b. Five Workers are paid every Saturday for a six-day work at P404 a day. December 31 falls on a Friday. c. On March 31, the company leased an office space- in Ortigas. It received P264,000 for annual rent and credited the amount to Unearned Rent. d. Accounts Receivable has a balance of P101,000, of which 6% is estimated to be uncollectible. The Allowance for Doubtful Accounts has a credit balance of P2,300 before adjustment.

b. Five Workers are paid every Saturday for a six-day work at P404 a day. December 31 falls on a Friday. c. On March 31, the company leased an office space- in Ortigas. It received P264,000 for annual rent and credited the amount to Unearned Rent. d. Accounts Receivable has a balance of P101,000, of which 6% is estimated to be uncollectible. The Allowance for Doubtful Accounts has a credit balance of P2,300 before adjustment.

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 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

See similar textbooks

Similar questions

A man borrows $3 000 from a credit union. Each monthhe is to pay $100 on the principal. At the same time, healso pays interest at the rate of 3/4% per month on theunpaid balance at the beginning of the month. What is thetotal payment required at the end of the first month? a. $112.50 b. $115.00 c. $115.25 d. $122.25 e. None of the choices is correct.
A company has the following account balances at the end of the year:• Credit Sales = $400,000• Accounts receivable = $80,000• Allowance for Uncollectible Accounts = $400 credit The company estimates 1% of credit sales will be uncollectible. At what amount would Allowance for Uncollectible Accounts be reported in the current year’s balance sheet? a. $4,000.b. $4,400. c. $3,600. d. $800.
The Accounts Recelvable account has a beglnning balance of $24.000 and the company des e $60,000 on account during the month. The ending balance was $18.000 How much did the company receive from customers during the montht O $6,000. O $66,000. O $102,000. O $54,000.
TJ made a loan of $16,000 to one of the company's employees on April 1, year 1. The one year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1? A. $720 B. $0 C. $240 D. $960
With the invoice number 18, 18% VAT excluded commercial goods of 40.000 TL were sold with a credit card.A.Ş, which is in the portfolio of the enterprise, a commission of 250 TL was paid to the intermediary institution.The company rented a shop with a monthly rent of 5,000 TL to be used as a store, and a one-year rent was paid.80,000 TL severance pay was paid for those working in accounting.The enterprise purchased a plot of land with an investment of 150,000 TL, and 1,250 TL title deed costs and fees were paid.A commercial vehicle was purchased with four school bank loans for 180,000 TL excluding 18% VAT, and 1,500 TL was paid for trading.In the accounting department, a total of 200 TL, excluding 18% VAT, was purchased with 10 credit cards.A fixture with a settlement of 12.000.-TL in its assets is being renewed and sold in cash for 18% VAT 6.000.-TL.Microsoft Office software for 5 users was purchased for 4,000.-TL excluding 18% VAT.Up to 10,000 TL will be paid from the buyers, with a…
An analysis of the accounts shows the following. 1. The equipment depreciates $300 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest of $500 is accrued on the notes payable. 4. Supplies on hand total $590. 5. Insurance expires at the rate of $400 per month.
At 1 January 20X4, Tartar Co had total receivables of $380,000. A specific allowance of $20,000 had been made for a business customer, Drab. The general allowance for receivables was 2.5%. During the year, Drab went out of business owing Tartar Co $28,000, none of which is expected to be recovered. At 31 December 20X4, Tatar had total receivables of $420,000. There were no specific allowances but the general allowance for receivables was increased to 3%. What is the charge in the statement of profit or loss for the year to 31 December for the allowance for receivables and irrecoverable debts?
Company I had the following balances at the end of the year: Accounts receivable: $50,000 Allowance for doubtful accounts: $2,000 (credit balance) The company estimates that 2% of accounts receivable will be uncollectible. Record the journal entry to adjust the allowance for doubtful accounts.
Accounting A company’s employee earns a monthly salary of 1.400€. Income taxes withheld are 280 €. Social security contributions made by employee are 5% while the ones done by the employer, represent 12%. Payment always takes place on the 28th of each month. What is the total amount of the monthly liabilities recorded by the company for this employee if the accounting entry is being recorded on the last day of the month? Select one: a. 1,400 b. 518 c. 350 d. I want to leave the question blank e. 238 If answered within 30mins, it would be great
Skint Limited has an opening bank balance of €1610 on 1 May. During May, the company makes sales of €100,000. Customers are allowed one month's credit (which is availed of by all customers). during April were worth €80,000. During May, Skint Limited incurred the following expenses: Wages & salaries €31389 Monthly rent of €30,000 which is paid annually in advance on 1 January of each year Depreciation of €15,000 Variable Overheads €11067 of which are paid as incurred; and Monthly insurance expenses of €4276 which are paid quarterly in February, May, August and November each year. What is the budgeted closing cash figure at 31 May? I
On December 15, the accounts receivable balance was $50,000 and the balance in the allowance for doubtful accounts was $5,000. That morning, a $1,000 uncollected account was written off. What is the net realizable value of accounts receivable immediately after the write-off? $49,000 $46,000 $44,000 $45,000
Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.