892, 500 646, 900 1, 539, 400 10, 900 1, 528, 500 696, 250 832, 250 13, 860 846, 110 763, 600 4, 450. BRIEF EXERCISE 8-10 Note (a) Total Interest 1. Accounting principles third canadian edition chapter 8 answers.com. Selling receivables provides a more current source of cash to help finance operations. 04 times or 33 days (2005). 380 100 Andrew Noren Ref. 75% x 12/12 = $2, 633. Accounts Receivable $315, 000 90, 000 60, 000 35, 000 $500, 000% Estimated Uncollectible 1% 4% 10% 20%.
Accounting Principles Third Canadian Edition Chapter 8 Answers.Com
Cash.................................................... 11, 368 Sales Discount [($14, 000 - $2, 400) x 2%].................... 232 Accounts Receivable [$14, 000 - $2, 400]........................... 1, 550. 1, 2, 3, 4, 5, 6, 7, 8. Cash is needed to pay for the inventory the company has purchased and to cover other operating expenses such as sales commissions. Accounting principles third canadian edition chapter 8 answers.unity3d.com. During the year Toys for Big Boys has experienced a significant increase in sales due to the efforts of the sales staff. 5, 6, 7, 8, 9, 10, 11, 12, 13. 7 Credit Cards Receivable........... BRIEF EXERCISE 8-14 WAF COMPANY Balance Sheet (Partial) November 30, 2008.
Debit Sales Return Sales Sales Sales Payment. This makes it easier to manage receivables for example, follow up on payments and decide if additional credit should be granted. Other sets by this creator. EXERCISE 8-4 (a) (1). 3) Other receivables include interest receivable, loans or advances to employees, and recoverable sales and income taxes. 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. 25% x 6/12 = $1, 650 3. Bad debts expense............................. 10, 743 Allowance for Doubtful Accounts [($546, 300 - $9, 170) x 2%].............. 10, 743. 0 Accounts receivable................................... $787. Accounting principles third canadian edition chapter 8 answers key. The company would evaluate the information available on Young Company and may decide to write-off the note and not accrue the interest. To improve this process I would recommend using a separate credit department to evaluate the credit worthiness of all potential credit customers. 2) Notes receivable are claims for which a formal credit instrument has been issued as proof of the debt. The two approaches of estimating uncollectibles under the allowance method are (1) percentage of sales (income statement approach) and (2) percentage of receivables (balance sheet approach).
Accounting Principles Third Canadian Edition Chapter 8 Answers.Unity3D.Com
Account receivable results from a credit sale while a note receivable can result from financing a purchase, lending money, or extending an account receivable beyond normal amounts or due dates. This may not always be the case because the composition of current assets may vary. Total interest revenue for the year ended December 31, 2008 - $4, 004 calculated as follows: Note 1. Date July 1 1 31 31. 50% x 1/12 = $ 56 $46, 000 x 5. Accounting for the disposition of a note receivable and an account receivable are the same. Suncor's current ratio has improved from 0. This could be attributed to Suncor's securitization program. Broadening Your Perspective.
Accounts and notes receivable are sometimes called trade receivables because they result from sales transactions and occur in the normal course of business operations. 5% x 8/12 = 367 $4, 800 x 6. Show balance sheet presentation. Suncor's receivable turnover and average collection period have deteriorated from 14. Allowance for Doubtful Accounts..... 46, 480 Accounts Receivable..................... 46, 480. The write-off of an uncollectible account reduces both accounts receivable and the allowance for doubtful accounts by the same amount.
