1.

Ramos Company provided the following information for the current year:
Accounts receivable on January 1 4,800,000
Credit sales 8,000,000
Collections from customers 6,650,000
Accounts written off 500,000
Collection of accounts written off in prior year 25,000
Estimated uncollectible receivables per aging of receivables at December 31
850,000
What is the balance of accounts receivable, before allowance for doubtful accounts on
December 31?

2. Lagare Company provided the following information for the current year:
Accounts receivable on January 1 3,500,000
Credit sales 7,500,000
Collections from customers, excluding recovery 5,750,000
Accounts written off 225,000
Collection of accounts written off in prior year 50,000
Estimated uncollectible receivables per aging of receivables at December 31
655,000
What is the balance of accounts receivable after allowance for doubtful accounts on December
31?

3. Icaonapo Company provided the following information for the current year:
Accounts receivable on January 1 10,000,000
Credit sales 15,575,000
Collections from customers, excluding recovery 9,755,000
Accounts written off 425,000
Collection of accounts written off in prior year 80,500
Estimated uncollectible receivables per aging of receivables at December 31
855,500
Determine the balance of accounts receivable at December 31

4. Kimpa Company provided the following information for the current year:
Accounts receivable on January 1 1,500,500
Credit sales 5,575,500
Collections from customers, including a recovery of 50,000 3,650,000
Accounts written off 125,000
Estimated uncollectible receivables per aging of receivables at December 31
175,500
Determine the balance of accounts receivable at December 31

5. Jaafar Company provided the following information relating to the current operations:
Accounts receivable, January 1 5,000,000
Accounts receivable collected 9,400,000
 Cash sales 3,000,000
Inventory, January 1 5,800,000
Inventory, December 31 5,400,000
Purchases 9,000,000
Gross margin on sales 5,200,000
What amount should be reported as accounts receivable on December 31?

6. Sarajan Company provided the following information relating to the current operations:
Accounts receivable, January 1 15,500,000
Accounts receivable collected 19,400,500
Cash sales 13,700,000
Inventory, January 1 15,800,500
Inventory, December 31 15,400,000
Purchases 19,100,000
Gross margin on sales 15,600,000
What amount should be reported as accounts receivable on December 31?

7. Austero Company provided the following information relating to the current operations:
Accounts receivable, January 1 6,500,000
Accounts receivable collected 8,400,500
Cash sales 2,700,000
Inventory, January 1 4,000,500
Inventory, December 31 3,500,000
Purchases 10,500,000
Purchase discount 5%
Purchase returns 500,000
Gross margin on sales 4,500,000
What amount should be reported as accounts receivable on December 31?

8. Tindoc Company provided the following date for the current year
Accounts receivable, January 1 750,000
Credit sales 3,700,000
Sales returns 85,000
Accounts written off 50,000
Collection from customers 3,150,000
Estimated future sales returns at December 31 60,000
Estimated uncollectible accounts at December 31 per aging 110,000
What is the amortized cost of accounts receivable on December 31?

9. Macaso Company provided the following date for the current year
Accounts receivable, January 1 1,750,000
Credit sales 4,700,000
Sales returns 185,000
Accounts written off 150,000
 Collection from customers 4,150,000
Estimated future sales returns at December 31 160,000
Estimated uncollectible accounts at December 31 per aging 410,000
What is the amortized cost of accounts receivable on December 31?

10. Romero Company provided the following date for the current year
Accounts receivable, January 1 4,500,000
Credit sales 8,000,000
Sales returns 575,000
Sales Discounts 275,000
Accounts written off 300,500
Collection from customers 7,125,500
Estimated future sales returns at December 31 400,000
Estimated uncollectible accounts at December 31 per aging 250,000
What is the amortized cost of accounts receivable on December 31?

11. Tabaosares Company provided the following date for the current year
Accounts receivable, January 1 8,250,000
Credit sales 13,750,000
Sales Discounts 575,000
Accounts written off 500,500
Collection from customers 9,550,500
Estimated future sales returns at December 31 1,400,000
Estimated uncollectible accounts at December 31 per aging 800,000
What is the amortized cost of accounts receivable on December 31?

12. Tajala Company reported the following information at year end:

Trade accounts receivable 1,030,000
Allowance for uncollectible amounts (30,000)
Claim against shipper for goods lost in transit in November 40,000
Selling price of unsold goods sent by Tajala on consignment at 130% of cost and not included in
Tajala’s Inventory 360,000
Security deposit on lease of warehouse used for storing some inventories
400,000
Total 1,800,000
What total amount should be recorded as trade and other receivables under current assets?

