14, 15, 16, 17 18, 19, 20, 21, 22. ALD Inc. KAB Ltd. DNR Co. MJH Corp. Accounting principles third canadian edition chapter 8 answers key free. Total. CONTINUING COOKIE CHRONICLE (Continued) (b) (Continued) July 31 Accounts Receivable [$1, 050 + $7] Note Receivable.......................... Interest Revenue [$1, 050 x 8. Continuing Cookie Chronicle BYP8-3. Selling receivables provides a more current source of cash to help finance operations. Bad debts expenses are recorded in the same period in which the sales to which they relate were generated. However, its current ratio is lower than the industry average of 1.
Current ratio Industry: 1. Other alternatives to extending credit to Curtis include: Waiting for 30 days to make the sale Have Curtis borrow from the bank Have Curtis use a credit card to finance the purchase. 5/12 Total accrued interest. 2) Receivables may be sold because they may be the only reasonable source of cash readily at hand. PROBLEM 8-9A (Continued) (d) OUELLETTE CO. Balance Sheet (partial) July 31, 2008 Assets Current assets Notes receivable......................................................... Accounts receivable................................................... Credit card receivables.............................................. Interest receivable...................................................... Total current assets............................................... $25, 000 4, 854 14, 115 481 $44, 450. Estimated Uncollectible $ 1, 800 1, 920 8, 100 31, 200 $43, 020% 1. 5 Other assets Notes receivable........................................................... 254. The controller has an ethical dilemma—should he/she follow the president's "suggestion" and prepare misleading financial statements (understated net income) or should he/she attempt to stand up to and possibly anger the president by preparing a fair (realistic) income statement. The disadvantage is the cost to your business. 995, 000 3, 615, 000 3, 575, 000 875, 000 800, 000 830, 000 800, 000. SOLUTIONS TO PROBLEMS PROBLEM 8-1A (a). EXERCISE 8-6 (a) 2007 Dec. 31 Bad Debts Expense [(2% x $450, 000) + $1, 000].................. 10, 000 Allowance for Doubtful Accounts. Accounting principles third canadian edition chapter 8 answers.com. Sales............................................ When a customer makes a purchase using a credit card you will have to pay a percentage of the sale to the credit card company.
It also provides a better representation of the amount of accounts receivable expected to be collected. Current Ratio: 2004: $1, 710 ÷ $2, 259 = 0. 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. Accounts receivable. Notes Receivable............................... 100, 000 Cash................................................ Cash.................................................... Interest Revenue............................ ($100, 000 x 5% x 3/12). 1 Cash [$9, 000 + $45]............................ 9, 045 Notes Receivable—Brooks Company Interest Revenue [$9, 000 x 6% x 1/12]....................... 9, 000 45. Record accounts receivable and bad debts transactions. Notes receivable are recorded at their principal value (the value shown on the face of the note) and not the amount that will be paid at maturity because interest has not been earned. Accounting principles third canadian edition chapter 8 answers.microsoft.com. Cash............................................................ 4, 429, 100 Accounts Receivable (c)....................... 4, 429, 100 ($845, 000 + $4, 550, 000 - $38, 400 - $927, 500 = $4, 429, 100). DR 1, 000 10, 000 9, 000 1, 850 1, 850. The decision to write-off an account simply identifies which accounts are not going to be collected.
5% x 1/12]........... 41. 16 Cash [$6, 000 - $120]........................... CONTINUING COOKIE CHRONICLE (Continued) (a) (Continued) 3. EXERCISE 8-7 (Continued) Dec. 31 Interest Receivable............................. Interest Revenue*.......................... *Calculation of interest revenue: Morgan: $24, 000 x 8% x 2/12 Wright: $4, 500 x 6% x 1/12 Barnes: $8, 000 x 7% x 0. Cash is needed to pay for the inventory the company has purchased and to cover other operating expenses such as sales commissions. Weygandt, Kieso, Kimmel, Trenholm, Kinnear. 2) Actual uncollectibles are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable at the time a specific account is written off. 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. Neither could the performance of one business be compared to the performance of another. 44, 000 [($800, 000 x 6%) - $4, 000]. Re: Management of the credit function. July 1 Accounts Receivable......................... Interest Revenue [9, 000 x 7% x 3/12]. 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.
300, 000 2, 250, 000 2, 020, 000 230, 000 29, 500 200, 500 3, 500 204, 000 3, 500 200, 500. 6 = 48 days 50 + 48 = 98 days. To keep financial statements relevant, IFRS allow assets to be revalued at some point after purchase in order to reflect fair market values. When the correct expenses are subtracted from revenue, the result is net income or loss.
Stewart Department Store Credit Card: July 11. 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. Bad debt (d) 38, 400 End. 1 Allowance for Doubtful Accounts..... Notes Receivable-Lough............... Dec. 1 Accounts Receivable-Jones.............. 10, 894 Notes Receivable........................... Interest Revenue [10, 500 x 5% x 5/12]. Accounts receivable transactions. June 2 Accounts Receivable—Mathias Co... 4, 055 Notes Receivable—Mathias Co..... Interest Revenue [$4, 000 x 5.
The bad debts expense is affected when the allowance is estimated. Bad Debts Expense............................................ 22, 870 Allowance for Doubtful Accounts................ [($255, 250 x 8%) + $2, 450]. 19, 080 4, 450 69, 580 44, 318. 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. Accounts Receivable (a)............................ 4, 550, 000 Sales (f).................................................. ($45, 500 = 1% of sales; therefore sales = $4, 550, 000) Allowance for Doubtful Accounts (d)........ Accounts Receivable (b)....................... ($72, 500 + $45, 500 – $79, 600 = $38, 400).
They have resulted from the sale of goods and/or services. The fee is not large but is an ongoing expense. BRIEF EXERCISE 8-13 (a) 2007 July 1. Calculate bad debt amounts and answer questions. 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. 29, 000 ($35, 000 - $6, 000) is the amount Hohenberger would record as bad debts expense. 17, 800 6, 300 6, 300. This is evidenced by the decrease in the average collection period from 36. Given in text Inventory turnover.
If you didn't focus on the direction each person is heading, you'd most likely answer that the person going 50 miles per hour will arrive first. As Thomas Edison famously noted, "vision without implementation is just hallucination". Very few people might know the answer to all the questions. Conclusion: Make sure when you speed up, you're in right direction of your destination. If so, our direction is true. Direction Is More Important Than Speed Greeting Card. But start slowly, because direction is more important than speed.
Luxurious business cards? The speed this life takes never seems to allow us to stop and think on our ways. "I have been sending postcards for a year now with no complaints! One of them turned up to be a business owner and the other chose to be a illegal activist and earned more. Speed depends on direction. And he said, Nay, father Abraham: but if one went unto them from the dead, they will repent. The point is are you going in the right direction. Don't start your day in a hurry.
Keep up the good work. I good bike ride/run/weights and I can re-center my mind back to direction and tackle the day. He said, "you know, I see so many people burn so much energy trying to be fast rather than going straight. Can you see how important knowing the direction you are heading for is? Sorry, this item and shop are currently unavailable. Speed is the rate at which an object is moving along a path, while velocity is the rate and direction of an object's movement. A most sobering thought. At best, mine had 500 people. Neither you will get your thing or neither you have time to restart the whole thing again and settle for what you get in that direction. Direction is More Important than Speed - Universal Church of the Kingdom of God - Universal Church of the Kingdom of God. The new Jabbercast App is the best listening experience for podcasts. "And it came to pass, that the beggar died, and was carried by the angels into Abraham's bosom: the rich man also died, and was buried, And in hell he lifted up his eyes being in torments, and seeth Abraham afar off, and Lazarus in his bosom. "Good photos, quick delivery & excellent customer service. Bill gates asked, " Warren how can nobody wants to copy you, your investment system is so simple? "
Two people are in a 100 mile race. Then Warren replied saying, "Well, nobody wants to get rich slowly. Daniel Kahneman-Thinking Fast and Slow. Simple and down-to-earth language? So the first thing you must be aware of is the direction you are going. Everyday I ask myself if we are doing something that will contribute more to the world than we are taking out of it. In the upcoming weeks, we will discuss tools and strategies you can use to do this! Now quickly consider your own firm's content on social media. True love is like ghosts, which everyone talks about and few have ancois de La Rochefoucauld. And if the wind is right, You can sail away and find tranquility. It's doing more of the right things—with focus. Does speed have direction. Come prepared to participate and share your goals with other Goal Getters. That means any day you wake up, your default preference will most likely be to pick easy things to do first, whether personally or professionally.
Meanwhile, the turtle maintained his course with focus and direction. Betaal hurriedly departed from that place without thinking anything or asking directions. Despite that, they continue undeterred taking the same line of actions. Fast thinking is automatic or impulsive—like running from a tiger or brushing your teeth. Paulo Coelho Quote: “Change. But start slowly, because direction is more important than speed.”. They lost focus, were distracted and focused on things, people, situations, worldly attractions, sin, and therefore, were left behind. Either way, all brands operate within a crowded landscape.