1.

hello

Compute the Net Realizable Value of Accounts Receivable

Answer: 1, 480,000
 2. ello

Compute the ending balance of accounts receivable.

Answer: 1, 400,000

3. hello

Compute the Cash collected if FOB destination and freight collect 475,000
Compute the Cash collected if FOB destination and freight prepaid 485,000
Compute the Cash collected if FOB shipping point and freight collect 485,000
Compute the Cash collected if FOB shipping point and freight prepaid 495,000_
 4. Vasguez Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of P20,000.
During 2020, it wrote off P14,400 of accounts and collected P4,200 on accounts previously
written off. The balance in Accounts Receivable was P400,000 at 1/1 and P480,000 at 12/31.
At 12/31/20, Vasguez estimates that 5% of accounts receivable will prove to be uncollectible.
What is Bad Debt Expense for 2020?
Answer: 14, 200

5. hello

Answer:
● 75,000
● 50,000
● 60,000
● 30,000
 6.

Compute the Accounts Receivable Ending Balance - 4,500,000

Compute the cash collected assuming payment was received on June 25, 2019. - 4,410,000
Compute the cash collected assuming payment was received on July 10, 2019 - 4,500,000

7. hello

Compute the correct balance of Accounts Receivable

Answer: 1,200,000
 8. A trial balance before adjustments included the following:
Sales P425,000
Sales returns and allowance P14,000
Accounts receivable P43,000
Allowance for doubtful accounts P760

If the estimate of uncollectible is made by taking 10% of gross account receivables, the amount of the
adjustment (expense) is

Answer: 3,540

9. Before year-end adjusting entries, Dunn Company's account balances at December 31, 2020, for
accounts receivable and the related allowance for uncollectible accounts were P600,000 and
P45,000, respectively. An aging of accounts receivable indicated that P62,500 of the December 31
receivables are expected to be uncollectible. The cash realizable value of accounts receivable after
adjustment is

Answer: 537,500
 10. Vivian, Inc had net sales in 2019 of 700,000. At December 31, 2019, before adjusting
entries, the balances in selected accounts were: accounts receivable 125,000 debit, and
allowance for doubtful accounts 1,200 credit. Vivian estimates that 2% of its net sales will
prove to be uncollectable. What is the cash realizable value of the receivables reported on
the statement of financial position at December 31, 2019?
Answer: 109,800

11. At the close of its first year of operations, December 31, 2019, Ming Company had accounts
receivable of P540,000, after deducting the related allowance for doubtful accounts.
During 2019, the company had charges to bad debt expense of P90,000 and wrote off, as
uncollectible, accounts receivable of P40,000. What should the company report on its
statement of financial position at December 31, 2019, as accounts receivable before the
allowance for doubtful accounts?
Answer: 590,000

12. Wellington Corp. has outstanding accounts receivable totaling P2.54 million as of December
31 and sales on credit during the year of P12.8 million. There is also a debit balance of
P6,000 in the allowance for doubtful accounts. If the company estimates that 1% of its net
credit sales will be uncollectible, what will be the balance in the allowance for doubtful
accounts after the year-end adjustment to record bad debt expense?
Answer: 134,000
 13. Smithson Corporation had a 1/1/19 balance in the Allowance for Doubtful Accounts of
P10,000. During 2019, it wrote off P7,200 of accounts and collected P2,100 on accounts
previously written off. The balance in Accounts Receivable was P200,000 at 1/1 and
P240,000 at 12/31. At 12/31/19, Smithson estimates that 5% of accounts receivable will
prove to be uncollectible. What is Bad Debt Expense for 2019?
Answer: 7,100

14. The following information is available for Murphy Company:

Allowance for doubtful accounts at December 31, 2019 8,000

Credit sales during 2020 400,000

Accounts receivable deemed worthless

and written off during 2020 9,000

As a result of a review and aging of accounts receivable, however, it has been determined that an
allowance for doubtful accounts of P5,500 is needed at December 31, 2020. What amount should Murphy
record as "bad debt expense" for the year ended December 31, 2020?

Answer: 6,500
 15. Bembol Co. sold merchandise on credit to ReyP Corp. for P100,000 on July 1, with terms of
2/10, net /30. On July 6, ReyP returned P20,000 worth of merchandise claiming the
materials were defective. On July 8, Bembol received a payment from ReyP and credited
Accounts Receivable for P45,000. On July 24, ReyP Corp. paid the remaining balance on its
account.What was the total cash received from ReyP during July?
Answer: 79, 100

16.