Answer 1 to 4 Problem 5-20 (AICPA Adapted)Sky Company provided the following informationyear-end:20202019Accounts receivableAllowance for doubtful accountsAllowance for sales returns880,000( 10,000)( 20,000)800,000( 15,000)( 25,000)850,000760,000Net realizable valueThe entity reported doubtful accounts expense in 2020 of P30,000and had products returned for credits totaling P15,000 at salaprice. Gross sales for 2020 amounted to P6,150,000.1. What amount of accounts receivable was written during2020?a. 35,000b. 30,000с. 15,000d. 10,0002. What amount was collected from customers during 2020?a. 6,035,000b. 6,070,000c. 6,020,000d. 6,100,0003. What amount was recorded as estimated sales returnsduring 2020?10,000b. 15,000c. 20,000d.a.с.5,0004. What amount was reported as net sales for 2020?a. 6,150,000b. 6,140,000c. 6,100,000d. 6,135,000

Part 1) Amount Written Off As Bad Debts 35000 (15000 + 30000 -10000) Therefore, the…

Problem 5-20 (AICPA Adapt Sky Company provided the following information year-end: at 2020 2019 Accounts receivable Allowance for doubtful accounts Allowance for sales returns 880,000 ( 10,000) ( 20,000) 800,000 ( 15,000) ( 25,000) 760,000 850,000 Net realizable value The entity reported doubtful accounts expense in 2020 of P30,000 and had products returned for credits totaling P15,000 at sale price. Gross sales for 2020 amounted to P6,150,000. 1. What amount of accounts receivable was written during 2020? a. 35,000 b. 30,000 с. 15,000 d. 10,000 2. What amount was collected from customers during 2020? a. 6,035,000 b. 6,070,000 c. 6,020,000 d. 6,100,000 3. What amount was recorded as estimated sales returns during 2020? 10,000 b. 15,000 20,000 d. a. C. 5,000 4. What amount was reported as net sales for 2020? a. 6,150,000 b. 6,140,000 с. 6,100,000 d. 6,135,000

Problem 5-20 (AICPA Adapt Sky Company provided the following information year-end: at 2020 2019 Accounts receivable Allowance for doubtful accounts Allowance for sales returns 880,000 ( 10,000) ( 20,000) 800,000 ( 15,000) ( 25,000) 760,000 850,000 Net realizable value The entity reported doubtful accounts expense in 2020 of P30,000 and had products returned for credits totaling P15,000 at sale price. Gross sales for 2020 amounted to P6,150,000. 1. What amount of accounts receivable was written during 2020? a. 35,000 b. 30,000 с. 15,000 d. 10,000 2. What amount was collected from customers during 2020? a. 6,035,000 b. 6,070,000 c. 6,020,000 d. 6,100,000 3. What amount was recorded as estimated sales returns during 2020? 10,000 b. 15,000 20,000 d. a. C. 5,000 4. What amount was reported as net sales for 2020? a. 6,150,000 b. 6,140,000 с. 6,100,000 d. 6,135,000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1DC: Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the...

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