Answer the problem below and show the solution

1.Dreamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end.

The allowance for doubtful accounts had a credit balance of P500,000 on the same date.

Subsidiary details reveal the following:

Trade accounts receivable

775,000

Trade notes receivable

100,000

Installments receivable, normally due 1 year to two years

300,000

Customers' account reporting credit balance arising from sales return

(30,000)

Advance payments for purchase of merchandise

150,000

Customers' accounts reporting credit balances arising from advance payments

(20,000)

Cash advance to subsidiary

400,000

Claim from insurance entity

15,000

Subscriptions receivable due in 60 days

300,000

Accrued interest receivable

10,000

Compute the amount presented as "trade and other receivables" under current assets.

2.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

3.Jinx Corporation 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