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. Accounting principles third canadian edition chapter 8 answers to worksheet. CONTINUING COOKIE CHRONICLE (a). The two main Canadian GAAPs that played vital roles in the balance sheet perspective were the cost principle and the principle of conservatism. 38, 500 [($42, 000) - $3, 500].
- Accounting principles third canadian edition chapter 8 answers.yahoo
- Accounting principles third canadian edition chapter 8 answers to worksheet
- Accounting principles third canadian edition chapter 8 answers key
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- Accounting principles third canadian edition chapter 8 answers.yahoo.com
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Accounting Principles Third Canadian Edition Chapter 8 Answers.Yahoo
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. In order to determine if the increase is an improvement in financial health, other ratios that should be considered include: Quick ratio, receivable turnover and collection period; inventory turnover and days sales in inventory ratios. EXERCISE 8-12 CN securitizes a large portion of its receivables to accelerate its cash receipts to provide it with a source of current financing. Accounting principles third canadian edition chapter 8 answers key. Debit Opening Balance Sales Returns Collections Interest Sales Recovery Collection (recovery) Collections Write-offs Interest. Proust Company's growth rate should be a product of fair and accurate financial statements.
Accounting Principles Third Canadian Edition Chapter 8 Answers To Worksheet
Accounts Receivable 845, 000 Write-offs (b) 38, 400 (a) 4, 550, 000 Collections (c) 4, 429, 100 927, 500 Allowance for Doubtful Accounts Beg. Sales on credit cards that are not directly associated with a bank are reported as credit sales, not cash sales. Cash............................................................ Accounts Receivable............................. Bad Debts Expense.................................... 27, 900 Allowance for Doubtful Accounts......... [$27, 180 - ($18, 780 - $21, 000 + $1, 500)]. 6, 000 x 6% x 1/12 = $ 30 $10, 000 x 5. B) Dec. 31 Bad Debts Expense [($500, 000 x 4%) + $800]........... 20, 800 Allowance for Doubtful Accounts. 16 Cash [$6, 000 - $120]........................... 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. 29 Cash........................................... Credit Cards Receivable...... 31 Credit Cards Receivable........... Interest Revenue................... 325. 9 Merchandise inventory................................................. 841. 16, 455 Allowance for Doubtful Accounts [$22, 155 - $5, 700]................................... 26, 000 Accounts Receivable............................. 16, 455. Subsidiary ledger account balances: Elaine Davidson...................................................... Andrew Noren.......................................................... Erik Smistad............................................................ Accounting principles third canadian edition chapter 8 answers.yahoo. Total......................................................................... Balance per general ledger control account......... 570 495 875 1, 223 1, 522 1, 422. Feb. 1 Notes Receivable—George................ 16, 000 Accounts Receivable—George..... Mar. 25% x 2/12 = $550 $39, 000 x 6. Bad debt (d) 38, 400 End.
Accounting Principles Third Canadian Edition Chapter 8 Answers Key
Answers to Natalie's questions 1. 5%)] The balance in the allowance for doubtful accounts would not affect the amount of the journal entry. BYP 8-4 (Continued) The selling staff has been placed in a conflict of interest position. Accounts Receivable—Davidson.... 300, 000 2, 250, 000 2, 020, 000 230, 000 29, 500 200, 500 3, 500 204, 000 3, 500 200, 500.
Accounting Principles Third Canadian Edition Chapter 8 Answers Pdf
D) Management of receivables has improved. BRIEF EXERCISE 8-7 Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total. Although accounts receivable have only increased by $15, 000 the estimated uncollectible amounts have increased by $20, 865. Average collection period. 25%)................................... 24, 375 Allowance for Doubtful Accounts......... 24, 375. Allowance for Doubtful Accounts Explanation Ref. BYP 8-2 (Continued) (b) The gross accounts receivable has increased significantly (125%) over the 2-year period. BYP 8-1 (Continued) (b). 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. The bad debts expense is affected when the allowance is estimated.
