Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of December 31, 2020: Credit Balance in customers' accounts P120,000 Accounts Payable, net of debit balance from a supplier's account of P64,000 211,000 Stock dividends Payable 23,000 Note Payable, due 12/31/21 400,000 Note Payable, due 5/30/22 200,000 How much of the above amounts shall be reported as current liabilities as of December 31, 2020? a. P795,000 b. P667,000 c. P731,000 d. P818,000

Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of December 31, 2020: Credit Balance in customers' accounts P120,000 Accounts Payable, net of debit balance from a supplier's account of P64,000 211,000 Stock dividends Payable 23,000 Note Payable, due 12/31/21 400,000 Note Payable, due 5/30/22 200,000 How much of the above amounts shall be reported as current liabilities as of December 31, 2020? a. P795,000 b. P667,000 c. P731,000 d. P818,000

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 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
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