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- An entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible accounts on December 31 per aging 300,000 What is the “amortized cost” of accounts receivable on December 31?b. Compute for the balance of the installment receivable at the a. Compute for the realized gross profit in each of the years 20x1 1. Ring Co. uses the "installment sales method." Information o PROBLEM 4: FOR CLASSROOM DISCUSSION Installment sales method Ring Co.'s sales and collections is as follows: 20x1 us 20x2 1,000,000 700,000 1,300,000 Installment sales 845,000 Cost of sales Collections: 500,000 * 300,000 - from 20x1 sales 650,000 - from 20x2 sales Requirements: and 20x2. b. Compute for the balance of the installment receivable at t. end of each of the years 20x1 and 20x2. c. Compute for the deferred gross profit at the end of each of the years 20x1 and 20x2.Cloudy Co. uses the installment sales method of accounting. Information on Cloudy's past operations follows: Installment sales Cost of sales Gross profit rate Installment accounts receivable, Dec 31: From 20x1 installment sales From 20x2 installment sales From 20x3 installment sales 390,000 20x1 300,000 210,000 30% 180,000 15. How much was the total realized gross profit in 20x3? a. 98,400 b. 79,500 c. 89,400 20x2 405,000 243,000 40% 16. How much was the gain (loss) in the repossession in 20x3? a. (690) b. 690 c. (750) 20x3 495,000 321,750 In 20x3, a customer defaulted. Accordingly, the merchandise with an estimated value of P15,000 was repossessed. The sale was made in 20x1 and the unpaid balance on the date of repossession was P22,500. 135,000 60,000 300,000 195,000 35% d. 94,500 d. 750
- You are provided with the following information:Sales for the year $400 000Discounts provided during the year to customers for early payment $10 000Doubtful debts expense for the year $5 000Opening balance of accounts receivable $90 000Closing balance of accounts receivable $80 000Opening balance of the provision for doubtful debts $9 000Closing balance of the provision for doubtful debts $8 000Cost of goods sold for the year $60 000Purchases for the year (on credit terms) $80 000Discounts received for early payment to suppliers $2 000Stock write-offs owing to water damage caused by melting ice inthe Antarctic$5 000HI5020 Corporate Accounting Tutorial Assignment T1 2021 Page 3 of 5Opening balance of trade creditors $40 000Closing balance of trade creditors $35 000Opening balance of inventory $10 000Closing balance of inventory $25 000Required:(a) Calculate the cash receipts from customers during the year. (3.5 marks)(b) Calculate the cash payments to suppliers during the year. (3.5…CASE 2 Rusty, Inc. reports gross profit on installment basis. The following data are available: 20X2 P500,000 362,500 137,500 20X1 20X3 Sales P480,000 360,000 120,000 P600,000 432,000 168,000 Cost of Sales Gross profit Cash Collections 150,000 95,000 From 20x1 Sales 90,000 145,000 160,000 125,000 From 20x2 Sales From 20x3 Sales Defaults 25,000 13,000 Unpaid balance of 20x1 installment contracts Value assigned to repossessed merchandise Unpaid balance of 20x2 installment contracts Value assigned to repossessed merchandise 30,000 12,000 32,000 18,000 REQUIRED: 3. Total realized gross profit before loss on repossession for 20x3 4. Loss on repossession for 20x3The following information was obtained from the books of accounts of Scooby, Inc. on August 30, 2010: P1,111,000 2,420,000 Deferred gross profit balance (After Adjustment) Total collections on installment sales Gross profit rate based on cost 25% Scooby, Inc. uses the installment method of accounting. What is Scooby's total installment sales for 2010?
- 24. Noreen Company provided the following information for 2020: Accounts receivable – January 1 Credit sales Collection from customers, excluding the recovery of accounts written off Accounts written off 2,000,000 10,000,000 8,000,000 100,000 500,000 Sales returns Recovery of accounts written off 50,000 150,000 Estimated future sales returns on December 31 Estimated uncollectible accounts on 300,000 December 31 per aging What is the "amortized cost" of accounts receivable on December 31, 2020? 3,400,000 3,100,000 2,950,000 2,900,000The data below are taken from the records of True Value Appliance Co. which sells appliances exclusively on installment basis: 2001 2002 2003 Installment sales Gross profit rate P365,500 36% P417,800 39% P610,750 40% The balance in the Installment Accounts Receivable controlling accounts at the beginning and end of 2003 were: January 1 P17,400 205,400 December 31 2001 P25,800 306,250 There was one repossession recorded during 2003. It related to 2002 sales. Thereafter, the repossessed appliance was sold for P200, which equaled the uncollected balance in 2002 2003 the customer's installment account receivable. 1. For the year ended December 31, 2003, the cost of goods sold for True Value Appliance Co. Amounted to? 2. The gross profit realized in 2003 on collections of 2001 and 2002 installment accounts receivable totaled? 3. In addition to above realized gross profit, there was also a gain from the sale of the repossessed appliance of?6) Brotherhood Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/21 1,300,000 Credit sales for 2022 5,400,000 4,750,000 125,000 Collections from customers for 2022, excluding recovery Accounts written off 9/30/22 Collection of accounts written off in prior year (customer credit was not reestablished) Estimated uncollectible receivable per aging of receivable at 12/31/22 25,000 165,000 On December 31, 2022, the amortized cost of accounts receivable is a. 1,825,000 b. 1,800,000 c. 1,635,000 d. 1,660,000
- 18. The following information pertains to Q Company: Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000 Notes receivable, P30,000 due in 12 months, P210,000 Advances to officers, due in 2 years, P20,000 Advances to suppliers, P10,000 Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000 Security deposit paid on a one-year lease contract, P6,000 Dividends receivable, P30,000 Determine the total current receivables. The correct answer is: 436,000 REQUIRED: Provide a step-by-step solution.Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?18. The following information pertains to Q Company: Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000 Notes receivable, P30,000 due in 12 months, P210,000 Advances to officers, due in 2 years, P20,000 Advances to suppliers, P10,000 Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000 Security deposit paid on a one-year lease contract, P6,000 Dividends receivable, P30,000 Determine the total current receivables. The correct answer is: 436,000