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Problem 5-15 (AICPA Adapted) Castaway Company provided the following information for the current years Allowance for doubtful accounts - January 1 200,000 Sales-all on credit 9,500,000 Sales discount 1.000.000 Sales returns and allowances 500,000 Accounts written off as uncollectible 100.000 Recovery of accounts written off 50,000 The entity recorded doubtful accounts expense at the rate of 5% of net credit sales. What amount should be reported as allowance for doubtful accounts on December 31? a. 450,000 b. 625,000 e. 600,000 d. 550,000 Problem 5-10 (IAA) Gruesome Company provided the following information for the current year: Allowance for doubtful accounts on January 1 200,000 Credit sales 5,000,000 Accounts receivable deemed worthless and written off 300,000 As a result of a review and aging of accounts receivable, it has been determined that an allowance for doubtful accounts of P400,000 is needed on December 31 What amount should be recorded as doubtful accounts expense for the current year? a. 400,000 b. 300,000 e. 500,000 d. 700,000 Problem 5-11 (AICPA Adapted) Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Estimated outstanding Amount Uncollectible 0 - 60 1,200,000 1% 61 - 120 900,000 2% Over 120 1,000,000 6% 3.100,000 Problem 5-16 (AICPA Adapted) Effective with the current year, Fateful Company adopted a new accounting method for estimating the allowance for doubtful accounts at the amount indicated by the year-end aging of accounts receivable. Allowance for doubtful accounts, January 1 250,000 Provision for doubtful necounts during the year (2% on credit sales of P10,000,000) 200,000 Accounts written off during the year 205,000 Estimated uncollectible accounts per aging, December 31 220,000 What amount should be reported no doubtful accounts expense for the current year? a. 220,000 b. 205,000 e. 200,000 d. 175,000 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 P80,000 Under the aging method, what amount of uncollectible accounts expense should be reported for the current year? a. 90,000 b. 80,000 c. 70,000 d. 60,000 Problem 5-12 (AICPA Adapted) Delta Company sold goods to wholesalers on terms 2/15, net 30. The entity had no cash sales but 50% of the customers took advantage of the discount. The entity used the gross method of recording sales and accounts receivable. An analysis of the trade accounts receivable at year-end revealed the following: Age Amount Collectible 0-15 days 2,000,000 100% 16 - 30 days 1,400,000 95% 31 - 60 days 400,000 90% Over 60 days 200,000 50% 4,000,000 Problem 4-10 (AICPA Adapted) Rapture Company had the following information for the current year relating to accounts receivable: Accounts receivable, January 1 1,300,000 Credit sales 5.400,000 Collections from customers, excluding recovery 4,750,000 Accounts written off 125,000 Collection of accounts written off in prior year, customer credit was not reestablished 25,000 Estimated uncollectible receivables per aging at December 31 165,000 What is the balance of accounts receivable before allowance for doubtful accounts on December 31? 1. What amount should be reported as allowance for sales discount at year-end? a. 20,000 b. 32,400 c. 33,500 d. 40,000 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000 Problem 4-11 (PHILCPA Adapted) At year-end, Harem Company reported accounts receivable of P8,200,000 with the following analysis Accounts known to be worthless 100,000 Advance payments on purchase orders 400,000 Advance to subsidiary 1,000,000 Customers' accounts reporting credit balances arising from sales returns (600,000) Trade accounts receivable 3,500,000 Subscription receivable due in 30 days 2,200,000 Trade installmente receivable due 1 - 18 months, including uneared finance charge of P50,000 850,000 Trade accounts receivable from officers, due currently 150,000 Trade accounts on which poutdated checks are held and no entries were made on receipt of checks 200,000 2. What amount should be reported as allowance for doubtful accounts at year-end? a. 230,000 b. 210,000 c. 190,000 d. 200,000 3. What is the net realizable value of accounts receivable at