An increase in the receivables turnover indicates faster collection of receivables and a decrease in the collection period. Continuing Cookie Chronicle BYP8-3. Terms in this set (30). View more... Accounting Principles, Third Canadian Edition. BLOOM'S TAXONOMY TABLE Correlation Chart between Bloom's Taxonomy, Study Objectives and End-ofChapter Material Study Objective.
6 days + 135 days = 155. EXERCISE 8-10 (a) Feb. 29 Bad debts expense............................. 35, 000 Allowance for Doubtful Accounts. Accounts Receivable................... 69, 580. 8 days 365 ÷ 7 = 52. ANSWERS TO QUESTIONS 01.
4 Less: Accumulated amortization............. 1, 144. 31 Interest Receivable....................... 114 Interest Revenue....................... ALD Inc. $ 6, 000 x 6% x 1/12 = $ 30 KAB Ltd. $10, 000 x 5. Accounts Receivable (a)...................... 2, 515, 000 Sales (e)............................................ ($25, 150 = 1% of sales; therefore sales = $2, 515, 000). Receivables Turnover: $3, 000, 000 ÷ [($565, 000 + $0*) ÷ 2] = 10. They have resulted from the sale of goods and/or services. Weygandt, Kieso, Kimmel, Trenholm, Kinnear. Accounting principles third canadian edition chapter 8 answers key. 6 days 365 ÷ 5 = 73 days 45. 1, 609, 710 1, 614, 160 4, 450 1, 609, 710 785, 240 824, 470 69, 580 754, 890 12, 070 766, 960.
380 100 Andrew Noren Ref. However, the increase in receivables may be due to slower collections rather than improved sales. 6, 685 Allowance for Doubtful Accounts [$7, 885 – $1, 200]. Total estimated uncollectible accounts. G) Bad Debts Expense ($1, 950, 000 x 1. 995, 000 3, 615, 000 3, 575, 000 875, 000 800, 000 830, 000 800, 000. When the correct expenses are subtracted from revenue, the result is net income or loss. 29 Cash........................................... Credit Cards Receivable...... 31 Credit Cards Receivable........... Interest Revenue................... 325. Record accounts receivable and bad debts transactions; discuss statement presentation. BE8-15 E8-11 P8-10A P8-11A P8-12A P8-10B P8-11B P8-12B BYP8-1 BYP8-2. 16, 000 5, 750 Dr. 3, 300 2, 450 Dr. 18, 000 15, 550. Calculations you should perform on the statements are: Working capital = Current Assets - Current Liabilities Current ratio = Current assets ÷ Current liabilities Inventory turnover = Cost of Goods Sold ÷ Average Inventory Days Sales in Inventory = Days in the Year ÷ Inventory Turnover Given the type of business it is unlikely that Curtis would have a significant amount of accounts receivable. 75%]......................... 31 Cash [$4, 000 - $25].................... Debit Card Expense [50 x $0. Accounting principles third canadian edition chapter 8 answers quizlet. 0-30 31-60 $220, 000 $160, 000.
B) Dec. 31 Bad Debts Expense [($500, 000 x 4%) + $800]........... 20, 800 Allowance for Doubtful Accounts. At the very least, an allowance should be created with respect to the DNR note, based upon the estimated probability of collection. A) Using an accounts receivable subsidiary ledger makes it possible to determine the balance owed by an individual customer at any point in time. CONTINUING COOKIE CHRONICLE (Continued) (b) (Continued) July 31 Accounts Receivable [$1, 050 + $7] Note Receivable.......................... Interest Revenue [$1, 050 x 8. Sales Recovery Collection recovery Collections Write-offs Interest charges. Both are valued at their net realizable value. However, its current ratio is lower than the industry average of 1. Receivables turnover. A dishonoured note is a note that is not paid in full at maturity. Accounting principles third canadian edition chapter 8 answers.yahoo.com. 50]................................. The disadvantage of using an aging schedule (as compared to estimating uncollectible accounts as a percentage of total receivables) is it can be time consuming to gather the information if the accounting system that is being used does not calculate an aging of the accounts receivable. Debit Balance Sales Collections Write-offs Recovery Payment.
B) June 1 Accounts Receivable...................... The advantages of allowing customers to use credit cards include making the purchase easier for the customer, potentially increasing sales, as customers are not limited to the amount of cash in their wallet, and reducing the accounts receivable you have to manage if credit cards are used instead of granting credit to customers. 962 38 1, 000 3, 975 25 4, 000. SOLUTIONS TO EXERCISES EXERCISE 8-1 Apr. The growth rate should be a product of management and operating results, not of "creative accounting". PROBLEM 8-7B (Continued) (a) (Continued).
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. 96 times Collection period 365 days ÷ 23. This makes it easier to manage receivables for example, follow up on payments and decide if additional credit should be granted. 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. 2008 May 11 Allowance for Doubtful Accounts..... Accounts Receivable–Worthy....... 10, 000. 16, 455 Allowance for Doubtful Accounts [$22, 155 - $5, 700]................................... 26, 000 Accounts Receivable............................. 16, 455. 2 Prepaid expenses and deposits.................................. 26. The company would evaluate the information available on Young Company and may decide to write-off the note and not accrue the interest. Under the percentage of receivables approach the allowance is estimated and the entry is for the amount estimated adjusted for the existing balance in the allowance account. Estimated Uncollectible $ 2, 055 3, 660 6, 840 9, 600 $22, 155. Accounts Receivable—Noren.......... If there is no hope of collection, the payee could write-off the note. Sales Returns and Allowances......... Accounts Receivable..................... (c) Sep. 30 Accounts Receivable......................... Interest Revenue........................... [($20, 000 - $3, 500) x 21% x 1/12] (d) Oct. 4.
1 days 365 ÷ 6 = 60. 8 days to 135 days, a decrease of more than 15 days. The matching principle requires expenses to be recorded in the same period as the sales they helped generate. CONTINUING COOKIE CHRONICLE (a). SOLUTIONS TO PROBLEMS PROBLEM 8-1A (a). Comprehension Q8-3 Q8-4. 2) Actual uncollectibles are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable at the time a specific account is written off. A note usually bears interest for the entire period. Given in text Inventory turnover. Debit Sales Return Sales Sales Sales Payment. PROBLEM 8-8A (a) Jan. 2 Accounts Receivable—George......... 16, 000 Sales............................................... 16, 000. 16 Cash [$6, 000 - $120]........................... Current Ratio: 2004: $1, 710 ÷ $2, 259 = 0.
The write-off of an uncollectible account does not affect the current year's bad debts expense (debit the allowance and credit the accounts receivable). A separate account for interest receivable is used. The write-off of an uncollectible account reduces both accounts receivable and the allowance for doubtful accounts by the same amount. The number of days to sell inventory has decreased from 150. Matching principle directs accountants to gather expenses related to the revenue recorded.
BYP 8-1 (Continued) (b). The interest previously accrued on this note should be written off, as well as the note itself. 32, 700 26, 700. Credit Cards Receivable Explanation Ref. Bad debt (d) 38, 400 End. 5% x 3/12] 25 Notes Receivable—Avery.................. Accounts Receivable—Avery........ 6, 000. 10, 11, 12, 13 13, 14, 15. The first entry is made to reverse the write-off of the account receivable. Accounts receivable, at approximately 54% ($623 ÷ $1, 149) of current assets, are a material component. 2 Property, plant and equipment Equipment................................................... $2, 310.
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