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04

RECEIVABLES
KARIM G. ABITAGO, CPA

RECEIVABLES
KARIM G. ABITAGO, CPA
Receivables in General
Definition
Receivables are financial assets because they represent a contractual right to receive cash or another financial asset
from another entity.

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Measurement
Initial Measurement

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Fair Value + Transaction Costs
Subsequent Measurement
Amortized Cost

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Classification
(1) Trade Receivable – are receivables arising from the sale of goods and services in the ordinary course of business.
Presentation on the FS: classified as current assets when they are expected to be realized in cash within the normal
operating cycle or one year, whichever is longer.
Examples: Trade accounts receivable, trade notes receivable and trade instalment receivable.
(2)
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Non-trade Receivable – are receivables arising from other sources.
Presentation on the FS: classified as current assets when they are expected to be realized in cash within one year,
the length of the operating cycle notwithstanding.
Presentation
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All trade and current non-trade receivables are presented in one line item in the current asset section of the
Statement of Finacial Position as “Trade and Other Receivables”.
Accounts Receivable
Initial Measurement:
Transaction Price / Invoice Price
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Notes:
(a) To compute invoice price, it should be net of trade discount or volume discount and net of cash discounts if the
company is using net method.
Solution guide:
List price xxx
EO

Less: 1st Trade Discount xxx

Balance xxx
Less: 2nd Trade Discount xxx
Invoice Price xxx
Illustration
An entity sold goods to its customers at a list price of P10,000 on account under credit terms 10, 20, 2/10 n/30.
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The 10, 20 figures represent the trade discount. This means that the first trade discount is 10% and the second trade
discount is 20%.
The 2/10 n/30 means that there is an available 2% cash discount if the customer pay on or before the 10 th day and
the credit terms is 30 days.
List price P10,000
Less: 1st Trade Discount (10% x 10,000) 1,000
Balance 9,000
Less: 2nd Trade Discount (20% x 9,000) 1,800
Invoice Price 7,200

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KARIM G. ABITAGO, CPA

RECEIVABLES

Summary of Journal Entries

Gross Method Net Method
(1) Sale on account Accounts receivable 7,200 Accounts receivable 7,056
Sales 7,200 Sales
7,056
(2) Assume collected Cash 7,056 Cash 7,056
within discount Sales discount 144 Accounts receivable
7,056
period Accounts receivable 7,200
(3) Assume collected Cash 7,200 Cash 7,200
beyod discount Accounts receivable 7,200 Sales discount forfeited 144

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period Accounts receivable
7,056
(b) Credit balances or negative balances in accounts receivable resulting from overpayments or advances cannot be

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offset against receivables with positive balances. These should be presented as current liabilities.

Subsequent Measurement:

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Net Realizable Value = Gross Balance – Allowances

(a) To compute the ending gross balance of accounts receivable, please see the below template.
Accounts Receivable
Beg. Balance xx
Credit Sales xx
Sale Discount Forfeited
R Collections xx
Sales Discount xx
Sales Return xx
Notes As Payment xx
Write-off xx
PA
End. Balance xx

There are four types of allowances: (1) Allowance for sales returns (2) Allowance for sales discounts (3) Allowance for freight
charge (4) Allowance for doubtful accounts

Note:
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(1) Entry for allowance for sales returns

Sales returns xx
Allowance for sales returns xx
(2) Entry for allowance for sales discounts
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Sales discounts xx
Allowance for sales discounts xx
(3) Allowance for freight charge - results when the shipping term is FOB Destination, Freight Collect
Accounting for Freight Charges
Party Who is chargeable? Who actually paid?
Buyer FOB Shipping Point Freight Collect
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Seller FOB Destination Freight Prepaid

Note: If freight charges resulted to an increase in accounts receivable due to the credit terms, always
remember that it is not subject to cash discount. In other words, it will increase the amount of cash to be received by
the seller but this amount can’t be subject to cash discount.
(4) Allowance for doubtful accounts

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KARIM G. ABITAGO, CPA

RECEIVABLES

Percent of AR
Method (ADA)
Balance Sheet
Direct Write-off Method
Method Aging Method
Accounting for bad (ADA)
debts
Allowance Method Percent of Credit
Income Statement
Sales Method
Method
(DAE)

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Mixed

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Summary of journal entries in accounting bad debts
Direct Write-off Allowance

