PLEASE ANSWER AND CHOOSE THE CORRECT ANSWER FOR THIS 3 GIVEN PROBLEMS.
What is the balance of accounts receivable on December 31, 2011? * Von Company provided the following data for 2011 in relation to its accounts receivable: Debits January 1 balance after deducting credit balance of P30,000 Charge sales 530,000 Charge for goods out on consignment 5,250,000 Shareholders' subscriptions 50,000 Accounts written off but recovered 200,000 Cash paid to customer for January 1 credit balance 10,000 25,000 Goods shipped to cover January 1 credit balance Deposit on contract 5,000 120,000 Claim against common carrier Advances to supplier 15,000 155,000 Credits Collections from customer, 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 camer claim 10,000 Collection on subscription 50,000 What is the balance of accounts receivable on December 31, 2011? 545,000 O 495,000 O 565,000 O 595,000What is the balance of accounts receivable on December 31, 2011? The following transactions affecting the accounts receivable of Wonder Company took place during the year ended December 31, 2011: Sales (cash and credit) Cash received from credit customers, all of whom took 5,900,090 advantage of the discount feature of the company's credit terms 4/10, n/30 Cash received from cash customers 3,024,000 Accounts receivable written off as worthless 2,100,000 50,000 Credit memorandum issued to credit customers for sales returns and allowances 250,000 Cash refunds given to cash customers for sales returns and allowances 20,000 Recoveries on accounts receivable written off as uncollectible in prior periods (not included in cash amount stated above) 80.000 The following balances were taken from the January 1, 2011 statement of financial position Accounts receivable 950.000 Allowance for doubtful accounts 100.000 The entity provided for uncollectible account losses by crediting allowance for doubtful accounts in the amount of P70,000 for the current year. What is the balance of accounts receivable on December 31, 2011? O 1,280,000 1,220,000 1,300,000 1,426,000What is the correct amount of inventory? * Deling Company is a wholesale distributor of automotive replacement parts. Initial amounts taken from accounting records on December 31, 2012 are as follows: Inventory on December 31 based on physical count Accounts payable 1,250,000 Sales 1,000,000 9.000,000 A. Parts held on consignment from another entity to Deling, the consignee, amounting to P165,000, were included in the physical count on December 31, 2012, and in accounts payable on December 31, 2012. B P20,000 of parts which were purchased and paid for in December 2012, were sold in the last week of 2012 and appropriately recorded as sales of P28,000. The parts were included in the physical count on December 31, 2012 because the parts were on the loading dock waiting to be picked up by the customer. C. Parts in transit on December 31, 2012 to customers, shipped FOB shipping point on December 28, 2012, amounted to P34,000. The customers received the parts on January 6, 2013. Sales of P40,000 to the customers for the parts were recorded by Deling on January 2, 2013. D. Retailers were holding P210,000 at cost and P250,000 at retail, of goods on consignment from Deling, at their stores on December 31, 2012. E. Goods were in transit from a vendor to Deling on December 31, 2012. The cost of goods was P25,000. The goods were shipped FOB shipping point on December 29, 2012. What is the correct amount of inventory? 1,334,000 1,090,000 1,300,000 1 320,000
