Financial Statement Presentation | On December 31, San Guillermo's "Accounts receivable" balance per ledger of P1,250,000 includes: 

1. MasterCard or VISA credit card sale of merchandise to customer P10,000 

2. Overpayment to supplier for inventory purchased on account 20,000 

3. Insurance claim on automobile accident 2,000 

4. Advance to sales manager due in one year 4,000

5. 5-vear note receivable due from company president (this was issued by the president for the loan granted to him.) 300,000 

6. Interest due on 5-year note from company president, interest payable annually 6,000 

7. Acceptance of 6-month note for past due-account arising from sale of inventory 5,000 

8. Accrued interest receivable on the note above 100 

9. Overpayment by customer of an account receivable (5,000) 

10. Accounts receivable to customers definitely uncollectible 4,000 

11. Other trade accounts receivable-unassigned 50,000 

12. Trade accounts receivable-assigned 10,000 

13. Note receivable customer (this note is for a cash loan made to this customer collectible in 3 years.) 30,000 

14. Claim for a tax refund from last year 3,000 

15. Prepaid insurance-4 months remaining in the policy period 4,000 

16. Advances to or receivables from stockholders (P100,000 is collectible currently) 250,000 

17. Advances to affiliates 125,000 

18. Subscription receivables 150,000 

19. Special deposits on contract bids 30,000 

20. Dividend receivables 10,000 

21. Notes receivable dishonored 5,000 22. Accrued rent receivables 6,000 

23. Claims against common carriers 4,900

24. Acceptance of 8-month note from employees arising from sale of inventory 6,000

25. Trade installment receivable due within 16 months, gross of unearned interest income of P20,000 220,000 Total P1,250,000 

Based on the above data, answer the following questions: 

1. Trade accounts receivable as of December 31 

2. Trade notes receivable as of December 31. 

3. Trade and other receivables to be presented in the current asset section of the balance sheet. 

4. Non-current receivables as of December 31. 

Answer rating: 100% (QA)

1 MasterCard or VISA credit card sale of merchandise to customer P10000 Trade accounts receivable 2 Overpayment to supplier for inventory purchased on ... View the full answer