Assignment: Receivables MCQ

4-10
Trade account receivable 2, 000, 000
Allowance for doubtful accounts (100, 000)
Claims against shipper 300, 000
2, 200, 000
4-11

Account receivable Jan 1 650, 000

Credit sales 3, 000, 000
Sales return (75, 000)
accounts written off (40, 000)
Collections from customer (2, 150, 000)
Estimated future sales (50, 000)
Estimated uncollectible accounts (110, 000)
Realizable value 1, 225, 000

4-12
Accounts receivable Jan 1 1, 300, 000
Credit Sales 5, 400, 000
Collections from customers (4, 750, 000)
Collection of account written off25, 000
Accounts written off (125, 000)
1, 825, 000

4-13
Trade accounts receivable 3, 500, 000
Trade installment receivable (850, 000 – 50, 000) 800, 000
Account receivable from officers 150, 000
Trade accounts on Post dated checks 200, 000
4, 650, 000
4-14
Inventory January 1 4, 800, 000
Purchases 800, 000
Goods available for sale 12, 800, 000
Inventory Dec 31 (4, 400, 000)
Cost of Goods sold 8, 400, 000
Gross margin on sales 4, 200, 000
Gross sales 12, 600, 000
Cash Sales (2, 000,000)
Credit Sales 10, 600, 000
Account receivable Jan 1 4, 000,000
Total 14, 600, 000
A/R collected (8, 400, 000)
A/R Dec 31 6, 200, 000