13. Habbi Company reported the following information at year end:

Trade accounts receivable 4,000,000
Allowance for uncollectible amounts (150,000)
Claim against shipper for goods lost in transit in November 400,000
Selling price of sold goods sent by Habbi on consignment at 140% of cost and not included in
Habbi’s Inventory 840,000
Security deposit on lease of warehouse used for storing some inventories
 1,500,000
Total 6,590,000
What total amount should be recorded as trade and other receivables under current assets?
Determine the cost of consigned goods

14. Sontillano’s Company reported the following information at year end:

Trade accounts receivable 8,000,000
Allowance for uncollectible amounts (500,000)
Allowance for sales return (150,000)
Claim against shipper for goods lost in transit in November 670,000
Selling price of unsold goods sent by Sontillano on consignment at 140% of cost and not
included in Sontillano’s Inventory
1,400,000
Security deposit on lease of warehouse used for storing some inventories
2,500,000
Advances to employees 200,000
Advances to officers 1,000,000
Total 13,120,000
What total amount should be recorded as trade and other receivables under current assets?
What total amount should be recorded as trade and other receivables under noncurrent assets?
Determine the cost of consigned goods

15. Enero Company reported the following information at year end:

Trade accounts receivable 5,575,000
Allowance for uncollectible amounts (300,000)
Claim against shipper for goods lost in transit in November 250,000
Selling price of unsold goods sent by Enero on consignment at 130% of cost and not included in
Enero’s Inventory 1,300,000
Security deposit on lease of warehouse used for storing some inventories
200,000
Total 7,025,000
What total amount should be recorded as trade and other receivables under current assets?

16. Lomoljo Company provided the following information during the first year of operations:
Total merchandise purchases for the year 7,000,000
Merchandise inventory on December 31 1,400,000
Collections from customers 4,000,000
All merchandise was marked to sell 40% above cost. All sales are on credit basis and all
receivables are collectible.
What amount should be reported as accounts receivable on December 31?

17. Castillion Company provided the following information during the first year of operations:
Total merchandise purchases for the year 4,500,000
Merchandise inventory on December 31 1,000,000
 Collections from customers 3,750,000
All merchandise was marked to sell 50% above cost. All sales are on credit basis and all
receivables are collectible.
What amount should be reported as accounts receivable on December 31?

18. Chiong Company provided the following information during the first year of operations:
Total merchandise purchases for the year 9,575,000
Merchandise inventory on December 31 3,525,000
Collections from customers 5,750,000
All merchandise was marked to sell 60% above cost. All sales are on credit basis and all
receivables are collectible.
What amount should be reported as accounts receivable on December 31?

19. Jaafar Company provided the following information during the first year of operations:
purchases for the year 10,250,000
purchase Discount 5%
purchase returns 450,000
Merchandise inventory on January 1 4,000,000
Merchandise inventory on December 31 6,550,000
Collections from customers 8,000,000
All merchandise was marked to sell 50% above cost. All sales are on credit basis and all
receivables are collectible.
What amount should be reported as accounts receivable on December 31?

20. When examining the accounts of Rivera Company, it is ascertained that balances relating to both
receivables and payables are included in a single contributing account called receivables control
with a debit balance of 4,950,000. An analysis of the make-up of this account revealed the
following:

Accounts receivable – customers 8,800,000

Trade accounts receivables – officers 600,000
Debit balances – creditors 500,000
Postdated checks from customers 500,000
Subscription receivable 900,000
Accounts payable for merchandise 5,500,000
Credit balances in customer’s accounts 400,000
Cash received in advance from customers 200,000
Expected bad debts 250,000
After further analysis of the aged accounts receivables, it is determined that the allowance for
doubtful accounts should be 200,000.
What is the net realizable value of accounts receivable?
What is the balance of accounts payable?
21. When examining the accounts of Paber Company, it is ascertained that balances relating to both
receivables and payables are included in a single contributing account called receivables control
with a debit balance of 6,900,500. An analysis of the make-up of this account revealed the
following:

Accounts receivable – customers 10,500,500

Trade accounts receivables – officers 1,750,000
Debit balances – creditors 900,000
Postdated checks from customers 575,000
Subscription receivable 900,000
Accounts payable for merchandise 6,000,000
Credit balances in customer’s accounts 475,000
Cash received in advance from customers 500,000
Expected bad debts 750,000
After further analysis of the aged accounts receivables, it is determined that the allowance for
doubtful accounts should be 500,000 and allowance for sales returns is 450,000.
What is the net realizable value of accounts receivable?
What is the balance of accounts payable?

22. When examining the accounts of Paber Company, it is ascertained that balances relating to both
receivables and payables are included in a single contributing account called receivables control
with a debit balance of 7,301,000. An analysis of the make-up of this account revealed the
following:

Accounts receivable – customers 8,750,000

Trade accounts receivables – officers 4,750,500
Debit balances – creditors 600,000
Postdated checks from customers 375,000
Stale Checks from customers 400,000
Subscription receivable 650,500
Accounts payable for merchandise 5,000,000
Undelivered checks to customers 1,000,000
Postdated checks to customers 500,000
Credit balances in customer’s accounts 475,000
Cash received in advance from customers 500,000
Expected bad debts 750,000
After further analysis of the aged accounts receivables, it is determined that the allowance for
doubtful accounts should be 475,000 and allowance for sales returns is 725,000.
What is the net realizable value of accounts receivable?
What is the balance of accounts payable?

