On December 31, 2023, the accounts receivable control account of Strawhat Company had a balance of...

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On December 31, 2023, the accounts receivable control account of Strawhat Company had a balance of P2,865,000. An analysis of the accounts receivable account showed the following: Accounts known to be worthless P 37,500 Advance payments to creditors on purchase orders 150,000 Advances to affiliated companies 375,000 Customers' accounts reporting credit balances arising from sales (225,000) return Interest receivable on bonds 150,000 Other trade accounts receivable - unassigned 750,000 Subscriptions receivable due in 30 days 825,000 Trade accounts receivable - assigned (Strawhat company's 375,000 equity in assigned accounts is P150,000) Trade installment receivable due 1-18 months, including 330,000 unearned finance charges of P30,000 Trade receivables from officers due currently 22,500 Trade accounts on which post-dated checks are held (no entries were made on receipts of checks) 75,000 P 2,865,000 Questions: Based on the information found above, determine the adjusted balances of the following: 1. The trade accounts receivable as of December 31, 2023: a. P 1,147,500 b. P 1,522,500 c. P 1,485,000 d. P 1,447,500 2. The net current trade and other receivables as of December 31, 2023: a. P 1,147,500 b. P 1,522,500 c. P 1,485,000 d. P 1,447,500 3. How much of the foregoing will be presented under noncurrent assets as of December 31, 2023? a. P 1,200,000 b. P 375,000 c. P 525,000 d. PO *for the Trade accounts receivable-assigned item: WHOLE 375,000 SHOULD BE INCLUDED IN THE COMPUTATION FOR THE TRADE ACCOUNTS RECEIVABLE. This was not yet discussed but assignment is where a company borrows cash from the bank or any lending entity, and for the collateral, the A/R of the company is pledged. For that, no entry is necessary, but disclosure should be made in the notes to FS regarding the assignemtn. On December 31, 2023, the accounts receivable control account of Strawhat Company had a balance of P2,865,000. An analysis of the accounts receivable account showed the following: Accounts known to be worthless P 37,500 Advance payments to creditors on purchase orders 150,000 Advances to affiliated companies 375,000 Customers' accounts reporting credit balances arising from sales (225,000) return Interest receivable on bonds 150,000 Other trade accounts receivable - unassigned 750,000 Subscriptions receivable due in 30 days 825,000 Trade accounts receivable - assigned (Strawhat company's 375,000 equity in assigned accounts is P150,000) Trade installment receivable due 1-18 months, including 330,000 unearned finance charges of P30,000 Trade receivables from officers due currently 22,500 Trade accounts on which post-dated checks are held (no entries were made on receipts of checks) 75,000 P 2,865,000 Questions: Based on the information found above, determine the adjusted balances of the following: 1. The trade accounts receivable as of December 31, 2023: a. P 1,147,500 b. P 1,522,500 c. P 1,485,000 d. P 1,447,500 2. The net current trade and other receivables as of December 31, 2023: a. P 1,147,500 b. P 1,522,500 c. P 1,485,000 d. P 1,447,500 3. How much of the foregoing will be presented under noncurrent assets as of December 31, 2023? a. P 1,200,000 b. P 375,000 c. P 525,000 d. PO *for the Trade accounts receivable-assigned item: WHOLE 375,000 SHOULD BE INCLUDED IN THE COMPUTATION FOR THE TRADE ACCOUNTS RECEIVABLE. This was not yet discussed but assignment is where a company borrows cash from the bank or any lending entity, and for the collateral, the A/R of the company is pledged. For that, no entry is necessary, but disclosure should be made in the notes to FS regarding the assignemtn.