HOW MUCH SHOULD BE PRESENTED AS " TRADE AND OTHER RECEIVABLES" UNDER CURRENT ASSETS? This will be the choices: a. 1,125,000 b. 1,290,000 c. 1,600,000 d. 775,000
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- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.On December 31, 20X8, the “Receivables” account of Apple Company shows an amortized cost of P1,950,000. Subsidiary details show the following: Trade accounts receivable, P725,000; Trade notes receivable, P100,000; installments receivable, normally due one (1) year to two (2) years, P300,000; Customers’ accounts reporting credit balances arising from sales returns, (P30,000); Advance payments for purchase of merchandise, P150,000; Customers’ accounts reporting credit balances arising from advance payments, (P20,000); Cash advances to subsidiary, P400,000, Claims from insurance company, P15,000; Subscription receivable due in 180 days, P300,000; Accrued rent receivable, P10,000. How much should be presented as “trade and other receivables” under current assets? P1,600,000 P1,125,000 P775,000 P1,290,000On December 31, 20X8, the “Receivables” account of Apple Company shows an amortized cost of P1,950,000. Subsidiary details show the following: Trade accounts receivable, P725,000; Trade notes receivable, P100,000; installments receivable, normally due one (1) year to two (2) years, P300,000; Customers’ accounts reporting credit balances arising from sales returns, (P30,000); Advance payments for purchase of merchandise, P150,000; Customers’ accounts reporting credit balances arising from advance payments, (P20,000); Cash advances to subsidiary, P400,000, Claims from insurance company, P15,000; Subscription receivable due in 180 days, P300,000; Accrued rent receivable, P10,000. How much should be presented as “trade and other receivables” under current assets? a. P1,600,000 b. P775,000 c. P1,125,000 d. P1,290,000
- On December 31, 2025, the “Receivables” account of AA. Company show a debit balance of P5,950,000 Subsidiary details show the following: Accounts receivable, P725,000; Loans receivable, P100,000; Instalments receivable, normally due 1 year to two years, P300,000; Customers’ accounts reporting credit balances arising from sales returns, P30,000; Advance payments for purchase of merchandise, P150,000; Customers’ accounts reporting credit balances arising from advance payments, P20,000; Cash advances to subsidiary, P400,000; Claim from insurance company, P15,000; Subscription receivable due in 60 days, P300,000; Accrued interest receivable, P10,000, Deposit on contract bids, P3,000,000 and Advances to shareholders (collectible in 2024), P1,000,000. How much is the amount to be presented as “loans and receivables” under current assets section of the balance sheet?The Receivables account of Jennie Co. shows an amortized cost of $1,950,000 on December 31, 2019. The following information presents the subsidiary details:Trade accounts receivable - $725,000Trade notes receivable - 100,000Installments receivable, normally due one or two years - 300,000Customers' accounts reporting credit balances arising from sales returns - (30,000)Advance payments for purchase of merchandise - 150,000Customers' accounts reporting credit balances arising from advance payments - (20,000)Cash advances to subsidiary - 400,000Claims from insurance company - 15,000Subscription receivable due in 180 days - 300,000Accrued rent receivable - 10,000 What amount should be presented as trade and other receivables under current assets?An entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible accounts on December 31 per aging 300,000 What is the “amortized cost” of accounts receivable on December 31?
- CYZ Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/2020-P780,000 Credit sales during 2021- P3,290,000 Collections from customers during 2021 (excluding recovery of P20,000)- P3,640,000 Accounts written off during 2021-P85,000 Collection of accounts written off in prior years- P20,000 Estimated uncollectible accounts per aging at 12/31/2021-P63,000 At December 31, 2021, CYZ Company's accounts receivable before allowance foruncollectible accounts should beAt the beginning of the current year, Jamin Company had a credit balance of P260,000 in the allowance for uncollectible accounts. Based on the past experience, 2% of credit sales would be uncollectible. During the current year, the entity wrote off P325,000 of uncollectible accounts. Credit sales for the year totaled P9,000,000. What Is the uncollectible accounts expense for the year?At the beginning of the current year, Art Company had a credit balance of P260,000 in the allowance for uncollectible accounts. Based on the past experience, 2% of credit sales would be uncollectible. During the current year, the entity wrote off P325,000 of uncollectible acCounts. Credit sales for the year totaled P9,000,000. What is the adjusted balance of allowance for uncollectible accounts?
- Aardvark, Inc., began 20X1 with the following receivables-related account balances: Accounts receivable $575,000 43,250 Allowance for credit losses Aardvark's transactions during 20X1 include the following: a. On April 1, 20X1, Aardvark accepted an 8%, 12-month note from Smith Bros. in settlement of a $17,775 past due account. b. Aardvark finally ceased all efforts to collect $23,200 from various customers and wrote off their accounts. c. Total sales for the year (80% on credit) were $1,765,000. Cash receipts from customers as reported on Aardvark's cash flow statement were $1,925,000. d. Sales for 20X1 as reported included $100,000 of merchandise that Jensen, Inc., ordered from Aardvark. Unfortunately, a shipping department error resulted in items valued at $150,000 being shipped to Jensen. Because Jensen believed that it could eventually use the unordered items, it agreed to keep them in exchange for a 10% reduction in their price to cover storage costs. Neither the sales nor the…Purple Co showed the following balances as of Dec 31, 2021 · Account receivable P2,000,000 · All for doubtful accounts (60,000) The ff transactions transpired during the year a. On May 1, received a P300,000 six months 12 int note from MN in settlement of the account b. On June 30 factored P400,000 of its accounts receivable in a finance com. The finance co charged a factoring fee of 5 pct of the accounts and withheld 20 pct of the amount factored c. On Aug 1 Purple discounted the MN note at the bank at 15 pct d. On Nov 1 MN defaulted on the P300,000 note and Purple paid the bank the total amount plus a P12,000 protest fee and charges e. On Dec 31, Purple assigned P600k of its account sreceivable to a bank under a non notification basis. The bank advanced 80 pct less service fee of 5 pct of the accounts assigned. Purple signed a promissory note for the loan f. On dec 31 Purple collected fromMN in full incuding interest on otal amount de at 12 pct since default date g. On Dec 31…ABC Company showed the following balances on December 31, 2021: Accounts receivable P4,000,000 Allowance for doubtful accounts- credit 120,000 The following transactions transpired for ABC Company during the year 2021: o On May 1, received a P600,000, six-month, 12% interest bearing note from CD, a customer, in settlement of an account. o On June 30, factored P800,000 of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. On August 1, ABC Company discounted the CD note at the bank at 15%. On November 1, CD defaulted on the P600,000 note. ABC Company paid the bank the total amount due plus a P24,000 protest fee and other bank charges. On December 31, ABC Company assigned P1,200,000 of its accounts receivable to a bank under non-notification basis. The bank advanced 80% less service fee of 5% of the accounts assigned. ABC Company signed a promissory note for the loan. On December…