A company reports Accounts Receivable of $5,000 on its balance sheet at 12/31/2012. Its Allowance for Doubtful Accounts on 12/31/2012 is $500. What is the total amount owed by customers at 12/31/2012?
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- Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the balance sheet in 3M Companys Form 10-K for the year ended December 31, 2013 (amounts in millions of dollars): Required What is the balance in 3M Companys Allowance for Doubtful Accounts at the end of 2013 and 2012? What is the net realizable value of 3M Companys accounts receivable at the end of each of these two years? What caused increases in the allowance account during 2013? What caused decreases? Explain what a net decrease in the account for the year means.Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Days’ sale in receivable
- 14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TL12. On December 31, 20XX, the recorded ending accounts receivable of ABM company was ₱150,000 with an estimated of ₱36,000 receivables which will not be collected. Accounts receivable in the 2019 Statement of Financial Position will be valued at: A. ₱114,000 B. ₱186,000 C. ₱150,000 D. ₱36,00056. A company had the following unadjusted balances on specific accounts for the year ended December 31, 2020: ACCOUNT AMOUNT Accounts Payable, net of debit balances of P 50,000 P 150,000 Accounts Receivable, net of credit balances of P 25,000 P 250,000 Bonds Payable P 453,000 Cash Dividends Payable P 125,000 Stocks Dividend Payable P 156,000 Unearned Subscription Revenue P 654,000 Other details are as follows: Of the Unearned Subscription Revenue balance, 25% were earned during 2020. Bonds Payable is due on July 31, 2025. However, a breach of contract related to the bonds occurred on December 18, 2020 and the payable becomes due on demand. On January 8, 2021, the company and the lender reached a compromise and agreed that the payable will be due on July 31, 2023 instead of the original maturity date. Determine the current liability to be reported on December 31, 2020. 57. A company issued a P3 million three-year…
- 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? 285,000 294,000 300,000 315,00055. 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…27.The ABC Co disclosed the following data at Dec 31, 20X1:Account known to be worthless, P37,500Advance payment to creditors on purchase orders P50,000Customers accounts (credit balance due to returns), P5,000Advances to employees, P34,000Trade receivable, P169,000Other non trade receivables, P4,000The amount of receivables at Dec 31, 20X1 is: 173,000 252,000 257,000 289,500
- 3. The following balances have been taken from the unadjusted trial balance of a tradingorganization for the year ended Dec. 31, 2020:Sales (All on credit) Rs. 650,000Sales Return and Allowance (All from credit sales) 20,000Sales Discount 10,000Accounts Receivable 430,000Allowance for bad debt (Cr.) 2000Required:Record and close bad debt expense for the year ended Dec. 31, 2020 under each of the followingassumptions separately:a. Allowance for bad debt was estimated @ 10% of accounts receivable.b. Bad debt expense was estimated @ 1.5% of net credit sales.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?#9 Item Prior year Current year Accounts payable 8,123.00 7,716.00 Accounts receivable 6,048.00 6,607.00 Accruals 997.00 1,500.00 Cash ??? ??? Common Stock 10,094.00 11,603.00 COGS 12,653.00 18,393.00 Current portion long-term debt 4,911.00 5,090.00 Depreciation expense 2,500 2,763.00 Interest expense 733 417 Inventories 4,245.00 4,824.00 Long-term debt 14,141.00 13,226.00 Net fixed assets 51,826.00 54,004.00 Notes payable 4,339.00 9,940.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,688.00 30,532.00 Sales 35,119 45,044.00 Taxes 2,084 2,775 What is the firm's cash flow from financing? Answer format: Number: Round to: 0 decimal places.
