1. What amount should be reported as accounts receivable on December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,0002. What amount should be reported as allowance for doubtful accounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000 Problem 4-13 (IAA)Wonder Company provided the following transactionsaffecting accounts receivable during the current year:5,900,000Sales- cash and creditCash received from credit customers, all of whomtook advantage of the discount feature of thecredit terms 4/10,n/30Cash received from cash customersAccounts receivable written off as worthlessCredit memorandum issued to credit customersfor sales returns and allowancesCash refunds given to cash customers for salesreturns and allowancesRecoveries on accounts receivable written off asuncollectible in prior periods not included incash received from credit customers3,024,0002,100,00050,000250,00020,00080,000Balances on January 1Accounts receivableAllowance for doubtful accounts950,000100,000The entity provided for uncollectible accounts by creditingallowance for doubtful accounts in the amount of P70,000 forthe current year.1. What amount should be reported as accounts receivableon December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,0002. What amount should be reported as allowance for doubtfulaccounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000

Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…

. What amount should be reported as accounts receivable on December 31? a. 1,300,000 b. 1,426,000 c. 1,280,000 d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31? a. 120,000

. What amount should be reported as accounts receivable on December 31? a. 1,300,000 b. 1,426,000 c. 1,280,000 d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31? a. 120,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9E

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