
Practical Accounting Problems - Receivables
Quiz
•
Business
•
University
•
Practice Problem
•
Hard
janette dzabalo
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30 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
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
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
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
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
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
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
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