CHAPTER 8 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Accounts receivable. Weygandt, Kieso, Kimmel, Trenholm, Kinnear. 23 times Average Collection Period: 2004: 365 days ÷ 9. BRIEF EXERCISE 8-10 Note (a) Total Interest 1. The accounting principles central to an income statement perspective are the revenue recognition and matching principles. The longer a customer takes to pay, the more likely that he will default on the receivable. B) June 1 Accounts Receivable...................... 25% x 1/12]............... 1, 057 1, 050 7. BRIEF EXERCISE 8-14 WAF COMPANY Balance Sheet (Partial) November 30, 2008. Accounting principles third canadian edition chapter 8 answers.unity3d.com. The journal entry would therefore be as follows: Dec. 31. BRIEF EXERCISE 8-13 (a) 2007 July 1. If there is hope of collection the payee can transfer the amount owing to an accounts receivable account.
96 times Collection period 365 days ÷ 23. Cash............................................................ Accounting principles third canadian edition chapter 8 answers.microsoft. Accounts Receivable............................. Bad Debts Expense.................................... 27, 900 Allowance for Doubtful Accounts......... [$27, 180 - ($18, 780 - $21, 000 + $1, 500)]. 2007 # of Days Outstanding 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding.
It would appear that Forzani's is managing their inventory more efficiently which has resulted in the decrease in number of days to sell inventory and overall operating cycle. BE8-15 E8-11 P8-10A P8-11A P8-12A P8-10B P8-11B P8-12B BYP8-1 BYP8-2. 1, 195 ÷ $1, 409 = 0. Notes receivable reported under the current asset section of the balance sheet total $70, 000 (Notes 1, 2 and 4 which are all due before December 31, 2009). Average collection period. 7 Credit Cards Receivable........... Accounting principles third canadian edition chapter 8 answers quizlet. Cash is needed to pay for the inventory the company has purchased and to cover other operating expenses such as sales commissions. 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. 2) Actual uncollectibles are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable at the time a specific account is written off.
Accounts receivable transactions. By regularly selling its accounts receivable, Suncor is able to more quickly convert receivables into cash. Other receivables This is not a receivable. Interest is earned as time passes. 29 Cash........................................... Credit Cards Receivable...... 31 Credit Cards Receivable........... Interest Revenue................... 325.
An account receivable is an informal promise to pay, while a note receivable is a written promise to pay. Unauthorized copying, distribution, or transmission of this page is strictly prohibited. Rod cannot completely eliminate bad debts for the company even though he performs a credit check on each customer. 2 Property, plant and equipment Equipment................................................... $2, 310.
1, 338, 800 1, 342, 250 3, 450 1, 338, 800 585, 420 753, 380 46, 480 706, 900 12, 070 718, 970. 75% x 1/12 = 105 $ 9, 000 x 4. Establishing an allowance for doubtful accounts satisfies the matching principle because when the year end adjusting journal entry is prepared bad debts expense is increased and the allowance for doubtful accounts is also increased. 1 Cash [$9, 000 x 6% x 1/12].................. Interest Revenue............................ 45. BYP 8-3 COLLABORATIVE LEARNING ACTIVITY All of the material supplementing the collaborative learning activity, including a suggested solution, can be found in the Collaborative Learning section of the Instructor Resources site accompanying this textbook. 2008 May 11 Allowance for Doubtful Accounts..... Accounts Receivable–Worthy....... 10, 000. Current Ratio: 2004: $1, 710 ÷ $2, 259 = 0. Jan. 5 Accounts Receivable................ 19, 000 Sales...................................... 20 Cash [$4, 500 - $146].................. Credit Card Expense [$4, 500 x 3. 86 86 4, 986 4, 986. 8 days 2005: 365 days ÷ 10. 4 Less: Accumulated amortization............. 1, 144.
Given the increase in the accounts receivable, it is likely that the company has now assumed additional credit risk. Cost of Goods Sold......................... QUESTIONS (Continued) 18. Copyright © 2009 by John Wiley & Sons Canada, Ltd. or related companies. 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. 9 Merchandise inventory................................................. 841.
Net realizable value of accounts receivable and account for bad debts. B) $50, 000 [($2, 000, 000 x 2. BYP 8-2 (Continued) (b) The gross accounts receivable has increased significantly (125%) over the 2-year period. 47, 750 66, 830 71, 280 1, 700 46, 018. After Write-Off $469, 150. Average collection period has increased from 17. 1, 609, 710 1, 614, 160 4, 450 1, 609, 710 785, 240 824, 470 69, 580 754, 890 12, 070 766, 960. Note: The Allowance for doubtful accounts is used assuming Lee Company uses only one allowance account for both accounts and notes receivable. Bad Debts Expense (f) 25, 150 Allowance for Doubtful Accounts....... Accounts Receivable (b)................. 21, 550.
