trade receivables Total current receivables
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Information from the records of Stormfall Co. is shown below:
customers' accounts 100,000
Notes receivable (trade) 15,000
Notes receivable (non-trade), ₱15,000 collectible
within one year 30,000
Dividends receivable 2,000
Subscriptions receivable 2,000
Advances to officers and employees (due in 10
months) 4,000
Accounts payable - net of ₱10,000 debit balance in
suppliers' accounts 3,000
How much are the following?
Total trade receivables Total current receivables
a. 132,000 154,000
b. 123,000 154,000
c. 143,000 162,000
d. 123,000 145,000
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- Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
- Adobo Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a bank. The entity was also assessed by the bank a finance charge of 6% on the transaction and is paid up front. What amount should be recorded as a gain or loss on the transfer of accounts receivables?Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the accrual basis?a. 10,000,000b. 25,000,000c. 20,000,000d. 5,000,000Presented below are the receivables of One Time Big Time Corporation as of December 31, 2018. Mr. A - Accounts receivable (180 days past due) 70,000 Mr. B - Accounts receivable assigned to the accounts payable to a supplier. 30,000 Mr. C - Accounts receivable factored to a financing company without recourse. 60,000 Mr. D - Note receivable discounted at a bank. 20,000 Mr. E - Note receivable from customer, dishonored. 15,000 Mr. F - President of the Company, advances for personal use. 12,000 Mr. G - Proven worthless accounts. 8,000 Mr. H - Customer with credit balance. (5,000) Other Trade Accounts Receivables (P30,000 of which are pledged against a loan from X Bank.) 200,000 Additional information: The allowance for doubtful account has a credit balance of P10,000 at the beginning of the year. Based on aging of receivables, the required allowance for doubtful account will be P20,000. The accounts receivable from Mr.…
- Information from the records of TEAM PAYAMAN Co. is shown below: Accounts Receivable -net of 20,000 credit balance in customers' accounts 200,000 Notes Receivable - Trade 20,000 Notes Receivable - non trade, collectible within one year 100,000 Dividends Receivable 4,000 Subscriptions Receivable 8,000 Advances to officers and employees (due in 18 months) 16,000 Accounts Payable - net of 12,000 debit balance in suppliers' accounts 12,000 How much is the total trade receivables? a. 220,000 c. 252,000 b. 240,000 d. 262,000ABC Corp has the following items in its receivable and payable accounts: Due from customers, P156,000 Payable to creditors for merchandise, P62,000 Notes Receivable - long term, P80,000 Due from employees, P2,200 Cash dividends payable, P24,000 Claims from a courier company for losses, P4,000 Subscription Receivable, P20,000 The amount to be reported as trade and other receivable is: 156,000 236,000 242,200 262,200On December 31, 2025, the “Receivables” account of AA. Company show a debit balance of P5,950,000 Subsidiary details show the following: Accounts receivable, P725,000; Loans receivable, P100,000; Instalments receivable, normally due 1 year to two years, P300,000; Customers’ accounts reporting credit balances arising from sales returns, P30,000; Advance payments for purchase of merchandise, P150,000; Customers’ accounts reporting credit balances arising from advance payments, P20,000; Cash advances to subsidiary, P400,000; Claim from insurance company, P15,000; Subscription receivable due in 60 days, P300,000; Accrued interest receivable, P10,000, Deposit on contract bids, P3,000,000 and Advances to shareholders (collectible in 2024), P1,000,000. How much is the amount to be presented as “loans and receivables” under current assets section of the balance sheet?
- Von Company provided the following data for the current year in relation to accounts receivable: Debits: Jan. 1 balance after deducting credit balance of P30,000 530,000 Charge sales 5,250,000 Charge for goods out for consignment 50,000 Shareholders’ subscription receivable 200,000 Accounts written off but recovered 10,000 Cash paid to customer for Jan. 1 credit balance 25,000 Goods shipped to cover for Jan. 1, credit balance 5,000 Deposit on Contract 120,000 Claim against common carrier 15,000 Advances to supplier 155,000 Credits Collections from customers, including overpayment of P50,000 5,200,000 Write off 35,000 Merchandise returns 25,000 Allowances to customers for shipping damages 15,000 Collection on carrier claim 10,000 Collection on subscription 50,000 What is the balance of accounts receivable on December 31At the beginning of the year, AlLmight had a receivable amounting to P 100,000. The recorded sales from the ledger were P 590,000 including P 390,000 cash sales. The collection from credit customers was 190,000. As of the year-end, the remaining balance of the receivable was estimated at 80% collectible. Prepare the journal entry for the transactions above.Damalerio Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its customers during the year. Damalaerio had P100,000 in Accounts receivable at the beginning of the year, and P180,000 in Accounts receivable at the end of the year. The company also had P40,000 and P50,000 of allowance for bad debts at the beginning and at the end of the year, respectively. What is Damalerio’s Sales Revenue under the accrual basis of accounting? Group of answer choices 1,400,000 1,480,000 1,320,000 1,580,000