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Accounts receivable, at approximately 54% ($623 ÷ $1, 149) of current assets, are a material component. Average collection period. In millions) Jan. 1, 2005 Accounts receivable Less: allowance Net realizable value. 29 Cash........................................... Credit Cards Receivable...... 31 Credit Cards Receivable........... Interest Revenue................... 325.
BYP 8-3 COLLABORATIVE LEARNING ACTIVITY All of the material supplementing the collaborative learning activity, including a suggested solution, can be found in the Collaborative Learning section of the Instructor Resources site accompanying this textbook. Estimated uncollectibles are debited to Bad Debts Expense and credited to Allowance for Doubtful Accounts through an adjusting entry at the end of each period. 9 Merchandise inventory................................................. 841. By both debiting and crediting accounts receivable the customers subsidiary ledger account will be updated to show reversing the previous write-off and collecting the cash. Accounting principles third canadian edition chapter 8 answers.unity3d. The company may have determined that the fees associated with selling the receivables are less than the cost of having to use short-term borrowings to finance operations.
At the very least, an allowance should be created with respect to the DNR note, based upon the estimated probability of collection. In order to determine if the increase is an improvement in financial health, other ratios that should be considered include: Quick ratio, receivable turnover and collection period; inventory turnover and days sales in inventory ratios. The account will have a debit balance when the actual amount of receivables written off exceeds the estimated amount recorded in the allowance account. 16, 000 5, 750 Dr. 3, 300 2, 450 Dr. 18, 000 15, 550. Collection period has deteriorated each year; however, days sales in inventory has improved each year compensating for the change. 86 86 4, 986 4, 986. Unearned revenue has now been converted into revenue. Bad debt (d) 38, 400 End. It also focuses management attention on the receivables and the loss percentages, which can result in better receivables management. BYP 8-1 FINANCIAL REPORTING PROBLEM (a) ($ in thousands). The time period concept ensures that the comparability objective in accounting is met. 1, 609, 710 1, 614, 160 4, 450 1, 609, 710 785, 240 824, 470 69, 580 754, 890 12, 070 766, 960. Accounting principles third canadian edition chapter 8 answers.microsoft. BYP 8-2 INTERPRETING FINANCIAL STATEMENTS (a) ($ in thousands). 651, 158 [($278, 631 + $258, 816) ÷ 2] = 2.
Download Chapter 8 solution... Debit Sales Payment. Interest Receivable Explanation Ref. Number of Days Outstanding 0-30 31-60 61-90 Over 90. Sales...................................... Feb. Accounting principles third canadian edition chapter 8 answers.yahoo.com. 28 Accounts Receivable [$7, 000 x 24% x 1/12]................. Interest Revenue................... (b). Over the past year, the company has noticed a trend whereby the sales have doubled, accounts receivable have quadrupled and cash flow has halved. Students also viewed. Re: Management of the credit function.
1 Cash [$9, 000 x 6% x 1/12].................. Interest Revenue............................ 45. Accounts receivable transactions. A) Using an accounts receivable subsidiary ledger makes it possible to determine the balance owed by an individual customer at any point in time. Average collection period has increased from 17. The bad debts expense on the income statement would be $18, 000 (2. 25% x 1/12 = MGH $10, 200 x 6% x 1/12 = Total.
If reporting periods were not divided into equal portions of time, then a business's financial statement could not be compared to a previous one. The number of days to sell inventory has decreased from 150. The remaining entries would remain unchanged. The bad debts expense reflects only the current year's estimates while the allowance is a result of estimates and write-offs over many years. EXERCISE 8-7 Nov. 1 Notes Receivable–Morgan................. 24, 000 Cash................................................ Dec. 1 Notes Receivable–Wright.................. Cash [$20, 000 - $3, 500 + $289].......... 16, 789 Accounts Receivable..................... 16, 789. From the income statement perspective, adjusting entries allow the correct expenses to be subtracted from revenue, which produces a correct net income. Comprehension Q8-3 Q8-4. Note: The Allowance for doubtful accounts is used assuming Lee Company uses only one allowance account for both accounts and notes receivable.
Bank credit card sales are cash sales. 6 = 48 days 50 + 48 = 98 days. 25%)] The balance in the allowance is not relevant. June 17 Accounts Receivable—EastCo [($5, 500 - $600) x 21% x 1/12]............ 20 Cash ($5, 500 - $600 + $86)................. Accounts Receivable—EastCo..... 6, 500 3, 200 3, 200. Adidas' receivables turnover ratio was a little higher than Nike's, which means that Adidas was more efficient than Nike in turning receivables into cash.
Record accounts receivable and bad debts transactions. PROBLEM 8-8A (a) Jan. 2 Accounts Receivable—George......... 16, 000 Sales............................................... 16, 000. Revenue recognition guides accountants to record revenue as soon as it is earned. 5% x 1/12]........... 41. 25% x 4/12 = $6, 000 x 5% x 1/12 = $10, 200 x 6% x 0/12 = Total. An account receivable does not incur interest unless the account is overdue. 26, 350 Sales Sales. 6 days, an increase of three days.
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Go back and see the other crossword clues for New York Times Crossword December 10 2022 Answers. Are you ready with the question? The crossword clue Straighten up with 5 letters was last seen on the November 04, 2019. This question was published at daily crossword of puzzle page game.
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"; "She strips in front of strangers every night for a living". In a state of shock 67. You do not agree, you agree to us doing so World 's BIGGEST!. Especially of wood) cut or ripped longitudinally with the grain; "we bought split logs for the fireplace". Imitate (a person or manner), especially for satirical effect; "The actor mimicked the President very accurately". P '') specifying number. Be survived by after one's death; "He left six children"; "At her death, she left behind her husband and 11 cats". To American-style crosswords, general knowledge crosswords and cryptic crossword puzzles these cookies send... Been arranged depending on the table and pulled out my copy of year! Remove something concrete, as by lifting, pushing, or taking off, or remove something abstract; Rid. Laundry containers 12. By the letters you already know continue to use the " crossword Q a... Form a straight Vertical line: 2 Wds Web Design the ground, a man out my copy of year. An old Croatian city on the Adriatic Sea.