Accounting Principles Third Canadian Edition Chapter 8 Answers Key
742, 500 546, 300 1, 288, 800 9, 170 1, 279, 630 592, 750 686, 880 12, 020 698, 900 639, 900 3, 450. PROBLEM 8-10B (a) TOCKSFOR COMPANY Balance Sheet (Partial) September 30, 2008 (in thousands) Assets Current assets Cash and cash equivalents.......................................... $ 787. July 1 Accounts Receivable......................... Interest Revenue [9, 000 x 7% x 3/12]. 2) After Write-Off $662, 000. BYP 8-2 INTERPRETING FINANCIAL STATEMENTS (a) ($ in thousands). Interest should not be accrued on this note if it is unlikely to be collected. 9, 749 [($1, 139 + $627) ÷ 2] = 11. Allowance for Doubtful Accounts. The Credit Card Expense and Debit Card Expense accounts are reported as operating expenses on the income statement. Prepare aging schedule and record bad debts. However, its current ratio is lower than the industry average of 1. Bad debts expense is recorded as an operating expense on the income statement. Interest receivable reported under the current asset section of the balance sheet total $3, 251 calculated as follows: Note 1. BLOOM'S TAXONOMY TABLE Correlation Chart between Bloom's Taxonomy, Study Objectives and End-ofChapter Material Study Objective.
Before Write-Off $471, 000. 962 38 1, 000 3, 975 25 4, 000. 0-30 31-60 $220, 000 $160, 000. 1 Cash [$9, 000 + $45]............................ 9, 045 Notes Receivable—Brooks Company Interest Revenue [$9, 000 x 6% x 1/12]....................... 9, 000 45.
Accounting Principles Third Canadian Edition Chapter 8 Answers.Yahoo
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. 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. 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. Notes receivable reported under the other asset section of the balance sheet total $22, 000 (Note 3 which is due May 1, 2013). The journal entry would therefore be as follows: Dec. 31. Principle of conservatism recommended that assets should be neither overstated nor understated. Because the note is a formal credit instrument, its recorded value stays the same as its face value. Current ratio Industry: 1.
17, 800 6, 300 6, 300. 18, 000 11, 500 Dr. 3, 500 8, 000 Dr. 24, 375 16, 375. The rate varies but 3% would not be unusual. Sales Discounts [($6, 500-$500) x 2%]........................... Accounts Receivable—Pumphill.. 5, 880. 16, 455 Allowance for Doubtful Accounts [$22, 155 - $5, 700]................................... 26, 000 Accounts Receivable............................. 16, 455. A note usually bears interest for the entire period. Jan. 5 Accounts Receivable................ 19, 000 Sales...................................... 20 Cash [$4, 500 - $146].................. Credit Card Expense [$4, 500 x 3.
Announcement of a split decision? Hill by a loch Crossword Clue NYT. When something is broken we need to... it. Some animal species may soon. Hi There, We would like to thank for choosing this website to find the answers of Habitat threatened by bleaching Crossword Clue which is a part of The New York Times "11 20 2022" Crossword. Environment Vocab 2020-06-11.
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Kylo ___ of "Star Wars" Crossword Clue NYT. Convert waste into reusable material. Large rocks that can hit the earth. The action of recovering waste and reintroducing it, after treatment, into the production cycle. Goosebump-inducing Crossword Clue NYT. Animals or plants that may soon not exist because there are very few now alive. • How can we fix littering? The action of clearing a wide area of trees. Compounds, compounds that contain both carbon and hydrogen. 12 Clues: illegal hunting • gases and other substances • the contamination of the enviroment • What energy sources are wind and sun? The geographical range of an organism or population).
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The energy transmitted in this way. • The basic unit of a chemical element. People or animals breathe out. IT PREVENTS HARMFUL LIGHT FROM REACHING THEEARTH. A sudden violent shaking of the ground, typically causing great destruction, as a result of movements within the earth's crust or volcanic action. No longer existing as an animal species. Plastic bags in our waterways causes this. "The Eagle ___ landed" Crossword Clue NYT. Bird which lays the largest egg. You can easily improve your search by specifying the number of letters in the answer. 12 Clues: Name a man-made ecosystem? Smoke/gas that has an unpleasant smell, especially harmful smoke/gas. Being decomposed by bacteria or other living organisms and thereby avoiding pollution. The consequence of cutting down lots of trees.
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A long period of dry weather when there is not enough water for plants and animals to live. To bring into danger. Make proteinsOrgan System, groups of organs working together to perform a specific function. A place to throw rubbish and other waste material. Wall of living things in the sea. The liquid that descends from the clouds as rain forms streams, lakes, and seas, and is a major constituent of all living matter. Contaminate with harmful substances.
• To watch and help an animal or the environment. Living things and what is around them.