5. Based on aging of the receivables at December 31, 2021, CPA Co. has determined that its collectible trade receivables were P6,500,000. Following information pertains to CPA’s trade receivable in 2021: trade receivables December 31, P7,000,000; allowance for uncollectible accounts, January 1, P600,000; uncollectible accounts written off P360,000 and uncollectible accounts recovered, P40,000. What would be CPA’s provision for bad debts for 2021?

5. Based on aging of the receivables at December 31, 2021, CPA Co. has determined that its collectible trade receivables were P6,500,000. Following information pertains to CPA’s trade receivable in 2021: trade receivables December 31, P7,000,000; allowance for uncollectible accounts, January 1, P600,000; uncollectible accounts written off P360,000 and uncollectible accounts recovered, P40,000. What would be CPA’s provision for bad debts for 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 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
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?
Based on aging of the receivables at December 31, 2021, Adobo Co. has determined that its collectible trade receivables were P6,500,000. Following information pertains to Adobo’s trade receivable in 2021: trade receivables December 31, P7,000,000; allowance for uncollectible accounts, January 1, P600,000; uncollectible accounts written off P360,000 and uncollectible accounts recovered, P40,000. What would be Adobo’s provision for bad debts for 2021?
Based on aging of the receivables at December 31, 2021, CPA Co. has determined that itscollectible trade receivables were P6,500,000. Following information pertains to CPA's tradereceivable in 2021: trade receivables December 31, P7,000,000; allowance for uncollectibleaccounts, January 1, P600,000; uncollectible accounts written off P360,000 and uncollectibleaccounts recovered, P40,000. What would be CPA's provision for bad debts for 2021? *
Based on aging of the receivables at December 31, 2020, Koko Co. has computed that its collectible trade receivables were P6,500,000. Additional information regarding Koko's trade receivable in 2020 are the following: trade receivables December 31, P700,000; allowance for uncollectible accounts, January 1, P60,000; written off uncollectible accounts P36,000 and recovered uncollectible accounts, P4,000. What is Koko’s provision for bad debts for 2020?
8. For the year ended, December 31, 2020, GERBERA Company estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/20 -₱56,000; Provision for uncollectible accounts during 2020 ( 2% on credit sales of ₱2,000,000) -₱40,000; Uncollectible accounts written off, 11/30/20 -₱46,000; Estimated uncollectible account per aging, 12/31/20 -₱69,000. After the year-end adjustment, the uncollectible accounts expense for 2020 should be?
10.On January 1, 2021, BTS Company had Accounts Receivable and Allowance for Uncollectible Accounts of P3,600,000 and P120,000, respectively. Sales (all on credit) during 2021 amounted to P18,000,000. Accounts of P75,000 were written off during the year. Analysis of BTS Company's accounts receivable at December 31, 2021 revealed the following:Age Amount Est. uncollectible0-60 da P1,250,000 1%61-120 da 900,000 3%Over 120 da 1,000,000 10%There are no other transactions affecting accounts receivable. How much is the cash collected from customers during 2021?
Based on aging of the receivables at December 31, 2021, VKS Co. has determined that its collectible trade receivables were P6,500,000. Following information pertains to VKS’s trade receivable in 2021: trade receivables December 31, P7,000,000; allowance for uncollectible accounts, January 1, P600,000; uncollectible accounts written off P360,000 and uncollectible accounts recovered, P40,000. What would be VKS’s provision for bad debts for 2021?
5. AA Company prepared an aging of its accounts receivable at December 31, 2022 and determined that the net realizable value of the receivables was P350,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/22 – credit balance,P34,000 Accounts written off as uncollectible during 2022, P23,000 Accounts receivable at 12/31/22, P375,000 Uncollectible accounts recovered during 2022, P5,000 Total provisions made during 2022, P12,000 Statement 1: The amount of bad debts expense in 2022 is P9,000. Statement 2: The ending balance of the allowance for uncollectible accounts is P25,000. Group of answer choices Only statement 1 is true Both statements are true Only statement 2 is true Both statements are false
8. For the year ended, December 31, 2020, GERBERA Company estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/20 -₱56,000; Provision for uncollectible accounts during 2020 ( 2% on credit sales of ₱2,000,000) -₱40,000; Uncollectible accounts are written off, 11/30/20 -₱46,000; Estimated uncollectible account per aging, 12/31/20 -₱69,000. After the year-end adjustment, the uncollectible accounts expense for 2020 should be? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU
43. The uncollectible accounts expense for the year ended December 31, 2022 is? After reviewing the aging schedule of its accounts receivable at December 31, 2022, Pacers Company found out that the net realizable value of the receivables at that date was P150,250. Additional information as follows: Accounts receivable at December 31, 2022 Allowance for uncollectible accounts, January 1, 2022 Accounts written off, October 20, 2022 P192,500 28,000 21,000