Merry Maids Co.’s account balances on December 31, 2018, includes the following: Accounts receivables from customers, Net of P100,000 customers with credit balances P800,000 Notes receivables 600,000 Credits account with debit balances 300,000 Postdated check (from customer) 100,000 Cash advance to company president, Due November 30, 2020 400,000 On December 31, 2018 statement of financial position, Merry Maids Co. should report current receivables at:
Merry Maids Co.’s account balances on December 31, 2018, includes the following: Accounts receivables from customers, Net of P100,000 customers with credit balances P800,000 Notes receivables 600,000 Credits account with debit balances 300,000 Postdated check (from customer) 100,000 Cash advance to company president, Due November 30, 2020 400,000 On December 31, 2018 statement of financial position, Merry Maids Co. should report current receivables at:
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter8: Revenue Recognition, Receivables, And Advances From Customers
Section: Chapter Questions
Problem 42P
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Question
Merry Maids Co.’s account balances on December 31, 2018, includes the following:
a. 1,600,000
b. 1,800,000
c. 1,900,000
d. 2,300,000
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