Accounting Principles Third Canadian Edition Chapter 8 Answers.Microsoft - Bed & Breakfast Eastport Maine

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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. 18, 000 11, 500 Dr. 3, 500 8, 000 Dr. 24, 375 16, 375. Accounting principles third canadian edition chapter 8 answers.yahoo.com. 75% x 12/12 = $2, 633. 0 Accounts receivable................................... $787. An account receivable is an informal promise to pay, while a note receivable is a written promise to pay. CONTINUING COOKIE CHRONICLE (Continued) (a) (Continued) 3. Stewart Department Store Credit Card: July 11.

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30 Note Receivable—Lesperance...... Accounts Receivable.................. 1, 050 566 566. A note usually bears interest for the entire period. PROBLEM 8-10B (a) TOCKSFOR COMPANY Balance Sheet (Partial) September 30, 2008 (in thousands) Assets Current assets Cash and cash equivalents.......................................... $ 787. Bad debts expense is recorded as an operating expense on the income statement. Calculate bad debt amounts and answer questions. The fee is not large but is an ongoing expense. Jan. 5 Accounts Receivable................ 19, 000 Sales...................................... 20 Cash [$4, 500 - $146].................. Credit Card Expense [$4, 500 x 3. Accounting principles third canadian edition chapter 8 answers to worksheet. Debit Credit Balance Balance. 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. 59, 700 15, 300 Dr. 30, 000 14, 700. 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.

Accounting Principles Third Canadian Edition Chapter 8 Answers To Worksheet

As a result, it is often easier for a retailer to sell the receivable to another party who has expertise in billing and collection matters. Interest Receivable............................ ($100, 000 x 5% x 3/12). Accounts Receivable......................... 639, 900 Sales............................................... Allowance for Doubtful Accounts. Accounting principles third canadian edition chapter 8 answers key. One should not prepare financial statements with the objective of achieving or sustaining a predetermined growth rate. 8 Total assets.............................................................. $3, 972. Download Chapter 8 solution...

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Proust Company's growth rate should be a product of fair and accurate financial statements. 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. 50% x 1/12 = $ 56 $46, 000 x 5. This will also speed up the collection of cash. Selling receivables provides a more current source of cash to help finance operations. BYP 8-4 COMMUNICATION ACTIVITY Memorandum To: Management. 25%)] The balance in the allowance is not relevant.

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Q8-18 Q8-19 Q8-20 Q8-22 E8-12. The time period concept ensures that the comparability objective in accounting is met. Amount $120, 000 32, 000 45, 000 78, 000 $275, 000. Given in the problem Average collection period: Norlandia's receivables turnover ratio was a little higher in 2008, which means that Norlandia was more efficient in 2008 in turning receivables into cash. 3 = 50 days 365 ÷ 7. In addition, consideration would have to be given as to whether the note should be written off. This is evidenced by the decrease in the average collection period from 36.

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The most significant increase occurred in over 90 day balances. BYP 8-4 (Continued) The selling staff has been placed in a conflict of interest position. 86 86 4, 986 4, 986. Under the percentage of receivables approach, the balance in the allowance for doubtful accounts is derived either (a) by applying a percentage estimate of bad debts to total receivables or (b) from an analysis of individual customer accounts. The remaining entries would remain unchanged. The company would evaluate the information available on Young Company and may decide to write-off the note and not accrue the interest. This may not always be the case because the composition of current assets may vary. 25% x 6/12 = $1, 650 3. 47, 750 66, 830 71, 280 1, 700 46, 018. Application BE8-2 P8-2A BE8-3 P8-7A BE8-4 P8-9A E8-1 P8-1B E8-2 P8-2B E8-3 P8-7B P8-1A P8-9B BE8-5 P8-4A BE8-6 P8-5A BE8-7 P8-7A BE8-8 P8-8A BE8-9 P8-1B E8-4 P8-2B E8-5 P8-3B E8-6 P8-4B E8-10 P8-5B P8-1A P8-7B P8-2A P8-8B P8-3A BE8-10 E8-9 BE8-11 P8-8A BE8-12 P8-9A BE8-13 P8-8B E8-7 P8-9B E8-8 BE8-13 P8-7A BE8-14 P8-9A E8-3 P8-7B E8-9 P8-9B E8-10. Amount $65, 000 12, 600 8, 500 6, 400% 2 10 25 50. Principle of conservatism recommended that assets should be neither overstated nor understated. Solutions Manual 8-84 Chapter 8 Copyright © 2009 John Wiley & Sons Canada, Ltd.

Accounting Principles Third Canadian Edition Chapter 8 Answers Key

It is deducted from receivables to provide proper valuation for accounts receivable. Interest should not be accrued on this note if it is unlikely to be collected. 8, 270 [($627 + $505) ÷ 2] = 14. The balance rose from $6, 000 to $15, 600.