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(1) Collectability becomes doubtful No Entry Bad Debts Exp. xx
Allowance for BD xx
(2) Write-off Bad Debts Exp. xx Allowance for BD xx
AR xx AR xx
(3) Recovery AR xx AR xx

Cash
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BDE/Gain

AR
xx
xx

xx
Cash
Allowance for BD

AR
To compute the ending gross balance of allowance for doubtful accounts, please see the below template.
xx
xx

xx
PA
Allowance for Doubtful Accounts (ADA)
Write-off xx Beg. Balance xx
Doubtful Accounts Expense
(DAE) xx
Recovery xx
End. Balance xx
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Notes Receivable
Definition
Notes receivable are claims supported by formal promises to pay usually in the form of notes. a promissory note is a
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written contract in which one person, known as the maker, promises to pay another person, known as the payee, a
definite sum of money.

Measurement
Classification Initial Measurement Subsequent Measurement
Interest bearing
Short-term
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Non-interest bearing* Face Value

with reasonable rate Amortized Cost
Interest bearing
Long-term with unreasonable rate**
Present Value
Non-interest bearing
*Assuming discounting is immaterial; otherwise it should be presented in present value.
** Notes with unreasonable rate bears an interest which is not equal to the market rate of interest.

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RECEIVABLES

Loans Receivable
Definition
A loan receivable is a financial asset arising from a loan granted by a bank or other financial institution to a borrower
or client. The term of the loan may be short-term but in most cases, the repayment periods cover several years.

Measurement
Initial Measurement
Face Value xx
Add: Direct Origination Costs xx
Less: Origination Fee (xx)
Initial Carrying Value (ICV) xx

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Subsequent Measurement
Amortized Cost

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NOTE:
(1)

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If Scenario Interest Treatment on Amort.
ICV > Face Value Premium Nominal Interest > Effective Interest Deduct from CA
ICV < Face Value Discount Nominal Interest < Effective Interest Add to CA
(2) The fees charged by the bank against the borrower for the creation of the loan are known as "origination fees".
Direct origination costs are directly attributable costs incurred by the lender to originate a loan

Impairment of Loans
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Impairment is the decrease in the carrying amount of a receivable due objective evidence of loss events.
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PFRS 9, paragraph 5.2.2, in conjunction with PAS 39, paragraph 58, provides that an entity shall assess at every end
of reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired.
If such evidence exists, the entity shall determine and recognize the amount of any impairment loss.

The carrying amount of the loan receivable shall be reduced either directly or through the use of an allowance account.
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The amount of the impairment loss shall be recognized in profit or loss.

How to compute impairment loss?

Carrying amount of loan receivable * xx
PV of recoverable amount ** xx
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Impairment Loss xx

Receivable Financing
Definition
This refers to the act of inducing cash inflows from the receivables other than collection on a normal basis. Simply
stated, it is the financial flexibility of an entity to raise money out of its receivable.
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Common Forms
The following are the common forms of receivable financing:
(1) Pledge / Hypothecation
(2) Assignment
(3) Factoring
(4) Discounting

Pledge / Hypothecation

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RECEIVABLES

Characteristics:
(1) Receivables serve as collateral security for loans. (Pledge is a secured borrowing transaction)
(2) Pledge receivables are not derecognized; thus there is no change in receivable balance.
(3) Disclosure of AR pledged is required

Frequently asked questions (FAQs):

(1) Proceeds from pledge
Solution guide:
Face value of loan xx
Less: Discount on loan xx
Net proceeds from pledge xx

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Assignment
To properly understand what assignment of receivables is, let us compare it with pledge.

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Pledge Assignment
(1) Formal? X ✔
(2) Transfer of rights? X ✔

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(3) Transfer of ownership? x x
(4) AR serve as security ✔ ✔
(General) (Specific)

Features of Assignment:
(1)
(2)
(3)
Bank charges a service fee or commission in advance.
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The loanable amount is only a percentage of the face value of AR.

Equity on assigned accounts should be disclosed in notes to FS.

