PROBLEM 1 Aljon Company reported the following as of December 31, 2021: Accounts receivables P100,000 Notes receivables 80,000 Allowance for doubtful accounts 27,000 Installment receivables (normally receivable within 1 to 3 years) 150,000 Customer's credit balances 20,000 Supplier's debit balances 10,000 Advances to subsidiaries 35,000 Advances to suppliers 30.000 Advances to affiliates Security deposit Subscriptions receivable 40.000 85.000 22,000 How much is the total trade receivables as of December 31, 2021?
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- Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.Aljon Company reported the following as of December 31, 2021:Accounts receivables P100,000Notes receivables 80,000Allowance for doubtful accounts 27,000Installment receivables(normally receivable within 1 to 3 years) 150,000Customer’s credit balances 20,000Supplier’s debit balances 10,000Advances to subsidiaries 35,000Advances to suppliers 30,000Advances to affiliates 40,000Security deposit 85,000Subscriptions receivable 22,000How much is the total trade receivables as of December 31, 2021?
- Problem 1On December 31, 2020, the “Receivables” account of MG Company shows a debit balance of P2,000,000. Theallowance for doubtful accounts shows a credit balance of P50,000. The subsidiary ledger shows the followingdetails:Trade accounts receivable P775,000Trade notes receivable 100,000Installment receivable, due 1-2 years 300,000Customer’s account reporting credit balancesarising from sales returns (30,000)Advance payments for purchase of merchandise 150,000Customer’s account reporting credit balancesarising from advance payments (20,000)Advances to subsidiary 400,000Claim from insurance company 15,000Subscription receivable, due in 60 days 300,000Accrued interest receivable 10,000REQUIRED:1. Compound entry to reclassify the receivable account:2. The amount to be presented as “Trade and other receivables” under current assets_____________ Problem 2At the end of the year before making any adjustments, the trial balance of Kate Company include the followingitems among…At the end of its first year of operations, December 31, 2021 Nickle Inc. reported the following information: Accounts receivable, net of allowance for doubtful accounts P 9,500,000 Customer accounts written off as uncollectible during 2021 240,000 Bad debt expense for 2021 840,000 What should be the balance of accounts recievable mat December 31, 2021 before substracting allowance for doubtful accounts? A. P 10,100,000 B. P 9,740,000 C. P 10,340,000 D. P 10,580,000Problem 20 On December 31, 2020, the accounts receivable control account of Eddie Company had a balance of PS,200,000. An analysis of the accounts receivable account showed the following: Subscription receivable due in 30 days Advance payments to creditors on purchase orders Advances to affiliated companies Interest receivable on bonds Trade accounts receivable - unassigned Customers' accounts reporting credit balances arising from sales returns Trade accounts receivable - assigned (Finance Company's equity in assigned accounts is P500,000) OMNA Trade installments receivable due 1-18 months, including unearned finance charge of P50,000 Trade accounts receivable from officers, due currently Trade accounts on which post-dated checks are held (no entries were made on receipt of checks) Accounts known to be worthless Total 2,200,000 400,000 1,000,000 400,000 2,000,000 ( 600,000) 1,500,000 850,000 150,000 200,000 100,000 8,200,000 The correct balance of trade accounts receivable on December…
- Accounts receivable At December 31, 2021, House Co. reported the following information on its balance sheet. Less: Allowance for doubtful accounts 1. 2. During 2022, the company had the following transactions related to receivables. 3. 4. 5. n Sales on account Sales returns and allowances o $960,000 80,000 Show Transcribed Text Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible $3,700,000 50,000 2,810,000 90,000 29,000 1.) Compute the accounts receivable turnover and average collection period for 2022The following is the summary of transactions of AA Company in 2021 and 2022: 2022 2021 Credit sales P6,000,000 P5,620,000 Collections of outstanding receivables 5,830,000 4,800,000 Accounts written off 60,000 20,000 Recovery of accounts previously written off 15,000 none Days past invoice date at December 31 2022 2021 0-30 600,000 500,000 31 90 150,000 180,000 91 180 110,000 Over 180 30,000 The company's policy to provide allowance on its account receivable at year end as follows: 0-30 days - 2%; 31-90 days - 5%; 91-180 days - 10%; and over 180 days - 20%. Statement 1; The balance of allowance for uncollectible account as of December 31, 2021 is P34,000. Statement 2:The balance of allowance for uncollectible accounts as of December 31, 2022 is P39,500.Current Attempt in Progress At December 31, 2021, Suisse Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. (d) Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible V: $600,000 37,000 eTextbook and Media List of Accounts Save for Later $2,500,000 Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2022, balance sheet. 50,000 2,200,000 41,000 SUISSE IMPORTS Balance Sheet Assets +A $ Attempts: 0 of 3 used Submit Answer
- 36. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…33. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…Prepare the entry to record the write-off of uncollectible accounts during the period. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit Assistance Used