You were assigned to audit the Receivables of STUVWXYZ Corporation for the year ending December, 31, 2022. Following data are the transactions related to Receivables during 2022: (Balance of Trade Receivables January 1, 2022 is P250,000). Installment Receivable (customers provided post-dated checks; no entries were made on receipt of checks) P3,200,000 Interest Receivable on Bonds 68,200 Trade Accounts Receivable-Assigned 1,800,000 422,000 Subscription Receivable (due in 60 days) Collection from Trade Receivables 7,518,000 4,300,000 Advances to suppliers (to purchase raw materials) Advances to affiliated companies (to purchase computer equipment) 975,000 Sales by consignee on credit (per memo advice) Unpledged Trade Accounts Receivable 4,200,000 855,000 Purchased goods, FOB shipping point (goods arrived 12-23-2022) 4,590,000 Other Trade Receivables-Unassigned 6,545,000 750,000 Trade Receivables (estimated 85% collectible) Equipment sold on credit (in the warehouse for safekeeping per buyer's request) 1,928,000
You were assigned to audit the Receivables of STUVWXYZ Corporation for the year ending December, 31, 2022. Following data are the transactions related to Receivables during 2022: (Balance of Trade Receivables January 1, 2022 is P250,000). Installment Receivable (customers provided post-dated checks; no entries were made on receipt of checks) P3,200,000 Interest Receivable on Bonds 68,200 Trade Accounts Receivable-Assigned 1,800,000 422,000 Subscription Receivable (due in 60 days) Collection from Trade Receivables 7,518,000 4,300,000 Advances to suppliers (to purchase raw materials) Advances to affiliated companies (to purchase computer equipment) 975,000 Sales by consignee on credit (per memo advice) Unpledged Trade Accounts Receivable 4,200,000 855,000 Purchased goods, FOB shipping point (goods arrived 12-23-2022) 4,590,000 Other Trade Receivables-Unassigned 6,545,000 750,000 Trade Receivables (estimated 85% collectible) Equipment sold on credit (in the warehouse for safekeeping per buyer's request) 1,928,000
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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