Homework Help is Here – Start Your Trial Now!
Business
Accounting
. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 2. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible? 3. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021?  4. What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December 31, 2021 of AR Corporation?

. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 2. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible? 3. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021?  4. What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December 31, 2021 of AR Corporation?

Intermediate Accounting: Reporting And Analysis
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...
See similar textbooks
icon
Related questions
Question

1. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021?

2. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible?

3. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021? 

4. What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December 31, 2021 of AR Corporation?

The financial statements of AR Corporation included the following: December 31, 2021 December 31, 2020 Accounts receivable 735,000 Allowance for uncollectible accounts 18,200 Sales on account 4,500,000 Cash collected from customers 4,250,000 Among the cash collections was the full recovery of a P16,000 receivable from John Doe, a customer whose account had been written on as worthless late in 2020. During 2021, it was necessary to write off uncollectible customers' accounts totaling P20,200. On December 1, 2021, a customer settled his account by issuing to AR Corporation a 99, six- month note for P150,000. At December 31, 2021, the accounts receivable included P100,800 past due accounts. After careful study of all past-due accounts, the management estimated that the probable loss contained therein was 10%. In addition, 2% of the current accounts receivable might prove uncollectible.
Transcribed Image Text:The financial statements of AR Corporation included the following: December 31, 2021 December 31, 2020 Accounts receivable 735,000 Allowance for uncollectible accounts 18,200 Sales on account 4,500,000 Cash collected from customers 4,250,000 Among the cash collections was the full recovery of a P16,000 receivable from John Doe, a customer whose account had been written on as worthless late in 2020. During 2021, it was necessary to write off uncollectible customers' accounts totaling P20,200. On December 1, 2021, a customer settled his account by issuing to AR Corporation a 99, six- month note for P150,000. At December 31, 2021, the accounts receivable included P100,800 past due accounts. After careful study of all past-due accounts, the management estimated that the probable loss contained therein was 10%. In addition, 2% of the current accounts receivable might prove uncollectible.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS