The following information relates to Herp Company's Accounts receivable for 2011:Account receivable, January 1,2011Credit sales for 2011P975,000.00P4,050,000.00Sales returns for 2011P112,500.00Impairment of receivable 2011Collections from customers during 2011Estimated future sales returns at December 31, 2011Estimated sales discounts accounts at December 31, 2011P60,000.00P3,225,000.00P75,000.00P25,000.00What amount should Hero report for accounts receivable at December 31, 2011 statement offinancial position? On December 31, 2019 accounts receivable and allowance for doubtful accounts haveP675,000 and P30,000 respectively. The following are some transactions that occurred during2020.Sales on account, terms 2/10, 1/15. n/603,000,000Collections3,200,000Collections include the following:W/in the 10 day discount periodW/in the 15-day discount periodBeyond the discount periodRecovery of accounts written ofAccounts receivable written off as worthless1,764.000990,000?6,00022,000Estimated sales returns at year end12,000The company's policy is to provide for uncollectible accounts equal to 1% of gross sales.Compute the net realizable value of accounts receivable on December 31, 2020? A

Sales means the amount recorded in books as revenue earned by selling the goods or services.…

The following information relates to Herp Company's Accounts receivable for 2011: Account receivable, January 1,2011 P975,000.00 Credit sales for 2011 P4,050,000.00 Sales returns for 2011 P112,500.00 Impairment of receivable 2011 Collections from customers during 2011 Estimated future sales returns at December 31, 2011 Estimated sales discounts accounts at December 31, 2011 P60,000.00 P3,225,000.00 P75,000.00 P25,000.00 What amount should Hero report for accounts receivable at December 31, 2011 statement of financial position?

The following information relates to Herp Company's Accounts receivable for 2011: Account receivable, January 1,2011 P975,000.00 Credit sales for 2011 P4,050,000.00 Sales returns for 2011 P112,500.00 Impairment of receivable 2011 Collections from customers during 2011 Estimated future sales returns at December 31, 2011 Estimated sales discounts accounts at December 31, 2011 P60,000.00 P3,225,000.00 P75,000.00 P25,000.00 What amount should Hero report for accounts receivable at December 31, 2011 statement of financial position?

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 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
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McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
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