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Problem 5-15 (AICPA Adapted) Castaway Company provided the following information for the current year. Allowance for doubtful acoounts - January 1 Sales - all on eredit Sales discount Sales roturna and allowanoes Acoxunts written off as uncollectible Recovery of acoounts written off Problem 5-10 (IAA) Gruesome Company provided the following information for the current year: Allowance for doubeful accounts on January 1 Credit sales Accounts receivable deemeu worthless and written off \[ \begin{array}{r} 200,000 \\ 5,000,000 \\ 300,000 \end{array} \] As a result of a review and aging of acoounts receivable, it has been determined that an allowance for doubtful acoounts of $\mathrm{P} 400,000$ is needed on December 31. What amount should be recorded as doubtful accounts expense for the current year? a. 400,000 b. 300,000 c. 500,000 d. 700,000 Problem 5-11 (AICPA Adapted) Tantrum Company provided the following information in relation to accounts receivable at year-end: $\begin{array}{ccc}\begin{array}{c}\text { Days } \\ \text { outstanding }\end{array} & \begin{array}{c}\text { Estimated } \\ \text { Amount }\end{array} & \text { NUneollectible } \\ 0-60 & 1,200,000 & 1 \% \\ 61-120 & 900,000 & 2 \% \\ \text { Over } 120 & \underline{1,000,000} & 6 \% \\ & \underline{3,100,000} & \end{array}$ During the current year, the entity wrote off P70,000 in aceounts receivable and recovered $\mathrm{P} 20,000$ that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P 60,000 . Under the aging method, what amount of uncollectible accounts expense should be reported for the current year? a. 90,000 b. 80,000 c. 70,000 d. 60,000

Problem 5-12 (AICPA Adapted) Delta Company sold goods to wholesalers on terms $2 / 15$, net 30 . The entity had no cash sales but $50 \%$ of the customers took advantage of the discount. The entity used the gross method of recording sales and accounts receivable. An analysis of the trade accounts receivable at year-end revealed the following: \[ \begin{array}{rrc} \text { Age } & \text { Amount } & \text { Collectible } \\ 0-15 \text { days } & 2,000,000 & 100 \% \\ 16-30 \text { days } & 1,400,000 & 95 \% \\ 31-60 \text { days } & 400,000 & 90 \% \\ \text { Over } 60 \text { days } & 200,000 & 50 \% \\ & \underline{4,000,000} & \end{array} \] 1. What amount should be reported as allowance for sales discount at year-end? a. 20,000 b. 32,400 c. 33,500 d. 40,000 2. What amount should be reported as allowance for doubtful accounts at year-end? a. 230,000 b. 210,000 c. 190,000 d. 200,000 3. What is the net realizable value of acoounts receivable at year-end? a. $4,000,000$ b. $3,750,000$ c. $3,770,000$ d. $3,790,000$ Problem 4-10 (AICPA Adapted) Rapture Company had the following information for the current year relating to acoounts receivable: Acoounts receivable, January 1 Cnedit eales Collections from customers, excluding recovery Acoounts written off Collection of acoounts written off in prior year, customer credit was not reeatabliahed Estimated uncollectible roceivables per aging at December 31 $1,300,000$ $5,400,000$ $4,750,000$ 125,000 25,000 165,000 What is the balance of acoounts receivable before allowance for doubtful accounts on December 31? a. $1,825,000$ b. $1,850,000$ c. $1,950,000$ d. $1,990,000$ Problem 4-11 (PHILCPA Adapted) At year-end, Harem Company reported accounts receivable of P8,200,000 with the following analysis: Acoounta known to be worthlesa Advaace payments on purchase orders Advanoes to eubeidiary Customers' accounta reporting credit balances arising from sales returns Trade accounts receivable Subecription receivable due in 30 days Trade installmente receivable due $1-18$ months, including uneamed finance charge of $\mathrm{P} 30,000$ Trade accounts receivable from officers, due currently Trade accounts on which poetdated checke are held and no entries were made on receipt of checks \[ \begin{array}{r} 100,000 \\ 400,000 \\ 1,000,000 \\ (600,000) \\ 3,500,000 \\ 2,200,000 \\ 850,000 \\ 150,000 \\ 200,000 \end{array} \] $(600,000)$ $3,500,000$ $2,200,000$ 850,000 150,000 200,000 What is the correct balance of trade accounts receivable? a. $4,650,000$ b. $4,700,000$ c. $4,150,000$ d. $4,060,000$

