b. The allowance for credit loss to be reported in the statement offinancial position at December 31, 2018 isc. What entry should be made on December 31, 2018 to adjust theallowance for credit loss account?d. What is the net realizable value of accounts receivable at December31, 2018? 3. Burneside Corp.'s accounts receivable subsidiary ledger shows thefollowing information:CustomerArden, Inc.Lakeside Co.Moraine Corp.Budapest Co.Brno Co.Account BalanceDec 31, 2018P35, 18020,92030, 60045, 14031, 60017,400Age of Accounts0-30 daysDate12/06/1831-60 days61-90 days91-120 daysOver 120 days11/29/1809/27/1808/20/1812/08/1810/25/1811/17/1810/09/1812/12/1812/02/1809/12/18InvoiceRate1%1.5%3%10%50%AmountP14,00021, 18012,0008,92020,000Napa Corp.The lifetime expected credit loss rates below are based on BurnesideCorp's receivable collection experience, adjusted for forward-lookingestimates.10, 60023, 14022,00019, 20012,40017,400The allowance for credit loss account had a debit balance of P5,500on December 31, 2018, before adjustment.a. Prepare the aging schedule of report of Burneside Corp.

(Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

3. Burneside Corp.'s accounts receivable subsidiary ledger shows the following information: Customer Arden, Inc. Lakeside Co. Moraine Corp. Budapest Co. Brno Co. Napa Corp. Account Balance Dec 31, 2018 P35, 180 20,920 30, 600 45, 140 31, 600 17,400 Age of Accounts 0-30 days 31-60 days Date 12/06/18 61-90 days 91-120 days Over 120 days 11/29/18 09/27/18 08/20/18 12/08/18 10/25/18 11/17/18 10/09/18 12/12/18 12/02/18 09/12/18 Invoice Rate 1% 1.5% 3% 10% 50% Amount P14,000 21,180 12,000 8,920 20,000 10, 600 The lifetime expected credit loss rates below are based on Burneside Corp's receivable collection experience, adjusted for forward-looking estimates. 23,140 22,000 19, 200 12,400 17,400 The allowance for credit loss account had a debit balance of P5,500 on December 31, 2018, before adjustment. a. Prepare the aging schedule of report of Burneside Corp.

3. Burneside Corp.'s accounts receivable subsidiary ledger shows the following information: Customer Arden, Inc. Lakeside Co. Moraine Corp. Budapest Co. Brno Co. Napa Corp. Account Balance Dec 31, 2018 P35, 180 20,920 30, 600 45, 140 31, 600 17,400 Age of Accounts 0-30 days 31-60 days Date 12/06/18 61-90 days 91-120 days Over 120 days 11/29/18 09/27/18 08/20/18 12/08/18 10/25/18 11/17/18 10/09/18 12/12/18 12/02/18 09/12/18 Invoice Rate 1% 1.5% 3% 10% 50% Amount P14,000 21,180 12,000 8,920 20,000 10, 600 The lifetime expected credit loss rates below are based on Burneside Corp's receivable collection experience, adjusted for forward-looking estimates. 23,140 22,000 19, 200 12,400 17,400 The allowance for credit loss account had a debit balance of P5,500 on December 31, 2018, before adjustment. a. Prepare the aging schedule of report of Burneside Corp.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 12SPA: SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a...

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Soriano Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account Balance Invoice December 31, 2024 Date Amount Kaya, Inc. 35,180 12/06/24 14,000 11/29/24 21,180 Nyo Co. 20,920 09/27/24 12,000 08/20/24 8,920 Yan Corp. 30,600 12/08/24 20,000 10/25/24 10,600 Kayo Co. 45,140 11/17/24 23,140 10/09/24 22,000 Pa, Inc. 31,600 12/12/24 19,200 12/02/24 12,400 Ba, Corp. 17,400 09/12/24 17,400 The estimated bad debts rates below are based on Soriano Corp.’s receivable collection experience. Age of Accounts Rate 0 to 30 days 1% 31 to 60 days 1.5% 61 to 90 days 3% 91 to 120 days 10% Over 120 days 50% The allowance for bad debts had a debit balance of P 5,500 on December 31, 2024, before adjustment. Based on the above and the results of your audit, answer the following: The accounts receivable under “91 to 120…
4. B Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…
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