-20 months 723,000 Required: Determine the amount of Trade Receivables of STUVWXYZ Corporation as of December 31, 2022.
Transcribed Image Text:Customer's account incurring credit balance due to overpayment 320,000 Goods shipped to buyer, FOB destination (goods arrived 12-30-2022) 2,550,000 Consigned goods sold on credit (no remittance made to consignor) 719,000 Trade Receivables (90% is known to be worthless) 200,000 37,000 Trade Receivables recovered (previously written off) Cash Sales (with 15% discount) 7,320,000 Sales Returns and Allowances (on credit sales) 768,500 Goods shipped to buyer (FOB shipping point) 2,134,000 1,000,000 Subscription Receivable - Ordinary shares (due in 11 months) Installment sales due 1-20 months 723,000 Required: Determine the amount of Trade Receivables of STUVWXYZ Corporation as of December 31, 2022.
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