The advantage of using an aging schedule to estimate uncollectible accounts is the amount calculated is much more sensitive to the amount of time the receivable has been outstanding. 16, 000 5, 750 Dr. 22, 870 20, 420. The material provided herein may not be downloaded, reproduced, stored in a retrieval system, modified, made available on a network, used to create derivative works, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise without the prior written permission of John Wiley & Sons Canada, Ltd. As well, the company may also not want to bother with the cost and effort required to bill and collect the receivables and would rather sell the receivables and let another company deal with these issues. Accounting principles third canadian edition chapter 8 answers.unity3d.com. 2 Property, plant and equipment Equipment................................................... $2, 310. 1, 195 ÷ $1, 409 = 0.
Accounts Receivable (a)...................... 2, 515, 000 Sales (e)............................................ ($25, 150 = 1% of sales; therefore sales = $2, 515, 000). The stakeholders in this situation are: The president of Proust Company The controller of Proust Company The company's bank Any other parties who rely upon the company's financial statements. 6 = 48 days 50 + 48 = 98 days. Tocksfor's receivables turnover ratio was a little lower in 2008, which means that Tocksfor was taking a little longer in 2008 in turning receivables into cash. Record accounts receivable and bad debts transactions. It is unearned revenue. This may not always be the case because the composition of current assets may vary. Cash............................................................ Accounts Receivable............................. Bad Debts Expense.................................... 27, 900 Allowance for Doubtful Accounts......... [$27, 180 - ($18, 780 - $21, 000 + $1, 500)]. 67, 200 22, 800 Dr. 18, 000 4, 800 Dr. 76, 200 71, 400. A separate account for interest receivable is used. 75% x 2/12 = 71 Total $3, 251. Accounting principles third canadian edition chapter 8 answers quizlet. Each of the major types of receivables should be identified in the balance sheet or in the notes to the financial statements. 6 times or 25 days (2004) to 11.
Collection period has deteriorated each year; however, days sales in inventory has improved each year compensating for the change. The interest previously accrued on this note should be written off, as well as the note itself. 2 Notes Receivable—Mathias Co......... 4, 000 Accounts Receivable—Mathias Co. Apr. 16, 000 5, 750 Dr. 3, 300 2, 450 Dr. 18, 000 15, 550. June 12 Accounts Receivable–Worthy........... Accounting principles third canadian edition chapter 8 answers to worksheet. Allowance for Doubtful Accounts. Interest receivable reported under the current asset section of the balance sheet total $3, 251 calculated as follows: Note 1. 41, 763 4, 717 Dr. 26, 286 21, 569. June 2 Accounts Receivable—Mathias Co... 4, 055 Notes Receivable—Mathias Co..... Interest Revenue [$4, 000 x 5. Weygandt, Kieso, Kimmel, Trenholm, Kinnear.
8 Total assets.............................................................. $3, 972. Included in the other assets section of the balance sheet will be the $100, 000 note receivable. Interest Receivable at September 30, 2008. Allowance for Doubtful Accounts............. 17, 800 Accounts Receivable............................. (d) Accounts Receivable................................. Allowance for Doubtful Accounts......... 6, 300. The first entry is made to reverse the write-off of the account receivable. PROBLEM 8-8B Jan. 2 Accounts Receivable —Brooks Company............................
By allowing sales staff to assume the role of managing the credit function it appears that they have become too focused on sales without considering the quality of the sales and the ability of the customer to pay the receivable within a reasonable period of time. Prepare aging schedule and record bad debts.
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