Accounting Principles Third Canadian Edition Chapter 8 Answers.Yahoo.Com
Bad Debts Expense (f)......................... Allowance for Doubtful Accounts (d) ($22, 750 - $21, 550 - $26, 350 = $25, 150). Both are valued at their net realizable value. 2 Notes Receivable—Mathias Co......... 4, 000 Accounts Receivable—Mathias Co. Apr. 6 days to purchase its inventory, sell it and collect the cash on sale. 651, 158 [($278, 631 + $258, 816) ÷ 2] = 2. Download Chapter 8 solution... BRIEF EXERCISE 8-15 Receivables turnover $6, 462, 581 ÷ [($247, 014 + 292, 462) ÷ 2] = 23.
A company may prefer a note receivable because it gives a stronger legal claim to assets and normally includes interest. Amount $120, 000 32, 000 45, 000 78, 000 $275, 000. All rights reserved. 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. Date Jan. 1 1 2 3 4 5 5. Estimated Uncollectible $ 2, 055 3, 660 6, 840 9, 600 $22, 155. DR 1, 000 10, 000 9, 000 1, 850 1, 850. It also provides a better representation of the amount of accounts receivable expected to be collected. Visa card: July 11. Credit Card Expense [$200 x 3%]...... Cash [$200 - $6].................................. Application BE8-2 P8-2A BE8-3 P8-7A BE8-4 P8-9A E8-1 P8-1B E8-2 P8-2B E8-3 P8-7B P8-1A P8-9B BE8-5 P8-4A BE8-6 P8-5A BE8-7 P8-7A BE8-8 P8-8A BE8-9 P8-1B E8-4 P8-2B E8-5 P8-3B E8-6 P8-4B E8-10 P8-5B P8-1A P8-7B P8-2A P8-8B P8-3A BE8-10 E8-9 BE8-11 P8-8A BE8-12 P8-9A BE8-13 P8-8B E8-7 P8-9B E8-8 BE8-13 P8-7A BE8-14 P8-9A E8-3 P8-7B E8-9 P8-9B E8-10. The journal entry would therefore be as follows: Dec. 31. One should not prepare financial statements with the objective of achieving or sustaining a predetermined growth rate. The presentation, analysis, and management of receivables.
BYP 8-2 INTERPRETING FINANCIAL STATEMENTS (a) ($ in thousands). Interest is earned as time passes. The Credit Card Expense and Debit Card Expense accounts are reported as operating expenses on the income statement. This may not always be the case because the composition of current assets may vary. Bad debts expense............................. 10, 743 Allowance for Doubtful Accounts [($546, 300 - $9, 170) x 2%].............. 10, 743.
Farm is connected to a newly-constructed, heavy-duty, 6 meter wide concrete Barangay road. The refuge is one of the largest remaining bottomland hardwood... Caoayan, Sual, Pangasinan, Philippines. 5 meters wide built with 8″ thick concrete. Batangas Murang Farm Lot For Sale is a Real Estate, located at: Batangas City, Calabarzon, Philippines, 4200 Batangas City, Philippines. Chris Morris and I after a great hunt in Little Grassy. Getting an agricultural land in Batangas gives you the chance to live in a relaxed environment while being close to business parks and urban centers.
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Along barangay interior road, approx. San Jacinto, Pangasinan House & Lot for Rush Sale. Popular Properties Today. Lipa, one of the cities in the province of Batangas, is a first-class component city that acts as the province's administrative center. Dirty Kitchen (newly built). Fenced farm lot ideal for game cock/horse farm. Converge Fiber Optic Cable newly laid along National Road. Just 30 mins away from the City Proper of Area: 9000 sqm. This agricultural lot is situated along Balibago-Balayan Highway in Balayan, Batangas.
05 acres • $150, 000 5 beds • 3 baths • 2, 320 sqft Altheimer, AR, 72004, Arkansas County Robert Eason Mossy Oak Properties Delta Land Management MAP18b. Lot for Sale Robinson Road Circle Brgy. Lot sizes range from 200-806 sqm. 02) 958-0093 Mobile No. The Rent Zestimate for this home is $837/mo, which has increased by $18/mo in the last 30 more info contact: Damon (501) 514-2560 Book Your Hunt Conservation Goose Hunts in Arkansas The spring snow goose migration in Arkansas is something all waterfowl hunters should experience. Also with Acacia, Gemelina and Narra trees. Along a four lane highway. Price: Php 97, 500, 000. About 55 miles east of Little Rock is a town called Stuttgart, Arkansas. Along cemented Brgy.
