AEXCELLENT Company reported on December 31, 2021 accounts receivable of P350,000 and allowance for doubtful...
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AEXCELLENT Company reported on December 31, 2021 accounts receivable of P350,000 and allowance for doubtful accounts of P7,000 before adjustments. The entity estimated that 5% of accounts receivable may prove uncollectible. How much should be reported as doubtful accounts expense for the year ended December 31, 2021? B. A TRUE Company is in the business of renting several apartment buildings and prepares monthly financial statements. It has been determined that 3 tenants in P70,000 per month apartments and one tenant in the P30,000 per month apartment had not paid their August rent as of August 31st. How much is the rent revenue that should be accrued on August 31? C. At the beginning of the year, the balance of Owner's Capital of RIGHT Company is P700,000 while Owner's Capital at year-end is P900,000. During the year the company has the following information: Sales of P1,400,000 Cost of sales of P800.000 Expenses of P250,000 How much is the owner's withdrawal during the year?
EXCELLENT Company reported on December 31, 2021 accounts receivable of
P350,000 and allowance for doubtful accounts of P7,000 before adjustments.
The entity estimated that 5% of accounts receivable may prove uncollectible.
How much should be reported as doubtful accounts expense for the year ended
December 31, 2021?
B.
A
TRUE Company is in the business of renting several apartment buildings and
prepares monthly financial statements. It has been determined that 3 tenants in
P70,000 per month apartments and one tenant in the P30,000 per month
apartment had not paid their August rent as of August 31st. How much is the
rent revenue that should be accrued on August 31?
C.
At the beginning of the year, the balance of Owner's Capital of RIGHT Company
is P700,000 while Owner's Capital at year-end is P900,000. During the year the
company has the following information:
Sales of P1,400,000
Cost of sales of P800.000
Expenses of P250,000
How much is the owner's withdrawal during the year?
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