Problem 1

The following information is from XYZ Companys first year of operations: Merchandise purchased $450,000 Ending merchandise inventory $123,000 Collections from customers $150,000

-All sales are on account and goods sell at 30% above cost. How much is the accounts receivable balance at the end of the Gummys first year of operations?

Problem 2 Smith Consulting reported the following information at the end of its first year of operations, December 31, 2020: Doubtful accounts expense for 2020 $271,000 Uncollectible accounts written off in 2020 $35,000 Net realizable value of accounts receivable $895,000

How much is the accounts receivable balance on December 31, 2020?

Problem 3 Hm Merchandises analysis and aging of its accounts receivable on December 31, 2020: Accounts receivable $460,000 Accounts estimated to be uncollectible (per aging) $95,000 Allowance per credit loss (unadjusted) $93,000

How much is the net realizable value of Maftas accounts receivable on December 31, 2020?

Problem 4 The following amounts are shown on the 2020 and 2019 financial statements of Barbie Services:

	2020	2019
Accounts Receivable December 31	360,000	470,000
Allowance for Doubtful accounts, December 31	?	10,000
Net Sales for the year	2,600,000	2,400,00
Cost of goods sold for the year	1,900,000	1,752,00

Addtl information: Accounts written off in 2020 amounted to P40,000, and doubtful accounts expense was P90,000. How much is the net realizable value of Barbie's accounts receivable on December 31, 2020?