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    Quizzer Ar

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    This document contains 7 problems related to accounting for receivables. Problem 1 asks about total trade receivables, amounts to present under current assets, and loss recognition. Problem 2 asks about percentages for bad debt allowance and required allowance and net realizable value. Problem 3 asks about adjusting entries, net income effects, actual sales amounts, and overstatements. Problem 4 asks about correcting receivable balances, allowance, and expense. Problem 5 asks about gain/loss reporting on receivables factoring, assignment, and discounting. Problem 6 asks about initial and carrying values of loans receivable. Problem 7 asks about carrying values, impairment loss, interest income, and correct carrying value.

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    Quizzer Ar

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    40 views7 pages
    This document contains 7 problems related to accounting for receivables. Problem 1 asks about total trade receivables, amounts to present under current assets, and loss recognition. Problem 2 asks about percentages for bad debt allowance and required allowance and net realizable value. Problem 3 asks about adjusting entries, net income effects, actual sales amounts, and overstatements. Problem 4 asks about correcting receivable balances, allowance, and expense. Problem 5 asks about gain/loss reporting on receivables factoring, assignment, and discounting. Problem 6 asks about initial and carrying values of loans receivable. Problem 7 asks about carrying values, impairment loss, interest income, and correct carrying value.

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    QUIZZER-AR

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    This document contains 7 problems related to accounting for receivables. Problem 1 asks about total trade receivables, amounts to present under current assets, and loss recognition. Problem 2 asks about percentages for bad debt allowance and required allowance and net realizable value. Problem 3 asks about adjusting entries, net income effects, actual sales amounts, and overstatements. Problem 4 asks about correcting receivable balances, allowance, and expense. Problem 5 asks about gain/loss reporting on receivables factoring, assignment, and discounting. Problem 6 asks about initial and carrying values of loans receivable. Problem 7 asks about carrying values, impairment loss, interest income, and correct carrying value.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    40 views7 pages

    Quizzer Ar

    Uploaded by

    XXXXXXXXXXXXXXXXXX
    This document contains 7 problems related to accounting for receivables. Problem 1 asks about total trade receivables, amounts to present under current assets, and loss recognition. Problem 2 asks about percentages for bad debt allowance and required allowance and net realizable value. Problem 3 asks about adjusting entries, net income effects, actual sales amounts, and overstatements. Problem 4 asks about correcting receivable balances, allowance, and expense. Problem 5 asks about gain/loss reporting on receivables factoring, assignment, and discounting. Problem 6 asks about initial and carrying values of loans receivable. Problem 7 asks about carrying values, impairment loss, interest income, and correct carrying value.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 7

    PROBLEM #1

    1. How much is the total trade receivables?


    2. How much is the amount to be presented as “trade and other receivables” under current
    assets?
    3. How much loss from receivable financing should be recognized in the income statements?

    PROBLEM#2

    1. What are the corresponding percentages to be used per age category in computing for the
    client’s require allowance for bad debts (expected credit losses)?
    2. The required allowance for bad debt expense is:
    3. The net realizable value of the company’s accounts receivable on December 31, 2020,
    should be:
    PROBLEM#3

    1. If the necessary adjusting journal entry is made regarding the case of Mr. Cruz, the net
    income will:
    2. The effect on 2020 net income of Lucrative Company of its failure to record CM involving
    transaction with Mr. Frias:
    3. The actual number of units sold to Mr. Lazo is:
    4. The overstatement of receivable from Mr. Lazo is:
    5. The accounts receivable from Mr. Sia is:
    6. The adjusting journal entry to correct the receivable from Mr. Yao is;
    PROBLEM #4
    1. What is the correct balance of the accounts receivable from Zinc Inc.?
    2.What is the correct balance of the accounts receivable from Vicor Corp.?
    3. What is the correct balance of the accounts receivable gross of any allowances as of December
    31?
    4. What is the correct allowance for bad debts as of December 31, 2020?
    5. What is the correct bad debt expense?

    PROBLEM#5
    1. How much should be reported as gain/loss in the income statement on the transfer of
    receivables on the factoring of receivable on March 1?
    2. How much should be reported as gain/loss in the income statement on the transfer of
    receivables on the assignment of receivable on May 1?
    3. What is the carrying value of the accounts receivable-assigned as of June 30?
    4. What is the carrying value of the loans payable related to the accounts receivable
    assigned as of June 30?
    5. How much should be reported as gain/loss in the income statement on the transfer of
    receivables on the discounting of the note receivable on July 1?

    PROBLEM#6
    1. What is initial carrying value of the loans receivables as of December 31, 2019?
    2. What is the net amount to be recognized in the profit or loss for 2020 in relation to the
    loan?
    3. What is the carrying value of the loans receivable as of December 31, 2021?
    4. What is the carrying value of the loans receivable as of December 31, 2022 after
    impairment recognition?
    PROBLEM#7

    1.What is the carrying value of the loans receivables as of December 31, 2020?
    2. What is the impairment loss to be recognized in the 2021 statement of comprehensive
    income?
    3.What is the interest income to be recognized in the 2023 statement of comprehensive
    income?
    4. What is the correct carrying value of the loans receivable as of December 31, 2023?

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