23. Espiritusanto Company provided the following data for the current year in relations to accounts
receivable:
Debits:
 January 1 balance after deducting credit balance of 50,000 650,000
Charge sales 6,375,000
Charge for goods out on consignment 100,000
Shareholder’s subscriptions 1,500,000
Accounts written off but recovered 50,000
Cash paid to customer for January 1 credit balance 25,000
Goods shipped to cover January 1 credit balance 25,000
Deposit on long-term contract 700,000
Claim against common carrier 500,000
Advances to supplier 350,000
Credits:
Collections from customers, including overpayment of 150,000 5,050,000
Writeoff 75,000
Merchandise returns 25,000
Allowances to customers for shipping damages 20,000
Collection on carrier claim 100,000
Collection on subscription 1,000,000
What amount should be recorded as accounts receivables on December 31?
What amount of trade and other receivables should be reported on December 31 under current
asset?
What amount of trade and other receivables should be reported on December 31 under non-
current asset?

24. Pedro Company provided the following data for the current year in relations to accounts
receivable:
Debits:
January 1 balance after deducting credit balance of 100,000 750,000
Charge sales 9,000,000
Charge for goods out on consignment 150,000
Shareholder’s subscriptions 1,950,000
Accounts written off but recovered 150,000
Cash paid to customer for January 1 credit balance 65,000
Goods shipped to cover January 1 credit balance 35,000
Deposit on long-term contract 1,700,000
Claim against common carrier 800,000
Advances to supplier 450,000
Advances to employees 100,000
Advances to affiliates 800,000
Credits:
Collections from customers, including overpayment of 75,000 6,550,000
Writeoff 250,000
Allowance for sales returns 50,500
Allowances to customers for shipping damages 30,500
Collection on carrier claim 400,000
 Collection on subscription 1,000,000
Collection on supplier 200,000
Collection on affiliates 700,000

What amount should be recorded as accounts receivables on December 31?

What amount of trade and other receivables should be reported on December 31 under current
asset?
What amount of trade and other receivables should be reported on December 31 under non-
current asset?

25. Saavedra Company provided the following data for the current year in relations to accounts
receivable:
Debits:
January 1 balance 500,000
Charge sales 5,500,000
Charge for goods out on consignment 30,000
Shareholder’s subscriptions 1,000,000
Accounts written off but recovered 500,000
Cash paid to customer for January 1 credit balance 15,000
Goods shipped to cover January 1 credit balance 45,000
Deposit on long-term contract 750,000
Claim against common carrier 400,500
Advances to supplier 225,000
Advances to employees 150,000
Advances to affiliates 700,000
Credits:
Collections from customers, without overpayment of 100,000 deducted
3,800,000
Writeoff 100,500
Allowance for sales returns 10,000
Allowances to customers for shipping damages 20,500
Collection on carrier claim 100,000
Collection on subscription 600,000
Collection on supplier 100,000
Collection on affiliates 350,000

What amount should be recorded as accounts receivables on December 31?

What amount of trade and other receivables should be reported on December 31 under current
asset?
What amount of trade and other receivables should be reported on December 31 under non-
current asset?

26. Saavedra Company provided the following data for the current year in relations to accounts
receivable:
 Debits:
January 1 balance excludes 200,000 credit balance 1,500,000
Charge sales 10,575,000
Charge for goods out on consignment 300,000
Shareholder’s subscriptions 2,500,000
Accounts written off but recovered 1,500,000
Cash paid to customer for January 1 credit balance 125,000
Goods shipped to cover January 1 credit balance 75,000
Deposit on long-term contract 850,000
Claim against common carrier 600,500
Advances to supplier 125,000
Advances to employees 250,000
Advances to affiliates 1,000,000
Credits:
Collections from customers, excluding overpayment of 100,000 6,875,000
Writeoff 250,000
Allowance for sales returns 475,000
Allowances to customers for shipping damages 175,000
Collection on carrier claim 150,000
Collection on subscription 1,700,000
Collection on supplier 100,000
Collection on affiliates 500,000
It is stated that the allowance for doubtful accounts is 250,000
Stale checks from customers is 400,000

What amount should be recorded as accounts receivables on December 31?

What is the net realizable value?
What amount of trade and other receivables should be reported on December 31 under current
asset?
What amount of trade and other receivables should be reported on December 31 under non-
current asset?

27. Manalo Company provided the following transactions affecting accounts receivable during the
current year:
Sales – cash and credit 6,900,000
Cash received from credit customer, all of whom who took advantage of the discount feature of
credit terms 4/30, n/30 4,024,000
Cash received from customers 3,100,000
Accounts receivable written off as worthless 60,000
Credit memorandum issued to credit customers for sales returns and allowances
350,000
Cash refunds given to cash customers for sales returns and allowances 20,000
Recoveries on accounts receivable written off as uncollectible in prior periods not included in
cash received from customers stated above 80,000
Balances on January 1
Accounts receivable 1,050,000
Allowance for doubtful accounts 200,000
The entity provided for uncollectible account losses by crediting allowance for doubtful accounts
in the amount of 70,000 for the current year.
What amount should be recorded as accounts receivable on December 31?
What amount should be recorded as allowance for doubtful accounts on December 31?