The December 31, 2019 statement of financial position of Help Company included the following information: P 598,000 (380,000) Notes receivable Less: NR discounted P 218,000 Accounts receivable Less: Allow. for D.A. Total receivables P2,240,000 ( 141,000) 2,099,000 P2,317,000 The following transactions occurred during 2020: P8,812,000 8,410,000 1. Sales on aCcount 2. Collections on accounts 3. Accounts receivable written off as 138,000 290,000 uncollectible Notes receivable collected Customer notes received in payment of accounts receivable Notes receivable discounted paid at maturity Notes receivable discounted 4. 5. 740,000 360,000 7. defaulted, including interest of P200 and a P100 fee. This amount is expected to be collected in 2021 Proceeds from customer notes discounted (face value P450,000, accrued interest income, P2,000) Collections on accounts previously written off Sales returns and allowances Required allowance for doubtful accounts based on impairment assessment at year end 20,300 8. 448,500 9. 10. 11. 5,000 20,000 12,000 6.
The December 31, 2019 statement of financial position of Help Company included the following information: P 598,000 (380,000) Notes receivable Less: NR discounted P 218,000 Accounts receivable Less: Allow. for D.A. Total receivables P2,240,000 ( 141,000) 2,099,000 P2,317,000 The following transactions occurred during 2020: P8,812,000 8,410,000 1. Sales on aCcount 2. Collections on accounts 3. Accounts receivable written off as 138,000 290,000 uncollectible Notes receivable collected Customer notes received in payment of accounts receivable Notes receivable discounted paid at maturity Notes receivable discounted 4. 5. 740,000 360,000 7. defaulted, including interest of P200 and a P100 fee. This amount is expected to be collected in 2021 Proceeds from customer notes discounted (face value P450,000, accrued interest income, P2,000) Collections on accounts previously written off Sales returns and allowances Required allowance for doubtful accounts based on impairment assessment at year end 20,300 8. 448,500 9. 10. 11. 5,000 20,000 12,000 6.
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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1. The loss from discounting of notes receivables is?
2. The adjusted balance of Accounts Receivable as of December 31, 2020 is?
3. The adjusted balance of Notes Receivable as of December 31, 2020 is?
4. The amount to be reported as trade and other receivables in the entity's
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