Problem 4-12 (IAA) Von Company provided the following data for the current year in relation to accounts receivable: Debits $\begin{array}{lr}\text { January 1 balance after deducting credit balance P30,000 } & 530,000 \\ \text { Charge sales } & 5,250,000 \\ \text { Charge for goods out on consignment } & 50,000 \\ \text { Shareholders' subscriptions } & 1,000,000 \\ \text { Accounts written off but recovered } & 10,000 \\ \text { Cash paid to customer for January 1 credit balance } & 25,000 \\ \text { Goods shipped to cover January 1 credit balance } & 5,000 \\ \text { Deposit on long-term contract } & 500,000 \\ \text { Claim against common carrier } & 400,000 \\ \text { Advances to supplier } & 300,000\end{array}$ Credits Collections from customers, including overpayment of P50,000 Writeoff Merchandise returns Allowances to customers for shipping damages Collection on carrier claim Collection on subscription $5,200,000$ 35,000 25,000 15,000 50,000 200,000 1. What amount should be reported as accounts receivable on December 31 ? a. 565,000 b. 595,000 c. 545,000 d. 495,000 2. What total amount of trade and other receivables should be reported under current assets? a. $1,745,000$ b. $2,045,000$ c. $1,245,000$ d. $1,195,000$ 3. What total amount of other receivables should be reported under noncurrent assets? a. $1,650,000$ b. $1,150,000$ c. $1,300,000$ d. $1,600,000$

Problem 4-8 (AICPA Adapted) Valiant Company reported the following analysis of current receivables at year-end: Trade accounts receivable Allowance for doubtful accounts Claim against shipper for goods lost in transit in November Selling price of unsold goods sent by Valiant on consignment at $150 \%$ of cost and not included in ending inventory Security deposit on lease of warehouse Total $\begin{array}{r}2,000,000 \\ (100,000) \\ 300,000 \\ 600,000 \\ 200,000 \\ \hline 3,000,000 \\ \hline\end{array}$ 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. $3,000,000$ Problem 4-9 (AICPA Adapted) Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 Credit sales Sales return Accounts written off Collections from customers Estimated future sales return on December 31 Estimated uncollectible accounts per aging at year-end \[ \begin{array}{r} 1,300,000 \\ 5,500,000 \\ 150,000 \\ 100,000 \\ 5,000,000 \\ 50,000 \\ 250,000 \end{array} \] 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. $1,500,000$

Problem 6-11 (IAA) Persevere Company is a dealer in equipment. On December 31,2020 , the entity sold an equipment in exchange for a noninterest bearing note requiring five annual payments of P500,000. The first payment was made on December 31, 2021. The market interest rate for similar notes was $8 \%$. PV of 1 at $8 \%$ for 5 periods PV of an ordinary annuity of 1 at $8 \%$ for 5 periods 0.68 1. On December 31,2020 , what is the carrying amount of note receivable? a. $2,500,000$ b. $1,995,000$ c. $1,700,000$ d. $1,495,000$ 2. What amount of interest income should be reported for 2021 ? a. 505,000 b. 101,000 c. 159,600 d. 119,600 3. What is the carrying amount of the note receivable on December 31 , 2021? a. $1,654,600$ b. $2,154,600$ c. 2000,000 d. $1,495,000$ 4. What amount of interest income should be reported for 2022 ? a. 132,368 b. 172,368 c. 160,000 d. 200,000 Problem 6-12 (AICPA Adapted) On Devember 31, 2020, Precious Company sold an equipment with carrying amount of P2,000,000 and received a noninterest-bearing note requiring payment of P500,000 annually for ten years. The first payment is due December $31,2021$. The prevailing rate of interest for this type of note at date of issuance is $12 \%$. Present value of 1 at $12 \%$ for 10 periods 0.322 Present value of ordinary annuity of 1 at $12 \%$ for 10 periods 5.650 1. On December 31, 2020, what is the carrying amount of the note receivable? a. $5,000,000$ b. $2,175,000$ c. $1,610,000$ d. $2,825,000$ 2. What is the gain on sale of equipment to be recognized in 2020 ? a. $3,000,000$ b. $2,175,000$ c. 825,000 d. 0 3. What amount of interest income should be recognized for 2021 ? a. 600,000 b. 339,000 c. 319,800 d. 300,000 4. What is the carrying amount of the note receivable on December 31, 2021? a. $2,325,000$ b. $4,500,000$ c. $2,825,000$ d. $2,664,000$ 182