Practical Accounting Problems - Receivables

Based on the above and the result of your audit, determine the adjusted balance of following: 1. The trade accounts receivable as of December 31, 2010 is

• P1,147,500

• P1,522,500

• P1,485,000

• P1,447,500

Based on the above and the result of your audit, determine the adjusted balance of following: The net current trade and other receivables as of December 31, 2010 is

• P2,647,500

• P2,610,000

• P2,272,500

• P1,822,500

Based on the above and the result of your audit, determine the adjusted balance of following: How much of the foregoing will be presented under noncurrent assets as of December 31, 2010?

• P1,200,000

• P375,000

• P525,000

• P0

Based on the above and the result of your audit, determine the adjusted balance of following: 1. Trade accounts receivable

• P4,080,000

• P3,440,000

• P4,464,000

• P3,584,000

Based on the above and the result of your audit, determine the adjusted balance of following: 2. Allowance for doubtful accounts

• P204,000

• P216,000

• P172,000

• P179,200

Based on the above and the result of your audit, determine the adjusted balance of following: 3. Doubtful accounts expense

• P264,000

• P220,000

• P252,000

• P227,200

Bantay Company’s unadjusted trial balance at December 31, 2010, included the following accounts: Debit Credit Accounts receivable P1,000,000 Allowance for doubtful accounts 40,000 Sales P15,000,000 Sales returns and allowances 700,000 Bantay Company estimates its bad debt expense to be 1 1/2% of net sales. Determine its bad debt expense for 2010.

• P225,000

• P254,500

• P214,500

• P55,000

An analysis and aging of Burgos Corp. accounts receivable at December 31, 2010, disclosed the following: Amounts estimated to be uncollectible P 1,800,000 Accounts receivable 17,500,000 Allowance for doubtful accounts (per books) 1,250,000 What is the net realizable value of Burgos’ receivables at December 31, 2010?

• P15,700,000

• P17,500,000

• P16,250,000

• P14,450,000

Cabugao Company provides for doubtful accounts based 3% of credit sales. The following data are available for 2010. Credit sales during 2010 P21,000,000 Allowance for doubtful accounts 1/1/10 170,000 Collection of accounts written off in prior years (Customer credit was reestablished) 80,000 Customer accounts written off as uncollectible during 2010 300,000 What is the balance in allowance for doubtful accounts at December 31, 2010?

• P630,000

• P420,000

• P500,000

• P580,000

the balance in allowance for doubtful accounts at December 31, 2010?

• P630,000

• P420,000

• P500,000

• P580,000