Trade and Non-trade receivables The records of Wee Co. on Dec. 31, 20x1 show the following:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Trade and Non-trade receivables The records of Wee Co. on Dec. 31, 20x1 show the following: Accounts receivable, net of P15,000 credit balance in customers' accts. Allowance for uncollectible accounts Notes receivable (non-trade) - due on Dec. 31, 20x5 Claim for tax refund (approved by BIR and due on demand) Advances to affiliates (payment due date not yet agreed upon) Advances to officers (due in 6 months) Dividends receivable Selling price of unsold goods sent out on consignment at 140% of cost Security deposit on a long-term lease Total 158,000 (8,000) 180,000 12,000 900,000 180,000 220,000 28,000 30,000 1,700,000 Requirement: Compute for the correct amount of total receivables, with sub-classifications for the following: trade receivables, non- trade receivables, current receivable and non-current receivables. Trade and Non-trade receivables The records of Wee Co. on Dec. 31, 20x1 show the following: Accounts receivable, net of P15,000 credit balance in customers' accts. Allowance for uncollectible accounts Notes receivable (non-trade) - due on Dec. 31, 20x5 Claim for tax refund (approved by BIR and due on demand) Advances to affiliates (payment due date not yet agreed upon) Advances to officers (due in 6 months) Dividends receivable Selling price of unsold goods sent out on consignment at 140% of cost Security deposit on a long-term lease Total 158,000 (8,000) 180,000 12,000 900,000 180,000 220,000 28,000 30,000 1,700,000 Requirement: Compute for the correct amount of total receivables, with sub-classifications for the following: trade receivables, non- trade receivables, current receivable and non-current receivables.
Expert Answer:
Answer rating: 100% (QA)
To classify the receivables we need to understand their nature and terms of payment Trade Receivable... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
By applying modern technology to agriculture, the United States has become the most productive food-producing nation in the world. The secret to solving the world food security problem lies in...
-
Suppose you are given the following information. The beta of company, bi, is 0.9, the risk free rate, rRF, is 6.8%, and the expected market premium, rM-rRF, is 6.3%. Because your company is larger...
-
Find the area of triangle. Round answers to two decimal places. 8 4
-
You are considering purchasing shares of Microsap's stock. These shares just paid a dividend of $2.00 per share, and dividends are expected to grow at a rate of 15 percent per year for the next three...
-
Identify each of the following accounts of Advanced Services Co. as asset, liability, owners equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. a....
-
McDonald's operates fast-food restaurants worldwide. For June 2026, the company reports the following operating costs across its restaurants: Rent and Lease Expenses: $50 million Labor Costs: $100...
-
Compute P(E=Good) Compute P(S=Yes, H=Yes) Compute P(N=No, S=Yes, H=No, E=Good) (1) (2) (3) (4) (5) Compute P(E=Good|N=Yes) Compute P(E=Bad|S=No) P(N=Yes) P(N=No) 0.8 0.2 P(S=Yes) P(S=No) Party Last...
-
Westside Enterprises currently manufactures part LU-13, one of the component parts used to assemble the company's main product. Specialty Imports has offered to make part LU-13 for $12.50 per unit....
-
Assuming CAPM holds, we have: Stock A: E(r) = 9%, Standard Deviation = 10% Stock B: E(r) = 4%, SD = 8% Stock C: E(r) = 11%, SD = 14% Market: E(r) = 9%, SD = 10% T-Bills: E(r) = 4%, SD = 0 Which has...
-
Problem 1: Retirement Calculator Simple Retirement Calculator: Growth of annual investment over time horizon Write a program to ask the user to enter an initial investment, start_principal, in $, an...
-
Identify some forms of healthcare fraud, who are the offenders, and what should the government do to address this important issue.
-
Then, in your journal, reflect on your experience with the module tasks to address the following: What type of graph is appropriate for visually representing numerical data? Describe how you will...
-
The stall owner also sells Fruit Smoothies to take an advantage of its location at a top tourist destination. The following table shows the number smoothies sold in the previous two year:...
-
A bond has 10 years until maturity, a coupon rate of 7.9%, and sells for $1,110. Interest is paid annually. (Assume a face value of $1,000.) a. If the bond has a yield to maturity of 10.1% 1 year...
-
You work as an operations consultant for a textile company. Your client has a well-established distribution system in the US market. The company has hundreds of stores and four distribution centers....
-
Foreman Cleaners issued 800,000 of 10%, 20-year bonds on January 1, 2019, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1. Instructions Prepare the journal entries to...
-
Ludwick Steel SA, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2019. Annual rental payments of 40,000 are to be made at the beginning of each lease year...
-
Dillons Corporation made credit sales of $30,000 which are subject to 6% sales tax. The corporation also made cash sales which totaled $20,670 including the 6% sales tax. (a) Prepare the entry to...
-
I oppose continuous budgets because they provide a moving target. Managers never know what to aim at. Discuss.
-
Use a spreadsheet to develop a budget.
-
Understand the difficulties of sales forecasting and human behaviour problems in formulating and implementing budgets.
Study smarter with the SolutionInn App