Accounting Principles Third Canadian Edition Chapter 8 Answers Key, Monster Rancher Advance 2 Proof Of The Dragon Location Villa

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Accounts Receivable......................... 12, 070 Interest Revenue............................ Bad debts expense............................. 26, 286 Allowance for Doubtful Accounts [($718, 970 x 3%) + $4, 717]............. 26, 286. Accounts receivable transactions. Total interest revenue for the year ended December 31, 2008 - $4, 004 calculated as follows: Note 1. Accounts Receivable (a)...................... 2, 515, 000 Sales (e)............................................ ($25, 150 = 1% of sales; therefore sales = $2, 515, 000). The payee still has a claim against the maker of the note for both the principal and the unpaid interest. Accounting principles third canadian edition chapter 8 answers key. Interest should not be accrued on this note if it is unlikely to be collected.

Accounting Principles Third Canadian Edition Chapter 8 Answers.Microsoft.Com

Overall, Satellite Mechanical's liquidity has deteriorated over the three year period. 6 days 365 ÷ 5 = 73 days 45. EXERCISE 8-4 (a) (1). However, the company may have identified specific accounts that are doubtful, which may be the reason why the balance has not changed from year to year. Accounts Receivable................... Accounting principles third canadian edition chapter 8 answers.microsoft.com. 69, 580. All rights reserved. In this case notes receivable due in three months would be disclosed first followed by net accounts receivables (accounts receivable less the allowance for doubtful accounts) and finally other receivables which would include sales taxes recoverable and income taxes receivable. 44, 000 [($800, 000 x 6%) - $4, 000].

The write-off of an uncollectible account reduces both accounts receivable and the allowance for doubtful accounts by the same amount. 125 $ 41 33 51 $125. The accounts debited and credited are the same under both methods. Debit Sales Return Sales Sales Sales Payment.

Accounting Principles Third Canadian Edition Chapter 8 Answers Key

They have resulted from the sale of goods and/or services. 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 inventory turnover and days sales in inventory will provide additional information – the days sales in inventory will tell you how long, on average it takes for inventory to be sold. 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). This occurs because it takes time for the retailer to collect the amounts outstanding from any non bank credit card company. Bad Debts Expense (f)......................... Accounting principles third canadian edition chapter 8 answers.yahoo. Allowance for Doubtful Accounts (d) ($22, 750 - $21, 550 - $26, 350 = $25, 150). Estimated uncollectibles are debited to Bad Debts Expense and credited to Allowance for Doubtful Accounts through an adjusting entry at the end of each period. Sales............................................... Feb. 1 Notes Receivable—Brooks Company Accounts Receivable —Brooks Company........................ 18 Accounts Receivable—Mathias Co... BYP 8-1 (Continued) (b).

5, 500 2, 700 2, 700. Accounts receivable, at approximately 54% ($623 ÷ $1, 149) of current assets, are a material component. Accounts receivable are decreased and the allowance for doubtful accounts is also decreased resulting in no change in the amount of the net realizable value of accounts receivable. From Chapter 6 Operating Cycle. Accounts Receivable..................................................... $255, 250 Less: Allowance for Doubtful Accounts........................ 20, 420 Net Realizable Value....................................................... $234, 830 The bad debts expense on the income statement would be $22, 870 – the amount required to bring the allowance to 8% of Accounts Receivable. From the income statement perspective, adjusting entries allow the correct expenses to be subtracted from revenue, which produces a correct net income. Total estimated uncollectible accounts. Collection period Days sales in inventory Operating cycle (b). Sales............................................ A separate account for interest receivable is used. Notes and accounts receivable are credit instruments.

Accounting Principles Third Canadian Edition Chapter 8 Answers Key Free

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. It also focuses management attention on the receivables and the loss percentages, which can result in better receivables management. 300, 000 2, 250, 000 2, 020, 000 230, 000 29, 500 200, 500 3, 500 204, 000 3, 500 200, 500. Included in the notes to the financial statements will be the terms of the note, 5% due on July 1, 2012. Download Chapter 8 solution... 50]................................. B) July 1 Cash............................................... Interest Receivable [$6, 000 x 6% x 1/12]................... 5 Credit Card Receivables................ The growth rate should be a product of management and operating results, not of "creative accounting". BYP 8-2 (Continued) (b) The gross accounts receivable has increased significantly (125%) over the 2-year period. C) Interest 2008 $16, 000 x 7. The most significant increase occurred in over 90 day balances. 8 days to 135 days, a decrease of more than 15 days. 7 days and the increase in the turnover from 9.

38, 500 [($42, 000) - $3, 500]. Because the note is a formal credit instrument, its recorded value stays the same as its face value. BRIEF EXERCISE 8-12 (a) Apr. 5% x 1/12]........... 41. The time period concept ensures that the comparability objective in accounting is met. An account receivable is an informal promise to pay, while a note receivable is a written promise to pay. Suncor's current ratio has improved from 0. The interest previously accrued on this note should be written off, as well as the note itself. This will provide more accurate information about the customer in case the customer wants to receive credit again in the future. June 25 Cash.................................................... [$6, 000 x 6% x 1/12]. Amount $137, 000 61, 000 38, 000 24, 000 $260, 000% 1.

Accounting Principles Third Canadian Edition Chapter 8 Answers.Yahoo

The adjusting entry under the percentage of receivables approach is: Bad Debts Expense....................................................... 2, 300 Allowance for Doubtful Accounts ($5, 800 – $3, 500) 12. 91 times 2005: $7, 240 ÷ [($623 + $793) ÷ 2] = 10. Debit Opening Balance Sales Returns Collections Interest charges. Accounts receivable. 6 = 48 days 50 + 48 = 98 days. BYP 8-5 ETHICS CASE. PROBLEM 8-8B (Continued) May. The collection of an account that had previously been written off would decrease the net realizable value of accounts receivable. Sales...................................... 30 Accounts Receivable [$1, 000 - $38]............................. Credit Card Expense [$1, 000 x 3. Bad debts expenses are recorded in the same period in which the sales to which they relate were generated. Also, no interest would be accrued for October. This method emphasizes the matching of expenses with revenues. July 1 Accounts Receivable......................... Interest Revenue [9, 000 x 7% x 3/12]. Estimated Uncollectible $ 2, 055 3, 660 6, 840 9, 600 $22, 155.

The longer a customer takes to pay, the more likely that he will default on the receivable. 32, 700 26, 700. Credit Cards Receivable Explanation Ref. 31 Accounts Receivable—DRX..... Notes Receivable—DRX....... Interest Receivable [$6, 000 x 5% x 1/12].............. Interest Revenue [$6, 000 x 5% x 1/12].............. 6, 050. 2 Notes Receivable—Mathias Co......... 4, 000 Accounts Receivable—Mathias Co. Apr. PROBLEM 8-7B (Continued) (a) (Continued). Each of the major types of receivables should be identified in the balance sheet or in the notes to the financial statements. While it is in their best interest to stimulate sales, this may deter them from performing adequate credit checks. Accounts Receivable—Noren..........

16, 000 5, 750 Dr. 3, 300 2, 450 Dr. 18, 000 15, 550. Notes Receivable............................... 100, 000 Cash................................................ Cash.................................................... Interest Revenue............................ ($100, 000 x 5% x 3/12). 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]. B) $37, 125 [($1, 650, 000 x 2. Accounts Receivable—Davidson.... 5/12 Total accrued interest. Aging the accounts rather than applying a percentage to the total accounts receivable should produce a more accurate allowance and bad debts expense when the aging of the accounts change.

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