year-end? a 4,000,000 b. 3,750,000 c. 3,770,000 d. 3,790,000 What is the correct balance of trade accounts receivable? a. 4,650,000 b. 4,700,000 c. 4,150,000 d. 4,060,000 Problem 4-12 (IAA) Von Company provided the following data for the current year in relation to accounts receivable: Debits January 1 balance after deducting credit balance P30,000 530,000 Charge sales 5,250,000 Charge for goods out on consignment 50,000 Shareholders' subscriptions 1,000,000 Accounts written off but recovered 10,000 Cash paid to customer for January 1 credit balance 25,000 Goods shipped to cover January 1 credit balance 5,000 Deposit on long-term contract 500,000 Claim against common carrier 400,000 Advances to supplier 300,000 Credits Collections from customers, including overpayment of P50,000 5,200,000 Writeoff 35,000 Merchandise returns 25,000 Allowances to customers for shipping damages 15,000 Collection on carrier claim 50,000 Collection on subscription 200,000 1. What amount should be reported as accounts receivable on December 31? a. 565,000 b. 595,000 c. 545,000 d. 495,000 2. What total amount of trade and other receivables should be reported under current assets? a. 1,745,000 b. 2,045,000 c. 1,245,000 d. 1,195,000 3. What total amount of other receivables should be reported under noncurrent assets? a. 1,650,000 b. 1,150,000 c. 1,300,000 d. 1,600,000 Problem 4-8 (AICPA Adapted) Valiant Company reported the following analysis of current receivables at year-end: Trade accounts receivable 2,000,000 Allowance for doubtful accounts (100,000) Claim against shipper for goods lost in transit in November 300,000 Selling price of unsold goods sent by Valiant on consignment at 150% of cost and not included in ending inventory 600,000 Security deposit on lease of warehouse 200,000 Total 3,000,000 What total amount should be reported as current trade and other receivables? a. 2,200,000 b. 2,400,000 c. 2,300,000 d. 3,000,000 Problem 4-9 (AICPA Adapted) Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 1,300,000 Credit sales 5,500,000 Sales return 150,000 Accounts written off 100,000 Collections from customers 5,000,000 Estimated future sales return on December 31 50,000 Estimated uncollectible accounts per aging at year-end 250,000 What amount should be reported as net realizable value of accounts receivable on December 31? a. 1,550,000 b. 1,250,000 c. 1,300,000 d. 1,500,000 Problem 6-11 (IAA) Persevere Company is a dealer in equipment. On December 31, 2020, the entity sold an equipment in exchange for a noninterest bearing note requiring five annual payments of P500,000. The first payment was made on December 31, 2021. The market interest rate for similar notes was 8%. PV of 1 at 8% for 5 periode 0.68 PV of an ordinary annuity of 1 at 8% for 5 perioda 3.99 1. On December 31, 2020, what is the carrying amount of note receivable? Problem 6-12 (AICPA Adapted) On December 31, 2020, Precious Company sold an equipment with carrying amount of P2,000,000 and received a noninterest-bearing note requiring payment of P500,000 annually for ten years. The first payment is due December 31, 2021. The prevailing rate of interest for this type of note at date of issuance is 12%. Present value of 1 at 12% for 10 periods 0.322 Present value of ordinary annuity of 1 at 12% for 10 periods 5.650 a. 2,500,000 b. 1,995,000 c. 1,700,000 d. 1.495,000 2. What amount of interest income should be reported for 2021? 1. On December 31, 2020, what is the carrying amount of the note receivable? a. 5,000,000 b. 2,175,000 c. 1,610,000 d. 2,825,000 2. What is the gain on sale of equipment to be recognized in 2020? a. 3,000,000 b. 2,175,000 e. 825,000 d. 0 a. 605,000 b. 101,000 c. 159,600 d. 119,600 3. What is the carrying amount of the note receivable on December 31, 2021? a. 1,654,600 b. 2,154,000 c. 2000,000 d. 1,495,000 4. What amount of interest income should be reported for 20222 3. What amount of interest income should be recognized for 2021? a. 600.000 b. 339,000 c. 319,800 d. 300,000 4. What is the carrying amount of the note receivable on December 31, 2021? a. 2,325,000 b. 4,500,000 c. 2,825,000 d. 2,664,000 a 132,368 b. 172,368 c. 160,000 d. 200,000 182 13