Explanation Accounts receivable : Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business. Compute the missing amounts: Particulars Company C Company N Company M Accounts Receivable, 1/1/2016 $502,300 $282,100 $128,500 Accounts Receivable, 12/31/2016 (1) (a) $666,900 311,000 $152,700 Cash collections during the year $4,770,900 $2,715,200 (3) (c) 1,546,900 Credit sales $4,935,500 (2) (b) 2,744,100 $1,571,100 Table (1) Working note: (1) Calculate the amount of ending accounts receivables for Company C: Ending accounts receivables = [ ( Beginning accounts receivable+ Credit sales ) − Cash collections during the year ] = ( $502,300 + $4,935,500 ) − $4,770,900 =$666,900 (2) Calculate the amount of credit sales fo

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Chapter 6, Problem 7E

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Smith plc commenced two projects on 1 January 2023. The following details relate to them as at 31 December 2023. Cost to date Progress billings invoiced Progress billings received Estimated future costs Estimated final contract price Project 1 Project 2 ₤'000 ₤'000 380 110 290 70 210 55 120 320 650 430 Smith plc uses the percentage completion method based on costs (cost to date/total costs) to account for construction contracts. The policy of Smith plc is that project outcomes can only be reliably measured when a project is at least 35% complete. Required a. Illustrate the five-step method under the IFRS 15 Revenue from Contracts with Customers.

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Solution Summary: The author calculates the amounts that are missing. Accounts receivable refers to the amount to be received from customers upon the sale of goods and services.

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