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    Intac Quiz

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    Pamela Joy Alvarez
    This document contains the solutions to an intermediate accounting exam with 24 questions. It provides the calculations and accounting entries for questions related to accounts receivable, allowance for doubtful accounts, and impairment of assets. The key details include calculating ending accounts receivable balances, doubtful debts expense, and recognizing impairment losses on loans and receivables.

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    Intac Quiz

    Uploaded by

    Pamela Joy Alvarez
    65 views4 pages
    This document contains the solutions to an intermediate accounting exam with 24 questions. It provides the calculations and accounting entries for questions related to accounts receivable, allowance for doubtful accounts, and impairment of assets. The key details include calculating ending accounts receivable balances, doubtful debts expense, and recognizing impairment losses on loans and receivables.

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    This document contains the solutions to an intermediate accounting exam with 24 questions. It provides the calculations and accounting entries for questions related to accounts receivable, allowance for doubtful accounts, and impairment of assets. The key details include calculating ending accounts receivable balances, doubtful debts expense, and recognizing impairment losses on loans and receivables.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    65 views4 pages

    Intac Quiz

    Uploaded by

    Pamela Joy Alvarez
    This document contains the solutions to an intermediate accounting exam with 24 questions. It provides the calculations and accounting entries for questions related to accounts receivable, allowance for doubtful accounts, and impairment of assets. The key details include calculating ending accounts receivable balances, doubtful debts expense, and recognizing impairment losses on loans and receivables.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Name: Alvarez, Pamela Joy A.

    School: PPU-A
    Yr. & Section: BSA-2
    Subject: Intermediate Accounting 1
    Score:

    Solution:
    1C 1.
    2B Accounts Receivable at Dec 31 880,000
    3C Less: Net Realizable Value -760,000
    4D Pribob's doubtful accs expense 120,000
    5D
    6C
    7B 2.
    8D Accounts Receivable
    9B beg. Bal. 50,000
    10 D Credit Sales 620,000 578,000 collected A/R during the year 2021
    11 B Recoveries 3,000 20,000 written offs
    12 C 75,000 ending
    13 B
    14 D Beg. Jan 1 50,000
    15 A Collected from written off 3,000
    16 A 53,000
    17 A Add:Credit Sales 620,000
    18 A 673,000
    19 C Less: Dec 31,2021 -75,000
    20 A Less:wrote off -20,000
    21 947,520 collected A/R during the year 2021 578,000
    22 D
    23 B 3.
    24 A Sales-2021 2,920,000
    25 Less: Returns & Allowances-2021 32,000
    2,888,000
    1% x 0.01
    doubtful acc exp.-2021 28,880

    4.
    beg. ADA-Jan 1 54,000 Credit sales-year ended
    Less: written off (60,000 - 15,000) 45,000 doubtful acc exp. Rate
    9,000
    Add: Total doubtful acc exp. Rate 90,000
    Allowance for doubtful acc balance 99,000

    17.
    Present value of notes receivable
    (200,000 x 0.71178) 142,356
    Carrying amount of equipment 160,000
    17,644 loss

    18.
    Sale Price 7,000,000
    Carrying amount of A/R (7,900,000-500,000) 7,400,000
    Loss on factoring 400,000

    19.
    Impairmnent:
    Joshtin 2,100,000
    Jerome 1,900,000
    other receivable (4M+3.9M) x5% 395,000
    Total Impairment loss 4,395,000

    20.
    No solution, because the amount of the contingent liability is the same as the note receivables princ

    21.
    Principal (loans rec) 6,300,000
    Accrued interest 0
    Carrying amount of loans receivables 6,300,000
    VIU-10%
    Principal (loans rec) 6,300,000x.75= 4,725,000
    Interest 252,000x2.49= 627,480 -5,352,480
    Impairment loss 947,520

    22.
    Trade accounts receivables 800,000
    Less:Allowance for doubtful accounts -60,000
    Trade notes receivable 200,000
    Advances to suppliers 150,000
    Claim Receivable 30,000
    Subscription Receivable 150,000
    Accrued Interest Receivable 90,000
    Total trade and other receivable 1,360,000

    23.
    Note Receivable 5,000,000
    Present Value 3,750,000 (5,000,000x.75)
    Total 1,250,000

    24.
    -year ended 3,000,000
    x 0.03
    90,000
    e note receivables principal or face value

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