Milky Way Inc. provided the following information on December 31, 2021: P 900,000 2,500,000 1,300,000 750,000 500,000 Employee income taxes withheld.... Cash balance at BPI-Leon Guinto Branch Cash overdraft at BDO-A. Mabini Branch. Accounts receivable with credit balance.. Estimated amount of meeting warranties... Estimated damages as a result of unsatisfactory... 1,500,000 Accounts payable... Deferred serial bonds, issued at par and bearing interest at 12%, payable in semi-annual installments of P 500,000 due April land October 1 of each, the last bond to be paid on October 1, 2027. Interest is also paid semi-annually.. 3,000,000 5,000,000 What amount should be reported as total current liabilities on December 31, 2021?

Milky Way Inc. provided the following information on December 31, 2021: P 900,000 2,500,000 1,300,000 750,000 500,000 Employee income taxes withheld.... Cash balance at BPI-Leon Guinto Branch Cash overdraft at BDO-A. Mabini Branch. Accounts receivable with credit balance.. Estimated amount of meeting warranties... Estimated damages as a result of unsatisfactory... 1,500,000 Accounts payable... Deferred serial bonds, issued at par and bearing interest at 12%, payable in semi-annual installments of P 500,000 due April land October 1 of each, the last bond to be paid on October 1, 2027. Interest is also paid semi-annually.. 3,000,000 5,000,000 What amount should be reported as total current liabilities on December 31, 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9E: Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton...

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Marmol Corporation uses the allowance method for bad debts. During 2019, Marmol charged 50,000 to bad debt expense and wrote off 45,200 of uncollectible accounts receivable. These transactions resulted in a decrease in working capital of: a. 0 b. 4,800 c. 45,200 d. 50,000
Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton Corporations accounting records at the beginning of 2019: During 2019, sales on credit amounted to 575,000, 557,400 was collected on outstanding receivables and 2,600 of receivables were written off as uncollectible. On December 31, 2019, Shell on estimastes its bad debts to be 4% of the outstanding gross accounts receivable balance. Required: 1. Prepare the journal entry necessary to record Sheltons estimate of bad debt expense for 2019. 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. 3. Compute Shelton's receivables turnover. (Round to one decimal place.) 4. It Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?
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On January 1, 2021, allowance for doubtful accounts showed a normal balance of P 60,000. During 2021, Cook provided doubtful accounts expense at P 128,000, derecognized in accounting books worthless accounts of P 92,000, and unexpectedly recovered P 24,000 of bad debts written off two years ago. QUESTION: What would be the allowance for doubtful accounts at December 31, 2021?
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