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MCS,MBA(IT), Pursuing PHD
Devry University
Sep-2004 - Aug-2010
Assistant Financial Analyst
NatSteel Holdings Pte Ltd
Aug-2007 - Jul-2017
When remaining the accounts of Brute Company, it is ascertained that balances relating to both receivables and payables are included in a single controlling account called "receivables control" that has a debit balance of 4,850,000.
An analysis of the make-up of this account revealed the following:
                                      Debit            Credit
Account Receivables-customers           7,800,000
Accounts Receivables-officers,current       500,000
Debit balances-creditors                  300,000
Postdated checks from customers          400,000
Subscriptions receivable                  800,000
Accounts payable for merchandise                        4,500,00  Â
Credit balances in customers' accounts                    200,000
Cash received in advance from customersÂ
     for goods not yet shipped                           100,000
Expected bad debts                                     150,000
After further analysis of the aged accounts receivables, it is determined that the allowance for doubtful accounts should be 200,000
Required: Compute the amount that should be reported as "trade and other receivables" under current assets.
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