1. What is the total amount of sales up to April 30?a. 4,200,000b. 4,220,000c. 4,140,000d. 4,160,0002. What is the total amount of purchases up to April 30?a. 1,760,000b. 2,100,000с. 2,020,000d. 1,680,0003. What is the inventory on April 30?a. 1,476,000b. 1,464,000c. 1,440,000d. 1,428,0004. What is the fire loss to be recognized on April 30?a. 1,440,000b. 1,300,000c. 1,340,000d. 1,200,000 Problem 13-15 (AICPA Adapted)On April 30, 2020, a fire damaged the office of WaterlooCompany.The following balances were gathered from the general ledgeron March 31, 2020:920,0001,880,000950,0003,600,0001,680,000Accounts receivableInventory - January 1Accounts payableSalesPurchasesAn examination of the April bank statement and canceledchecks revealed checks written during the period April 1-30:Accounts payable as of March 31April merchandise shipmentsExpenses240,00080,000160,000Deposits during the same period amounted to P440,000which consisted of collections from customers with theexception of P20,000 refund from a vendor for merchandisereturned in April.Customers acknowledged indebtedness of P1,040,000 atApril 30. Customers owed another P60,000 that will neverbe recovered.Of the acknowledged indebtedness, P40,000 may proveuncollectible.Correspondence with suppliers revealed unrecordedobligations at April 30 of P340,000 for April merchandiseshipment, including P100,000 for shipments in transit onthat date.The average gross profit rate is 40%.* Inventory with a cost of P260,000 was salvaged and soldfor P140,000.The balance of the inventory was a total loss.

1) Total Amount of sales Upto April 30 Solution Particulars Amount Closing Accounts Receivable…

What is the total amount of sales u a. 4,200,000 b. 4,220,000 c. 4,140,000 d. 4,160,000 What is the total amount of purcha a. 1,760,000 b. 2,100,000 с. 2,020,000 d. 1,680,000 What is the inventory on April 30? a. 1,476,000 b. 1,464,000 c. 1,440,000 d. 1,428,000 What is the fire loss to be recognize a. 1,440,000 b. 1,300,000 c. 1,340,000

What is the total amount of sales u a. 4,200,000 b. 4,220,000 c. 4,140,000 d. 4,160,000 What is the total amount of purcha a. 1,760,000 b. 2,100,000 с. 2,020,000 d. 1,680,000 What is the inventory on April 30? a. 1,476,000 b. 1,464,000 c. 1,440,000 d. 1,428,000 What is the fire loss to be recognize a. 1,440,000 b. 1,300,000 c. 1,340,000

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 15P: Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed...

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