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Forms of Assignment:
(a) Notification basis - debtors whose receivables have been assigned are notified of the assignment. Hence, the debtors
will remit payments on the receivables not to the assignor but to the assignee.
(b) Non-notification basis - debtors whose receivables have been assigned are NOT notified of the assignment. Hence,
the debtors will continue to remit payments on the receivables to the assignor. Assignments are commonly made on
a non-notification basis.
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Frequently asked questions (FAQs):

(1) Proceeds from assignment
Solution guide:
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Face value of loan (certain % x face value of AR) xx

Less: Commission and other charges xx
Net proceeds from assignment xx

(2) Equity on assigned accounts

Solution guide:
CA of AR (use the template on AR in computing end. balance) xx
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Less: CA of loans payable (Beg. Balance less payments) xx

Equity on assigned accounts xx
NOTE: Payments on the loan balance come from collections. So if the problem is silent, the whole collections are
applied as payment to the loans and there is a separate payment for interest. There will be a problem in the
computation of the equity on assigned accounts if the collections are applied as payment for both principal (loan) and
interest. As a rule, the payment should be applied first to interest and the remaining collections should be applied to
principal.

Factoring

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RECEIVABLES

It is a sale of accounts receivable usually on a without recourse, notification basis to a factor (usually a bank). The
factor then assumes responsibility for uncollectible accounts.

Forms of factoring
(1) Factoring without recourse (if silent) – the transferor is not liable in case the debtor fails to pay.
(2) Factoring with recourse – the transferor guarantees payment in the event the debtor fails to pay.

Frequently asked questions (FAQs):

(1) Proceeds from factoring
Solution guide:
Face value of AR xx

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Less: Commission and other charges xx
Factor’s holdback* xx
Net proceeds from factoring xx

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* an amount retained by the factor as a cushion for sales returns, discounts and allowances. This is a receivable
account.

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(2) Gain or loss on factoring
Solution guide:
Selling Price (Net Proceeds + Factors’ Holdback) xx
Less: CA of AR (NRV) xx
Gain or Loss on Factoring xx

Discounting
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NOTE: There is NO gain or loss on factoring if factoring is on a with recourse basis.

This is a transfer or endorsement of a promissory note by the payee in favour of another party, usually a bank.
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Forms of Discounting

Without
Recourse Basis
Types of Conditional Sale
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Negotiation (if silent)

With Recourse
Basis (if silent)
Secured
Borrowing
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(1) Discounting without recourse basis – the holder is not held liable in the case the maker fails to pay. The note
discounted has been essentially sold outright and therefore derecognized.
(2) Discounting with recourse basis – the holder is held liable in case the maker fails to pay. The note receivable is not
derecognized.
(a) Conditional sale – a contingent liability is disclosed in the notes to financial statements.
(b) Secured borrowing – a liability is recognized on the discounting.
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Frequently asked questions (FAQs):

(1) Proceeds from discounting
Solution guide:
Maturity Value (Principal + Total Interest) xx
Less: Discount (MV x Discount Rate x Discount Period) xx
Net proceeds from discounting xx
NOTE: (1) Maturity value is the amount due on the note at the date of maturity.
(2) Discount period is the period of time from date of discounting to maturity date. It is the unexpired term of the note.
(2) Gain or loss on discounting

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RECEIVABLES

Solution guide:
Selling Price (Net Proceeds) xx
Less: CA of NR (including accrued interest) xx
Gain or Loss on Discounting xx
NOTE: There is NO gain or loss on factoring if factoring is on a with recourse basis – secured borrowing. (To explain
this, please refer to the summary of entries below)

Summary of Entries on Discounting

Without Recourse Conditional Sale Secured Borrowing

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Cash xx Cash xx Cash xx
Loss on Discounting xx Loss on Discounting xx Interest Expense xx
Notes Receivable Liability for NR
Notes Receivable xx xx xx

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Discounted Discounted
Gain on Gain on
xx xx Interest Income xx
Discounting Discounting

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Interest Income xx Interest Income xx Interest Income xx

NOTE:
(1) Note receivable discounted account is presented as a contra-asset account (deducted from note receivable account).
(2)
sale basis.

