17.15 The following balances have been extracted from the nominal ledger accounts of Tanya, but the figure for bank loan is unknown. There are no other accounts in the main ledger. $ 27,000 66,000 160,000 300,000 110,000 33,000 2,000 120,000 18,000 Payables Capital Purchases Sales Other expenses Receivables Purchase returns Non-current assets Cash in bank Bank Joan [Unknownl

17.15 The following balances have been extracted from the nominal ledger accounts of Tanya, but the figure for bank loan is unknown. There are no other accounts in the main ledger. $ 27,000 66,000 160,000 300,000 110,000 33,000 2,000 120,000 18,000 Payables Capital Purchases Sales Other expenses Receivables Purchase returns Non-current assets Cash in bank Bank Joan [Unknownl

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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13 The following information relates to Maharlika Corporation for the year ended June 30, 2021. Sales revenue 450,000 Opening balance of trade receivables (net of allowance) 100,000 Closing balance of trade receivable (net of allowance) 132,500 Doubtful debt expense 5,000 Increase in allowance for doubtful debts 2,000 Bad debts are written off against the allowance for doubtful debts. What is the amount of cash collected from the customers during the year ended June 30, 2021? Group of answer choices 487,500 412,500 418,500 481,500
24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
E7.16 (LO 2, 3, 5) (Journalizing Various Receivable Transactions) The trial balance before adjustment for Phil Collins Company shows the following balances. Dr. Cr. Accounts Receivable $82,000 Allowance for Doubtful Accounts 2,120 Sales Revenue $430,000 Instructions Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Collins factors without recourse $25,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. 2. To obtain a 1-year loan of $55,000, Collins pledges $65,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,800 should be…
37.ABC Corp accounts receivable, beginning and ending balances were P80,000 and P100,000, respectively. Write offs and recoveries during the period were P10,000 and P8,000, respectively. Collections of accounts were P120,000 excluding the recoveries. How much is the credit sales during the period? 120,000 150,000 170,000 190,000
8. Use the following information for the next two questions: Pampi's Co. has the following information. Days Outstanding Receivable Balances % collectible 0-60 480,000 1% 61-120 360,000 2% Over 120 400,000 6% During the year, Pampi wrote off P14,000 receivables and recovered 8,000 that had been written-off in prior years. The allowance for doubtful accounts has a beginning balance of P4,000. How much is the net realizable value of accounts receivable at year-end? How much is the doubtful accounts expense?
42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000
58.The following data pertains to ABC Corp: Credit sales for the period, P3,000 Credit balance of the allowance for bad debts, beg P8,000 Accounts Receivable P1,000,000 ABC estimates that 3% of accounts receivable have been uncollectible. After provision is made for the bad debts expense for the period, the allowance for bad debts at the end of the period would be: 30,000 38,000 82,000 90,000
19.Timothy Corp. had accounts receivable of P 150,000 and allowance for doubtful accounts of P 12,000 at the beginning of the period. During the period, Timothy Corp. made total sales of P 1,000,000 ( 40% were cash sales), collected P 9,000 a ccounts, recovered P 2,000 accounts, and recognized bad debts expense of P 15,000. How much is the carrying amount of accounts receivable at the end of the period? A.351,000 B.331,000 C.311,000 D.279,000 20.The current and noncurrent portions of Jonah Co.'s noninterest- bearing note receivable on Dec. 31, 2021 are P 127,104 and P 480,366, respectively. The note has a face amount of P 1,000,000, is dated Jann. 1, 2021 and is due 5 equal annual installments every Dec. 31. Jonah Co. reported interest income of P 86,515 in 2021 and P 72,896 in2022. How much is unamortized discount on the note on Dec. 31, 2023? * A.61,990 B.56,224 C.661,990 D.756,224
PA6. 9.2 Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. Record the year-end adjusting entry for 2018 bad debt using the income statement method. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
14 Momentum Products Incorporated just recorded an adjusting journal entry for the current year's estimate of bad debts. Assuming all else is equal, this adjusting journal entry will cause: Multiple Choice the accounts receivable turnover ratio to increase. net income to increase. total assets to remain unchanged. net accounts receivable to increase.
55. 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…
14 - Which of the following transactions is credited?A) WHEN CHARGEDB) PURCHASE OF COMMERCIAL GOODSC) CURRENT REVENUED) IN COLLECTIONE) WHEN THE BANK ACCOUNT INCREASES