How much should be presented as "Trade and other receivable" under current assets? On December 31, 20X8, the “Receivables" account of Apple Companyshows an amortized cost of P1,950,000. Subsidiary details show thefollowing: Trade accounts receivable, P725,000; Trade notes receivable,P100,000; installments receivable, normally due one (1) year to two (2)years, P300,000; Customers' accounts reporting credit balances arisingfrom sales returns, (P30,000); Advance payments for purchase ofmerchandise, P150,000; Customers' accounts reporting credit balancesarising from advance payments, (P20,000); Cash advances to subsidiary,P400,000, Claims from insurance company, P15,000; Subscriptionreceivable due in 180 days, P300,000; Accrued rent receivable, P10,00.How much should be presented as “trade and other receivables" undercurrent assets? *

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Description: How much should be presented as "Trade and other receivable" under current assets? On December 31, 20X8, the “Receivables" account of Apple Companyshows an amortized cost of P1,950,000. Subsidiary details show thefollowing: Trade accounts receivable,

Particulars Amount (P) Trade Receivables 725000 Trade Notes Receivables 100000 Less: Sales…

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How much should be presented as "Trade and other receivable" under current assets?

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 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On December 31, 20X8, the “Receivables” account of Apple Company shows an amortized cost of P1,950,000. Subsidiary details show the following: Trade accounts receivable, P725,000; Trade notes receivable, P100,000; installments receivable, normally due one (1) year to two (2) years, P300,000; Customers’ accounts reporting credit balances arising from sales returns, (P30,000); Advance payments for purchase of merchandise, P150,000; Customers’ accounts reporting credit balances arising from advance payments, (P20,000); Cash advances to subsidiary, P400,000, Claims from insurance company, P15,000; Subscription receivable due in 180 days, P300,000; Accrued rent receivable, P10,000. How much should be presented as “trade and other receivables” under current assets? a.P1,290,000 b.P1,600,000 c.P775,000 d. P1,125,000
On December 31, 20X8, the “Receivables” account of Apple Company shows an amortized cost of P1,950,000. Subsidiary details show the following: Trade accounts receivable, P725,000; Trade notes receivable, P100,000; installments receivable, normally due one (1) year to two (2) years, P300,000; Customers’ accounts reporting credit balances arising from sales returns, (P30,000); Advance payments for purchase of merchandise, P150,000; Customers’ accounts reporting credit balances arising from advance payments, (P20,000); Cash advances to subsidiary, P400,000, Claims from insurance company, P15,000; Subscription receivable due in 180 days, P300,000; Accrued rent receivable, P10,000. How much should be presented as “trade and other receivables” under current assets? a. P1,600,000 b. P775,000 c. P1,125,000 d. P1,290,000
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