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FOR SALE: 3-storey house with a view at Ponderosa Leisure Farms LOT AREA: 916 SQM FLOOR AREA: 450 SQM BEDRO... It has a farm residential house with 2 bedrooms, 2 toilet and bath, receiving area, dirty kitchen, bodega, with good potable water system coming from one of the springs that can also supply a swimming pool. DETAILS • 4, 692sqm of Agricultural Farm in an Approved Poultry Zoning • This property... 8 Hectare Agricultural Farm Land In Nasugbu Batangas. For Sale: Lot / Land / Farm Batangas. The Property, With A Total Land Area Of 337 Hectares, Situated In Brgy. If you're after bigger cuts of land where you can grow all sorts of crops, notable locations you may find agricultural lots for sale in Lipa, San Juan, Bauan, and Padre Garcia. Call 09167090967 / 09171366897 (for Globe users) and 09613896294 (for Smart users). Price is negotiable. Negros Oriental Properties For Sale. The Grand Prairie is the widest section of the Mississippi River Delta, where an abundance of rice and soybean crops are grown. The Network specializes in land for Sale which includes farms, ranches, mountain property, lake houses, river homes, beachfront homes, Meto offers one of the largest public areas for flooded timber or green-timber duck hunting in North America, right in the heart of the Mississippi Alluvial Valley. LOT IN LAIYA BATANGAS FOR SALEFarm Lot that you can build your own Vacation Farmhouse PROMO FREE TRANSFER OF TITLE NO HIDDEN CHARGES NO INTEREST LOT SIZE: 100SQM @7K PER SQM = 700K Spot 30 Percent Dp, Balance Payable In 2 Yrs At 0 Interest! P25, 000 per sqm x 31, 000 sqm.
Bee Apiary, Animal Husbandry and fruit bearing trees. Ground Concrete Water Tank (5, 000 liter capacity with motor pump). Metro Lipa Medical Center. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. 125, 000 Last Sold Price. Listed by: Archived Properties. For more information or for reservations, phone 870-734-2030, or e-mail at [email protected] Stuttgart Hunting Club's property has 1200 acres of privately owned, flooded green timber. There are two cabins that are. 200 acresOff Market Lonoke, AR - Lonoke County. Avida Hacienda Sta Monica is strategically located in Lipa City, Batangas along the Tiaong-Lipa Road. Buying an agricultural lot for sale in Batangas may also fulfill your dreams of living in a laid-back setting close to premier destinations and business parks.
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HUGE PROMO till October 05. You can find them in places such as Lipa, Taal, San Juan, and even Nasugbu. Login to Start Posting. House & Lot for Sale Moonwalk Las Pinas City Philippines. Category: Agricultural Lot Location: Brgy. 2020-2021 Duck Season; Powered by SmugMug Owner Log In. For food promos click 5. 72 meters street Frontage, rear is Tipakan River.
Lot Type: Farm Lot (Tax Declaration). Lands measuring around 120 square meters up to 3, 000 square meters are suitable for building a farmhouse and growing vegetables and other plants. Concepcion, Batangas City, Philippines.
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Stuttgart Real Estate Facts... Land in a serene and beautiful location in San Juan, area: 2. It is home to many heritage sites and natural respites that locals and tourists love.
Lot is in golingin west, lipa city. Always dreamed of having a farm garden right at your own backyard? The property is ideal for use as: - leisure resort. Sched now your Viewing!! It has some considerable deposits of quartz stones which is more expensive than marble. 1964 dodge 330 super stock Jan 11, 2020...... birds before I had the great fortune to join on a flooded timber duck hunt.... affair at the Five Oaks Lodge near Stuttgart, Stuttgart Hunting Club's property has 1200 acres of privately owned, flooded green timber. Aa LOW as Ph995/sqm. Php 298, 500 for 300 sqm).
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