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Intermediate Accounting Vol 1 5

The document contains sample accounting questions about computing bad debts, determining the cash realizable value of accounts receivable, and calculating expected payment amounts based on credit terms. It provides multiple choice answers for three questions related to intermediate accounting topics.

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Alexa Lee
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17 views1 page

Intermediate Accounting Vol 1 5

The document contains sample accounting questions about computing bad debts, determining the cash realizable value of accounts receivable, and calculating expected payment amounts based on credit terms. It provides multiple choice answers for three questions related to intermediate accounting topics.

Uploaded by

Alexa Lee
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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INTERMEDIATE ACCOUNTING VOL 1

1. WINTER computes bad debts as a percent of accounts receivable. The ADA


account has a credit balance of ₱900. If an aging reveals that bad debts are
estimated at ₱3000, the bad debts adjustment should be in the amount of:

a. ₱2100

b. ₱3900

c. ₱3000

d. None of these

2. SPRING has Accounts Receivable of ₱100,000 and Allowance for


Doubtful Accounts of $5,000; its sales this year were ₱300,000. The cash
realizable value of the receivables is:

A. ₱200,000

B. ₱100,000

C. ₱95,000

D. None of these

3. On June 1, ₱800 of goods are sold with credit terms of 1/10, n/30. How much
should the seller expect to receive if the buyer pays on June 8?

A. ₱720

B. ₱784

C. ₱792

D. ₱800

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