Dishonored Notes
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Based on the entries above, gain or loss on discounting is applicable only to without recourse basis and conditional

Notes receivable not collected at maturity are considered dishonoured notes. Dishonoured notes are transferred from
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notes receivable to accounts receivable the amount of which is equal to the maturity value of the note plus any direct
costs or protest fees.
C
EO
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RECEIVABLES

DISCUSSION EXERCISES

STRAIGHT PROBLEMS
ACCOUNTS RECEIVABLE
1. HARITH CORP. presented the following information regarding its receivables account balance for the current year,
2021:
Loans receivable P180,000
Advances to employees 140,000
Advances to subsidiaries 20,000
Due from customers on sales on account (net of P15,000 credit balances) 235,000
Dividend receivable (8 mos.) 20,000

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Subscription receivable (5 mos.) 80,000
Subscription receivable (15 mos.) 160,000
Accounts payable (net of P20,000 debit balances) 180,000

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Due from customers on sales in exchange for promissory notes 110,000
Unearned interest income 30,000
Advances to suppliers 45,000

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Claims receivable 55,000
REQUIREMENTS: (1) What is the total amount of trade receivables? (2) What is the total amount to be presented in
the Statement of Financial Position as “Trade and Other Receivables”?

2. At the beginning of the current year, 2021, ODETTE CORP. sold goods to a customer at a list price of P150,000. The

account was paid on January 8, 2021.

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credit term of the sales transaction is 10, 15 2/10 n/30. The related freight cost of the transaction is P5,000. The

REQUIREMENTS: How much net cash did ODETTE received from the customer on January 8 assuming the freight
terms is:
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(a) FOB Shipping Point, Freight Collect (c) FOB Destination, Freight Prepaid
(b) FOB Shipping Point, Freight Prepaid (d) FOB Destination, Freight Collect

3. For the current year operations of GRANGER CORP. the following information was available:
January 1, 2021 balances:
Accounts receivable P300,000
C

Allowance for doubtful accounts 160,000

Inventory 1,200,000
December 31, 2021 balances:
Inventory 800,000
EO

Transactions occurred during 2019:

Purchases (all on credit) 1,000,000
Gross Margin 500,000
Accounts receivable written off as worthless 60,000
Credit memo for sales returns 20,000
Notes received as payment for AR 80,000
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Cash received from customers 1,000,000

Cash refunds to cash customers 40,000
The cash received includes the following:
Cash sales 400,000
Customers paying within 5-day discount period 291,000
Customers paying within 10-day discount period 196,000
Recovery of accounts written off 20,000
Customers paying beyond the discount period ?

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RECEIVABLES

Based on the GRANGER’s policy, 2% of the net credit sales are estimated to be doubtful accounts expense. All credit
sales have a term of 3/5 2/10 n/30.
REQUIREMENT: How much is the net realizable value of accounts receivable on December 31, 2021?

4. LANCELOT CORP. provided the following information in relation to its accounts receivable for the following periods
ended:
2022 2021
Accounts receivable P440,000 P400,000
Allowance for doubtful accounts (5,000) (7,500)
Allowance for sales returns (10,000) (12,500)
Net realizable value P425,000 P380,000

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The entity reported doubtful accounts expense in 2022 of P15,000 and had products returned for credits totalling
P7,500 at sale price. Recovery of accounts written off amounted to 2,000 during 2022. Gross sales for 2022 amounted
to P3,075,000.

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REQUIREMENTS: (1) What amount of accounts receivable was written-off during 2022?; (2) What amount was
collected from customers, including recoveries during 2022?; (3) What amount was recorded as estimated sales
returns during 2022?; (4) What amount shall be reported as net sales for 2022?

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5. On December 31, 2021, HAYABUSA CORP. provided the following information pertaining to its accounts receivable
Age Amount Probability of Collection
0-30 days P4,000,000 0.99
31-60 days 3,000,000 0.90
61-90 days
91-120 days R
1,600,000
400,000
P9,000,000
0.60
0.20

On January 1, 2021, the allowance for uncollectible accounts was P900,000. During the year, HAYABUSA written-off
160,000 worth of receivables and recovered P100,000 that had been written off in prior years. Sales, all on account,
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during the year amounted to P20,000,000. The company’s credit term is 2/10 n/30.
REQUIREMENTS: (1) Determine the amount of doubtful accounts expense during the year; (2) Determine the ending
balance of allowance for uncollectible accounts, using the following methods:
(a) 3% of credit sales method.
(b) 12% of accounts receivable balance method
(c) Aging method
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(d) Aging method but assuming the aging schedule is as follows and the beginning balance of allowance for
doubtful accounts is P200,000
Accounts which are overdue for less than 30 days 97 %
Accounts which are overdue 31 - 60 days 90 %
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Accounts which are overdue 61 - 90 days 75 %

