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What is the balance of accounts receivable, before the allowance for doubtful accounts on
December 31?
a. 1,825,000
b. 1,850,000
c. 1,950,000
d. 1,990,000
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What amount should be reported as net realizable value at accounts receivable on December
31?
a. 1,200,000
b. 1,125,000
c. 1,085,000
d. 925,000
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debut balances- creditors 300,000
postdated checks from customers 400,000
subscriptions receivable 800,000
4,500,00
accounts payable for merchandise
0
credit balances in customers' accounts 200,000
cash received in advance from customers 100,000
expected bad debts 150,000
After further analysis of the aged accounts receivable, it is determined that the allowance for
doubtful accounts should be P 200,000.
1. What is the net realizable value of accounts receivable?
a. 8,000,000
b. 8,500,000
c. 8,300,000
d. 8,550,000
2. What is the balance of accounts payable?
a. 4,200,000
b. 4,700,000
c. 4,500,000
d. 4,800,000
On December 31, 2016, what total amount should be reported as trade and other receivables
under current assets?
a. 940,000
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b. 1,200,000
c. 1,240,000
d. 1,500,000
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including unearned finance charge of 50,000 850,000
trade accounts receivable from officers, due currently 150,000
trade accounts on which postdated checks are held 200,000
and no entries were made on receipt of
checks
8,200,00
total 0
Debits
January 1 balance after deducting credit
balance
of 30,000 530,000
Charge sales 5,250,000
charge for goods out on sonsignment 50,000
shareholders' subscriptions 200,000
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
5,000
balance
Deposit on contract 120,000
claim against common carrier 15,000
advances to supplier 155,000
Credits
Collectiond from customers, including overpayment 5,200,000
of 50,000
writeoff 35,000
merchandise returns 25,000
allowances to customers for shipping damages 15,000
collection on carrier claim 10,000
collection on subscription 50,000
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What is the balance of the accounts receivable on December 31?
a. 565,000
b. 595,000
c. 545,000
d. 595,000
The entity provided for uncollectible account losses by crediting allowances for doubtful
accounts in the amount of P70, 000 for the current year.
1. What is the balance of accounts receivable on December 31?
a. 1,300,000
b. 1,426,000
c. 1,280,000
d. 1,220,000
2. What is the balance of allowance for doubtful accounts on December 31?
a. 120,000
b. 200,000
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c. 250,000
d. 170,000
Problem 18-10
Germany Company started business at the beginning of current year; the entity established an
allowance for doubtful accounts estimated at 5% of credit sales. During the year, entity wrote
off P50, 000 of uncollectible accounts
Further analysis showed that merchandise purchased amounted o P9, 000,000 and ending
merchandise inventory was P1, 500,000. Goods were sold at 40% above cost.
The total sales comprised 80% sales on account and 20% cash sales. Total collections from
customers, excluding cash sales, amounted to P6, 000,000
BSA 4Y1-1
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