Accounting Principles Third Canadian Edition Chapter 8 Answers To Worksheet – Be A Nice Human Sweatshirt - Stop Bullying Sweatshirt - Cute Women's Sweater
67, 200 22, 800 Dr. 18, 000 4, 800 Dr. 76, 200 71, 400. SOLUTIONS TO EXERCISES EXERCISE 8-1 Apr. 1 Cash [$9, 000 + $45]............................ 9, 045 Notes Receivable—Brooks Company Interest Revenue [$9, 000 x 6% x 1/12]....................... 9, 000 45. Cash is needed to pay for the inventory the company has purchased and to cover other operating expenses such as sales commissions. 1 Cash........................................... 12, 000 Accounts Receivable............ 14 Cash........................................... Accounting principles third canadian edition chapter 8 answers.microsoft.com. Accounts Receivable............ 19, 000.
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The bad debts expense on the income statement would be $18, 000 (2. SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 8-1 (a) (b) (c) (d) (e) (f). 5% x 3/12] 25 Notes Receivable—Avery.................. Accounting principles third canadian edition chapter 8 answers quizlet. Accounts Receivable—Avery........ 6, 000. Under the percentage of receivables approach the allowance is estimated and the entry is for the amount estimated adjusted for the existing balance in the allowance account. It may be more relevant for the company to determine a percentage of receivables that it deems doubtful each year and adjust the balance in the doubtful accounts by recognizing a bad debts expense annually. The growth rate should be a product of management and operating results, not of "creative accounting".
Accounting Principles Third Canadian Edition Chapter 8 Answers.Microsoft
BYP 8-1 (Continued) (b). Current ratio Industry: 1. BYP 8-1 FINANCIAL REPORTING PROBLEM (a) ($ in thousands). Sales on credit cards that are not directly associated with a bank are reported as credit sales, not cash sales. Accounting principles third canadian edition chapter 8 answers to worksheet. Brooks Company $9, 000 x 6% x 1/12.. Mathias Co, $4, 000 x 5. The time period concept ensures that the comparability objective in accounting is met. Overall, operating cycle has decreased by approximately 13 days which is a positive indicator. BYP 8-2 (Continued) (b) The gross accounts receivable has increased significantly (125%) over the 2-year period. An account receivable does not incur interest unless the account is overdue. Positive working capital and a current ratio of greater than 1 is an indication that the company has good liquidity and will be more likely to be able to pay for the mixer.
Accounting Principles Third Canadian Edition Chapter 8 Answers To Worksheet
Cost of Goods Sold............................ 9, 000 Inventory......................................... 5% x 1/12]........... 41. 2, 400 2, 400 1, 550. 892, 500 646, 900 1, 539, 400 10, 900 1, 528, 500 696, 250 832, 250 13, 860 846, 110 763, 600 4, 450.
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6 times or 25 days (2004) to 11. During the year Toys for Big Boys has experienced a significant increase in sales due to the efforts of the sales staff. Bad debts expense Balance August 31.................................................. $ 85, 680 September entry...................................................... 10, 743 October entry........................................................... 26, 286 Total expense for the year...................................... $122, 709. 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. ALD Inc. KAB Ltd. DNR Co. MJH Corp. Total. 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. Collection period Days sales in inventory Operating cycle (b). Accounting for the disposition of a note receivable and an account receivable are the same. The essential features of the allowance method of accounting for bad debts are: (1) Uncollectible accounts receivable are estimated and recorded at the end of an accounting period, in order to match the bad debts expense against sales in the same accounting period in which the sale occurred.
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Soo Eng should realize that the decrease in net realizable value occurs when estimated uncollectibles are recognized in an adjusting entry (debit Bad debts expense; credit Allowance for Doubtful Accounts) in the period the sale occured. 18, 000 11, 500 Dr. 3, 500 8, 000 Dr. 24, 375 16, 375. 1, 2, 3, 4, 5, 6, 7, 8. Jan. 5 Accounts Receivable................ 19, 000 Sales...................................... 20 Cash [$4, 500 - $146].................. Credit Card Expense [$4, 500 x 3. BYP 8-2 INTERPRETING FINANCIAL STATEMENTS (a) ($ in thousands). Receivables turnover. Calculate bad debt amounts and answer questions. 16, 455 Allowance for Doubtful Accounts [$22, 155 - $5, 700]................................... 26, 000 Accounts Receivable............................. 16, 455. 5/12 Total accrued interest. The longer a customer takes to pay, the more likely that he will default on the receivable.
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50]................................. 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. It is unearned revenue. 962 38 1, 000 3, 975 25 4, 000. Average collection period. 75% x 1/12].............. Interest Revenue [$4, 800 x 6. ANSWERS TO QUESTIONS 01. The two main Canadian GAAPs that played vital roles in the balance sheet perspective were the cost principle and the principle of conservatism. 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. 25%)] The balance in the allowance is not relevant. Selling receivables provides a more current source of cash to help finance operations. A company, such as Canadian Pacific, may chose to securitize its receivables to accelerate cash receipts from their receivables.
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Feb. 1 Notes Receivable—George................ 16, 000 Accounts Receivable—George..... Mar. PROBLEM 8-8B Jan. 2 Accounts Receivable —Brooks Company............................ 6, 000 x 6% x 1/12 = $ 30 $10, 000 x 5. 26, 350 Sales Sales. Both can be sold to another party.
Receivables Turnover: $3, 000, 000 ÷ [($565, 000 + $0*) ÷ 2] = 10. Dec. 31 Bad Debts Expense [$19, 750 - $3, 000]................................ 16, 750 Allowance for Doubtful Accounts. Notes receivable reported under the other asset section of the balance sheet total $22, 000 (Note 3 which is due May 1, 2013). In millions) Jan. 1, 2005 Accounts receivable Less: allowance Net realizable value.
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