Accounts which are overdue 91 -120 days 55 %
Accounts which are overdue 121 -150 days 30 %
Accounts which are overdue for over 150 days 25 %
NOTES RECEIVABLE
6. YVE CORP. exchanged its office equipment with another entity on April 1, 2021 in exchange for a note receivable
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amounting to P2,500,000. The note bears an interest of 8% per annum and payable with 5 equal annual installments,
the first payment of which starts on April 1, 2022.
REQUIREMENTS: (1) What is the amount of interest income to be presented in the income statement for the year
2021 & 2022? (2) What are the current and non-current portion of the carrying amount of the note receivable on
December 31, 2021?
7. On January 1, 2021, MIYA CORP. sold a delivery truck with a carrying amount of P1,000,000 to JOHNSON INC. in
exchange for P200,000 cash and non-interest bearing note of P1,600,000 maturing 4 years after. On that date, the
market rate of interest is 10%.

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RECEIVABLES

REQUIREMENTS: Determine (1) The net amount to be presented in the statement of comprehensive income (2) The
current and non-current portion of the carrying amount of the notes receivable as of December 31, 2021, using the
following assumptions:
(a) The P1,600,000 is payable fully 4 years after.
(b) The P1,600,000 is payable in equal annual instalments starting December 31, 2021.
(c) The P1,600,000 is payable in equal annual instalments starting January 1, 2021.
(d) Assuming MIYA sold inventories rather than delivery truck and the P1,600,000 is payable in equal annual
instalments starting December 31, 2021.
8. LING REPAIR SHOP provided repair services to another entity on January 1, 2021. In exchange for such services,
LING received P100,000 cash and a promissory note of P600,000, bearing an interest of 10% and which will mature

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on December 31, 2023. The direct costs of providing the services is P220,000. On that date, the prevailing rate of
interest for a similar note is 12%.
REQUIREMENTS: Determine (1) The initial measurement of notes receivable; (2) The net amount to be presented

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in the statement of comprehensive income, assuming:
(a) The principal is payable at maturity while nominal interest is payable annually.
(b) The principal is payable annually and nominal interest is payable annually.
(c) The principal is payable at annually while nominal interest is payable at maturity.

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(d) The principal is payable at maturity and nominal interest is payable at maturity.

LOANS RECEIVABLE AND IMPAIRMENT LOSS

9. On January 1, 2019, AKAI FINANCING CORP. granted BALMOND CORP. a 10%, 2-year P3,000,000 loan. AKAI

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incurred an origination cost of P148,850 but charge BALMOND P200,000 as origination fee. On December 31, 2019,
BALMOND was unable to pay the scheduled interest due to a financial difficulty. As such, AKAI assessed that the
loan is impaired. It was agreed that the principal amount of P3,000,000 will be paid in 2 equal instalments on
December 31, 2020 and December 31, 2022 and no interest will be charged. The market rate of interest on
assessment date is 12%.
PA
REQUIREMENTS:
(a) What is the initial carrying value of the loan on January 1, 2019?
(b) What is the carrying amount of the loan on December 31, 2019?
(c) What is the amount of impairment loss to be presented in the statement of profit or loss for the year 2019?
(d) What is the carrying amount of the loan on December 31, 2020?
C

RECEIVABLE FINANCING
10. The following are the transactions of BELERICK CORP. during the year in relation to its receivables account:
(a) On January 1, 2019, P500,000 of accounts receivable as collateral for a P350,000 loan with BPIDO bank. The
bank charged a 5% finance fee on this transaction.
(b) On August 1, 2019, BELERICK assigns specific receivables totalling P600,000 to DEMETRO BANK as
EO

collateral on a P450,000, 10 percent note. BELERICK will continue to collect the assigned accounts receivable.
DEMETRO also assesses a 3 percent service charge on the total accounts receivable assigned. BELERICK
is to make, monthly payments to DEMETRO with cash collected on assigned accounts receivable. Collections
of assigned accounts during September totaled P150,000 net of discounts of P5,000.
REQUIREMENTS: (1) What are the total net proceeds from the above transactions? (2) What is the equity on
assigned accounts receivable?
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11. The following are the transactions of GROCK CORP. during the year in relation to its receivables account:
(a) On February 14, 2019, GROCK factored P700,000 of accounts receivable with a bank. The finance charge is
2%, and 10% was retained to cover sales discounts, sales returns and sales allowances.
(b) On July 1, 2019, GROCK received from a customer a 6 months, P400,000 note bearing annual interest of 5%.
On September 1, GROCK discounted the note at SOUTHWEST BANK at an effective interest rate of 8%.
REQUIREMENTS: (1) What are the total net proceeds from the above transactions? (2) What is the total gain or loss
on transferring receivables assuming the transfers are without recourse? (3) What is the total gain or loss on
transferring receivables assuming the transfers are with recourse?

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RECEIVABLES

MULTIPLE CHOICE (THEORIES)

Receivables in General
1. In relation to receivables, which of the following statements is correct?
I. Trade receivables are classified as current assets only if they are collectible within one year from the reporting
date.
II. Generally, receivables are initially measured at fair value plus transaction costs.
A. I only C. Both I and II
B. II only D. Neither I nor II
2. If the problem is silent as to maturity of the receivables below, which of them is classified as a current trade receivable?
I. Debit balances in accounts payable

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II. Advances to affiliates
III. Promissory note received in exchange for services rendered to customers.

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A. I and II D. I, II and III
B. II and III E. Answer not given
C. I and III

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Accounts Receivable
3. S1: A debit balance in the allowance for doubtful accounts may happen before the year-end entry for doubtful
accounts expense.
S2: Generally, doubtful accounts expense is presented as a selling expense since it is related to the collection function
of the business.

B.
C.
True, false, false
False, false, true
True, false, true
D.
E.
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S3: The aging method of estimating doubtful accounts is a variation of the percentage of ending receivables method.
A. False, true, true
True, true, false
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4. Determine which of the following statements is false?
A. Accounts receivable are initially measured at invoice price, meaning it should be ALWAYS net of trade discount.
B. Allowance for freight charge will only appear if the entity’s shipping terms is FOB Destination, Freight Collect.
C. Of the methods to record cash discounts, gross method is more theoretically correct.
D. When an entity is using allowance method of recognizing uncollectible accounts, the entry to record the write-
off of a specific account would have an effect to both accounts receivable and allowance for doubtful accounts.
C

Notes Receivable
5. Railing Co obtained a 4-year, P600,000, noninterest bearing note that requires payment in lump sum at maturity date.
Railing determined that the effective interest rate on the note is 12%. Which of the following statements is correct?
EO

A. Railing Co. will most likely measure the note on initial recognition by multiplying the face amount of the note by
PV of 1 @12%, n=4
B. Railing Co. will most likely measure the note on initial recognition multiplying the face amount of the note by
PV of ordinary annuity of 1 @12%, n=4.
C. Railing Co.-will most likely measure the note on initial recognition by multiplying the face amount of the note
by PV of an annuity due of 1 @12%, n=4.
R

D. Any of these as an accounting policy choice.

6. Which of the following notes receivable is initially measured at face value?
I. Short-term non-interest bearing note where financing cost is considered to be significant.
II. Long-term interest bearing note; its nominal interest is equal to the market rate of interest.
A. I only C. Both I and II
B. II only D. Neither I nor II
Loans Receivable
7. In calculating the carrying amount of loan receivable, the lender adds to the principal

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KARIM G. ABITAGO, CPA

RECEIVABLES

A. Interest incurred by the borrower

B. Loan origination fee charged to the borrower
C. Direct loan origination cost incurred by the lender
D. Indirect loan origination cost incurred by the lender
8. S1: The amount of impairment loss is measured as the difference between the carrying amount of the loan receivable
and the present value of estimated future cash flows discounted at the prevailing market rate of the loan on that date.
S2: Impairment loss is presented in the Statement of Comprehensive Income as part of profit or loss.
A. True, false C. False, false
B. False, true D. True, true
Receivable Financing

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9. Total receivable balance will not change if an entity entered into:
I. A pledge transaction
II. A discounting transaction accounted for under secured borrowing

ie
III. A factoring transaction without recourse
A. I and II D. I, II and III
B. II and III E. Answer not given

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C. I and III
10. I. Pledging involves collateral of specific accounts receivable.
II. Discounting of notes receivable with recourse involves derecognition of the notes receivable account.
III. In relation to assignment of accounts receivable, equity on the assigned accounts must be disclosed in the

A.
B.
C.
notes to financial statements.
False, false, true
True, true, false
False, true, false
R D.
E.
True, true, true
Answer not given
PA
--- END OF HANDOUTS ---
C
EO
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