User Account

All Pages

How much must be presented as trade and other receivables

Assignment Help Accounting Basics
Reference no: EM132571501

Question - On December 31, 2017, the "Receivables" account of ABC Company shows P1, 950, 000. Details of the subsidiary ledger show the following:

Trade accounts receivable P775, 000

Trade notes receivable 100, 000

Trade installment receivable, normally due one to two years 300, 000

Customer's accounts reporting credit balances arising from sales returns 30, 000

Advance payments for purchase of merchandise 150, 000

Customers' accounts reporting credit balances arising from advance payments 20, 000

Cash advance to subsidiary 400, 000

Claims from insurance company 15,000

Subscription receivable due in 60 days 300, 000

Accrued interest receivable 10, 000

Required - How much must be presented as "trade and other receivables" under current assets?

a. P1, 650,000

b. P1, 290,000

c. Answer not given

d. P1, 125,000

e. P725, 000

Reference no: EM132571501

Questions Cloud

What is the nature of the dividend decision : What is the nature of the dividend decision that Swenson must make?
Analysis of injuries related to musculoskeletal disorders : Based on your recent analysis of injuries related to musculoskeletal disorders (MSDs) at the CSU Widget Factory,
What is the fixed manufacturing overhead allocation rate : What is the fixed manufacturing overhead allocation rate (to the nearest cent)? During January, Jone Company actually used 1,100 machine hours to make 410 chair
What is the value of retirement plan after 45 years : Given a 9 percent interest rate, what is the value of your retirement plan after 45 years?
How much must be presented as trade and other receivables : Subscription receivable due in 60 days 300, 000. How much must be presented as "trade and other receivables" under current assets
Calculate the retrenchment benefits that he entitled to get : Can employer use financial difficulties as a reason for retrenchment?
Tietenberg and lewis looks at climate change : Tietenberg and Lewis looks at climate change, the most important environmental issue of our time.
Earth can support human population : Do you believe the Earth can support a human population of 8-10 billion sufficiently to provide a decent standard of living to them all. Why or why not?
Find what is the variable overhead cost variance : Find What is the variable overhead cost variance? The company spent $11,130 in variable manufacturing overhead costs and $9,100 in fixed manufacturing

Reviews

Write a Review

Accounting Basics Questions & Answers

  Is the applied overhead over or under absorbed

If actual production overhead costs incurred in May were $10,900, calculate the applied overhead for the month. Is the applied overhead over or under absorbed?

  Compute allowable general business credit for the year

His net regular tax liability beforethe general business credit is $95,000, and his tentative minimumtax is $82,000. Compute Earl's allowable general businesscredit for the year.

  Calculate the total price and quantity labour variances

Albot Company's standard labour cost per unit of output is $28.09 (2.05 hours × $13.70 per hour). Calculate the total price and quantity labour variances

  Issues of management, leadership, and team collaboration

This paper will demonstrate your understanding of the key concepts at the core of good project management practices covered throughout this course. Your paper should be based on a project (either theoretical or an actual project) and how issues of..

  Prepare an august 31 trial balance for pose for pics

Prepare an August 31 trial balance for Pose for Pics. Begin by opening these T-accounts:

  What will be total net income if the line is dropped

Assume none of the fixed expenses for the Basic line are avoidable. What will be total net income if the line is dropped?

  Compute the total cost function and total cost for the month

Account Analysis Heavenly Computers is a company started by two engineering students to assemble and market personal computers to faculty and students.

  The selling price column

Hulse's sales journal for January shows a total of $110,000 in the selling price column, and its one-column purchases journal for January shows a total of $77,000.

  Describes the seven steps of tax preparation

Describes the seven steps of tax preparation. Describes measures that the new accountants could take to minimize the ethical issues

  Andres photo store a manufacturing firm started operations

andres photo store a manufacturing firm started operations on january 1 2008. on that date the only assets were cash of

  How will net profit be affected by change in selling price

University believes increasing its price to $27 will cause its sales volume to drop by 5 percent, how will net profit be affected by the change in selling price

  Determine total cost transferred to finished goods inventory

Determine total cost transferred to finished goods inventory,the cost that should be assigned to Alpha' work in process inventory at the end of October 2017

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd