On the December 31, 2021 Statement of Financial Position of Wave Company, the "Receivables" consisted of the following:
Trade accounts receivable P245,000; Allowance for doubtful accounts - 5% of trade receivables; Claim against shipper for goods lost in transit -Oct 2021- P7,500; Selling price of unsold goods sent by Wave Company to consignee P56,000; Notes Receivable due Oct 31 2022-P76,000; Accrued interest receivable P10,000;

Security deposit on lease of warehouse used for storing inventories P75,000.?

How much should be presented as "Trade and other receivables" under current assets? Present in good form with clear and detailed explanation of the answer?

Answer rating: 100% (QA)

To determine the amount of Trade and other receivables that should be presented under current assets ... View the full answer