1.Rapture Company had the following information for the current year relating to accountsreceivable:

Accounts receivable, January 11,300,000

Credit sales5,400,000

Collections from customers, excluding recovery4,750,000

Accounts written off125,000

Collection of accounts written off in prior year,

customer credit was not reestablished25,000

Estimated uncollectible receivables per aging

at December 31165,000

What is the balance of accounts receivable before allowance for doubtful accounts onDecember 31?

2.Jinx Company provided the following information for the current year in relation toaccounts receivable:

Accounts receivable, January 11,300,000

Credit sales5,500,000

Sales return 150,000

Accounts written off 100,000

Collections from customers 5,000,000

Estimated future sales return on December 3150,000

Estimated uncollectible accounts per aging at year-end250,000

What amount should be reported as net realizable value of accounts receivable onDecember 31?

3.At year-end, Harem Company reported accounts receivable of P8,200,000 with the followinganalysis:

Accounts known to be worthless 100,000

Advance payments on purchase orders400,000

Advances to subsidiary1,000,000

Customers' accounts reporting credit balances arising

from sales returns(600,000)

Trade accounts receivable3,500,000

Subscription receivable due in 30 days2,000,000

Trade installments receivable due 1 18 months,

including unearned finance charge of P50,000850,000

Trade accounts receivable from officers, due currently150,000

Trade accounts on which postdated checks are held and

no entries were made on receipt of checks200,000

What is the correct balance of trade accounts receivable?

4.Gruesome Company provided the following information for the current year:

Allowance for doubtful accounts on January 1200,000

Credit sales5,000,000

Accounts receivable deemed worthless and written off300,000

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?

5.Namesake Company reported the following unadjusted balances at year-end:

DebitCredit

Accounts receivable3,000,000

Allowance for doubtful accounts10,000

Net credit sales8,000,000

The entity estimated that 3% of the gross accounts receivable would become uncollectible.

What amount should be, reported as doubtful accounts expense for the current year?

6.Bestial Company reported the following accounts at year-end before adjustments:

Debit Credit

Allowance for doubtful accounts 5,000

Sales7,200,000

Sales return 200,000

The entity estimated uncollectible accounts receivable at 2% of net sales.

What amount of doubtful accounts expense should be reported for the current year?

7.Castaway Company provided the following information for the current year:

Allowance for doubtful accounts January 1 200,000

Sales all on credit9,500,000

Sales discount1,000,000

Sales returns and allowances500,000

Accounts written off as uncollectible100,000

Recovery of accounts written off50,000

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?8. On January 1, 2020, Savage Company sold goods to another entity. The buyer signed anoninterest-bearing note requiring payment of P600, 000 annually for seven years. Thefirst payment was made on January 1, 2020.

The prevailing rate of interest for this type of note at date of issuance was 10%.

PeriodsPresent value of 1 at 10%Present value of ordinary annuity of 1 at 10%

6.564.36

7.514.87

What amount should be reported as sales revenue?

9. On December 31, 2020, Humility Company sold a machine to another entity in exchange for a noninterest-bearing note requiring ten annual payments of P500,000. The buyer made the first payment on December 31, 2020.

The market interest rate for similar notes at date of issuance was 8%.

PeriodPresent value of 1 at 8%Present value of ordinary annuity of 1 at 8%

90.50 6.25

100.46 6.71

On December 31, 2020, what is the carrying amount of note receivable?