BYP 8-2 (Continued) (b) The gross accounts receivable has increased significantly (125%) over the 2-year period. 5% x 8/12 = 367 $4, 800 x 6. Days to sell inventory. Credit Balance 200, 000 1, 000, 000 723, 000 277, 000 21, 750 255, 250 258, 550 3, 300 255, 250. Record accounts receivable and bad debts transactions. The account will have a debit balance when the actual amount of receivables written off exceeds the estimated amount recorded in the allowance account. 1 Cash........................................... 12, 000 Accounts Receivable............ 14 Cash........................................... Accounts Receivable............ 19, 000. 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. Bad Debts Expense................... 33, 300 Allowance for Doubtful Accounts. July 1 July 5 25 31. 7 days and the increase in the turnover from 9.

Overall, Western Roofing's liquidity has improved over the three year period. If the sales staff is opposed to this recommendation, at the very least a set of specific criteria should be developed which would ensure that the selling staff only grant credit to those customers who meet the company's credit standards. Comprehension Q8-3 Q8-4. 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.

CONTINUING COOKIE CHRONICLE (Continued) (b) (Continued) July 31 Accounts Receivable [$1, 050 + $7] Note Receivable.......................... Interest Revenue [$1, 050 x 8. Sales............................................... Feb. 1 Notes Receivable—Brooks Company Accounts Receivable —Brooks Company........................ 18 Accounts Receivable—Mathias Co... Debit Sales Payment. 8 days 2005: 365 days ÷ 10. Average collection period has increased from 17. The Credit Card Expense and Debit Card Expense accounts are reported as operating expenses on the income statement. Sales Discounts [($6, 500-$500) x 2%]........................... Accounts Receivable—Pumphill.. 5, 880. Estimated Uncollectible $ 1, 800 1, 920 8, 100 31, 200 $43, 020% 1. 44, 000 [($800, 000 x 6%) - $4, 000].

125 $ 41 33 51 $125. 4 Less: Accumulated amortization............. 1, 144. CHAPTER 8 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Given the increase in the accounts receivable, it is likely that the company has now assumed additional credit risk. 31 Interest Receivable....................... 114 Interest Revenue....................... ALD Inc. $ 6, 000 x 6% x 1/12 = $ 30 KAB Ltd. $10, 000 x 5. 25% x 4/12 = $6, 000 x 5% x 1/12 = $10, 200 x 6% x 0/12 = Total. 1, 338, 800 1, 342, 250 3, 450 1, 338, 800 585, 420 753, 380 46, 480 706, 900 12, 070 718, 970.

Leif Ericsson brought the first British and French colonists to Maine in 1652. The Nightfall Inn is a four-bedroom bed and breakfast in Belfast, Maine, directly on U. S. Route 1, and just a block away from the Passagassawakeag River. Rossport by the Sea. The building is two stories high and contains 45 total rooms for guests to pick from, one of which being a suite. It's a large, Federal-style building with light, spacious rooms and nearly an acre of flowery gardens, a few blocks from the city center. Flying Cloud Bed And Breakfast. The Audubon room is one of three rooms at the inn, all tastefully appointed with lots of antiques, Oriental rugs, and crafts made by local artisans. The Moorings Inn is located in Southwest Harbor, Maine. Click any image to view the. We apologize, but the feature you are trying to access is currently unavailable. Urdu: ایسٹپورٹ، میئن. Archived in December, 2015.

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The Seaside Inn and Cottages. The inn on shore road. Greenwood Manor Inn. Chadbourne House Bed and Breakfast Description: Innkeepers Jill and David Westphal welcome you to The Chadbourne House, Eastport's newest bed and breakfast. There are a total of nine guest rooms available for reservation, each with its own private bathroom, temperature controls, and refrigerator. Evergreen Valley Inn. Main: (207) 853-0989. The state has a rocky coast with its very own harbor leading to the Atlantic Ocean. The owners tap the maples to make homemade maple syrup. Mountain Star Estate. Drift Oceanside Inn. Three Stanley Avenue Bed and Breakfast. Open Location Code87PMW245+5X.

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Eastport Municipal Airport is a city-owned public-use airport located one nautical mile west of the…. Black Locust Farm Bed and Breakfast. The state of Maine is located in the northeastern corner of the United States. Return to Eastport Page.

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House has a wonderful open floor plan and also offers numerous areas to hole up and lose yourself in a good book. There are six guest rooms. Innkeeper Jill will help you plan your daily adventures in Eastport and other surrounding areas. The rest of the grounds are comprised of the woods, with a small portion being a sugar maple grove.

Eastport Bed And Breakfast

On the National Register of Historic Places, enjoy the beautiful mantle indoors, and the spacious lawn outside overlooking the bay. Patrons of the inn are served a fresh breakfast each morning in the dining room with several meal options to choose from, as well as various baked goods and other appetizers. JLS Business Suites. Our Season: Our inn is open from May 15th to October 15th. There is a back patio in the yard where seating and tables are located. The Augustus Bove House. Pollock Cove Resort. Many of the original cities, native tribal grounds, and small farming villages located near the water in the state's early years have been completely destroyed due to water activity, however, because most of the lighthouses were placed high on cliffs or hills overlooking the water, most have been preserved. United Nations Location CodeUS EPM. In the middle 19th century it vied with New York City as the busiest port on the east coast.

One may also follow Shackford Head trail, a favorite among joggers and hikers in Eastport. Montague Rose Bed & Breakfast. Hanscom Cottages & Motel. Emery's Cottages On The Shore**.