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REQU 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current asset b. Trade receivables, other assets c. Non-trade receivables, current assets

REQU 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current asset b. Trade receivables, other assets c. Non-trade receivables, current assets

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Receivables
Section: Chapter Questions
Problem 8.4BE: Analysis of receivables method At the end of the current year, Accounts Receivable has a balance of...
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105 REQUIRED: 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current asset b. Trade receivables, other assets c. Non-trade receivables, current assets d. Non-trade receivables, other assets e. Other accounts (specify) Exercise 2-7 of P76.000 Subaidi or details reveal the following:
Transcribed Image Text:105 REQUIRED: 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current asset b. Trade receivables, other assets c. Non-trade receivables, current assets d. Non-trade receivables, other assets e. Other accounts (specify) Exercise 2-7 of P76.000 Subaidi or details reveal the following:
104 Exercise 2-6 Your analysis of Accounts Receivable carried at P2,406,750 on Dec. 31, 2019 shows the following: 1 PL.496,832 Debit balance in accounts with customers broken down as: 1. Installment account sales, 2015 2. Installment account sales, 2016 3. Installment account sales, 2017 4. Installment account sales, 2018 5. Installment account sales, 2019 P46,864 18,804 52,418 68,056 310,690 6. Regular account sales(2/10,n/30) 1.000,000 P1,496,832 Installment credit term: Four(4) years. b. 32,082 Credit balance in accounts with customers. C. 12,000 Cash deposit with RFM Co. representing a 10% down payment a contract to buy merchandise in 2020. 20,000 Advances to employees to be liquidated in cash 10,000 Notes receivable (loan to employees granted 4-2-18 for two d. e. years) f. 140,000 Amount due on capital stock subscriptions of P300,000; no due date. 100,000 Advances to Donna, president. This is covered by an unsecured note due in two years to be offset against salary. 368,000 Shipment out to consignees. Only 60% of the consignment is reported to be sold on Dec. 31, 2019. The total shipment cost h. P240,000. 40,000 Working fund advances to salesmen; 60% of the amount was actually advanced to them; of the amount advanced 60% is not spent yet by them as of Dec. 31, 2019. 180,000 Advances to subsidiary- Donna Don Co. Repayment is spread out equally over the next four years. 34,000 Pre-dated billing of merchandise to be shipped in April, 2020. i. j. 14,000 Claims filed against MRR (approved and due on 3-14-20) 24,000 Merchandise ordered by customer under the term FOB destination. Merchandise costing P16,000 is in transit as of Merchandise cost P22,500. 1. m. Dec. 31, 2019. P2,406,750
Transcribed Image Text:104 Exercise 2-6 Your analysis of Accounts Receivable carried at P2,406,750 on Dec. 31, 2019 shows the following: 1 PL.496,832 Debit balance in accounts with customers broken down as: 1. Installment account sales, 2015 2. Installment account sales, 2016 3. Installment account sales, 2017 4. Installment account sales, 2018 5. Installment account sales, 2019 P46,864 18,804 52,418 68,056 310,690 6. Regular account sales(2/10,n/30) 1.000,000 P1,496,832 Installment credit term: Four(4) years. b. 32,082 Credit balance in accounts with customers. C. 12,000 Cash deposit with RFM Co. representing a 10% down payment a contract to buy merchandise in 2020. 20,000 Advances to employees to be liquidated in cash 10,000 Notes receivable (loan to employees granted 4-2-18 for two d. e. years) f. 140,000 Amount due on capital stock subscriptions of P300,000; no due date. 100,000 Advances to Donna, president. This is covered by an unsecured note due in two years to be offset against salary. 368,000 Shipment out to consignees. Only 60% of the consignment is reported to be sold on Dec. 31, 2019. The total shipment cost h. P240,000. 40,000 Working fund advances to salesmen; 60% of the amount was actually advanced to them; of the amount advanced 60% is not spent yet by them as of Dec. 31, 2019. 180,000 Advances to subsidiary- Donna Don Co. Repayment is spread out equally over the next four years. 34,000 Pre-dated billing of merchandise to be shipped in April, 2020. i. j. 14,000 Claims filed against MRR (approved and due on 3-14-20) 24,000 Merchandise ordered by customer under the term FOB destination. Merchandise costing P16,000 is in transit as of Merchandise cost P22,500. 1. m. Dec. 31, 2019. P2,406,750
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