Trade and Non-trade receivables The records of Wee Co. on Dec. 31, 20x1 show the following:...

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Trade and Non-trade receivables The records of Wee Co. on Dec. 31, 20x1 show the following: Accounts receivable, net of P15,000 credit balance in customers' accts. Allowance for uncollectible accounts Notes receivable (non-trade) - due on Dec. 31, 20x5 Claim for tax refund (approved by BIR and due on demand) Advances to affiliates (payment due date not yet agreed upon) Advances to officers (due in 6 months) Dividends receivable Selling price of unsold goods sent out on consignment at 140% of cost Security deposit on a long-term lease Total 158,000 (8,000) 180,000 12,000 900,000 180,000 220,000 28,000 30,000 1,700,000 Requirement: Compute for the correct amount of total receivables, with sub-classifications for the following: trade receivables, non- trade receivables, current receivable and non-current receivables. Trade and Non-trade receivables The records of Wee Co. on Dec. 31, 20x1 show the following: Accounts receivable, net of P15,000 credit balance in customers' accts. Allowance for uncollectible accounts Notes receivable (non-trade) - due on Dec. 31, 20x5 Claim for tax refund (approved by BIR and due on demand) Advances to affiliates (payment due date not yet agreed upon) Advances to officers (due in 6 months) Dividends receivable Selling price of unsold goods sent out on consignment at 140% of cost Security deposit on a long-term lease Total 158,000 (8,000) 180,000 12,000 900,000 180,000 220,000 28,000 30,000 1,700,000 Requirement: Compute for the correct amount of total receivables, with sub-classifications for the following: trade receivables, non- trade receivables, current receivable and non-current receivables.

Answer rating: 100% (QA)

To classify the receivables we need to understand their nature and terms of payment Trade Receivable... View the full answer