This could be attributed to Suncor's securitization program. Operating cycle has improved from 118. 14, 15, 16, 17 18, 19, 20, 21, 22. Collection period Days sales in inventory Operating cycle (b). 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]. Re: Management of the credit function. Sales Discounts [($6, 500-$500) x 2%]........................... Accounts Receivable—Pumphill.. 5, 880. 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. Bad debts expense........................... Allowance for Doubtful Accounts [($766, 960 x 6%) - $1, 700]. Oct. 13 Allowance for Doubtful Accounts..... Notes Receivable—Tritt Inc.......... Under the percentage of sales approach the amount estimated is the bad debts expense and this is the amount of the entry—no reference is made to the existing balance in the allowance.
FRN Inc. IMM Ltd. DRX Co. MGH Corp. (b) Oct. $9, 000 x 5. D) Management of receivables has improved. 125 $ 41 33 51 $125. One should not prepare financial statements with the objective of achieving or sustaining a predetermined growth rate. 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. 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. Amount $137, 000 61, 000 38, 000 24, 000 $260, 000% 1. CONTINUING COOKIE CHRONICLE (a).
Shaw's receivables turnover was almost 100% higher than Rogers, which means Shaw was more efficient than Rogers in collecting its receivables. Accounts receivable would be decreased by the amount of cash received and therefore the net realizable value of accounts receivable would also decrease. 29, 000 ($35, 000 - $6, 000) is the amount Hohenberger would record as bad debts expense. 44, 000 [($800, 000 x 6%) - $4, 000].
C) Accounts receivable Less: Allowance for doubtful Accounts Net realizable value. 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. Revenue recognition guides accountants to record revenue as soon as it is earned. 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. Bad debt (d) 38, 400 End. In addition, consideration would have to be given as to whether the note should be written off.
The middle school offers boys and girls soccer and basketball, co-ed teams in track and field, cross country and baseball, and flag football for boys, and field hockey and volleyball for girls. Fine Arts Performances - Senior Citizen Pass. Children 5 years and younger admitted free for general admission seating only. More: Lake View High School … CEO, Chicago Public Schools: Pedro Martinez … Boys Swimming Head Coach AWD only: Hayley Whelan. Like Boys Wrestling, there are rankings and weight classes, so the girls compete against girls More. Special Program Emphasis. White Bear Lake**||Not Available||Not Available||Not Available|. Lake view high school chicago boys swimming results. Anderson, Elwood Community, Fishers, Frankton, Hamilton Heights, Hamilton Southeastern, Lapel, Liberty Christian, Mississinewa, Marion, Oak Hill, Pendleton Heights, Yorktown.
Teams: Frosh, JV & Varsity. Source: Swimming Varsity vs. Lake View – Mather High School. ChatGPT is fascinating and alarming educational professionals. Senior passes can be picked up at our Central Services Building at 1875 Greeley St. S. in Stillwater, or call 651-351-8340 to have it mailed. All-girls (Catholic). Come cheer on the Ponies or watch one of our high school concerts or productions! 1929 W. Lake view high school chicago boys slimming capsule. Wilson Avenue. If you have a ticket and are unable to attend, please let us know to ensure others are able to attend. Varsity Boys Basketball - Game - Neutral. 1101 W 23rd St. Sterling, IL 61081. Wear your orange and blue and cheer on the Romans!
More: Welcome to the official athletic website for the Lake View Wildcats. Our mandatory drug-testing for all students helps maintain a safe, drug-free learning environment. Suburban East Conference Ticket Prices. Ben Davis, Brebeuf Jesuit Preparatory, Brownsburg, Covenant Christian (Indpls. HockeyAs one of only two Y's with an ice-skating rink, you can enjoy learning fundamental skills and techniques on actual ice! The next fastest number of contestants in the state that would bring the total number of state meet entrants to thirty-two (32) in each event. Team Information - The Latin School of Chicago. Please refer to the information below. Joliet Central High School. Decatur Central, Herron, Indianapolis Cardinal Ritter, Indianapolis Shortridge, International School of Indiana, Park Tudor, Pike, Speedway, Tri-West Hendricks. Best Illinois Private Schools Offering Swimming Sport (2023). If you wish to get tickets for additional family members, you may purchase via Hometown Ticketing. Special Education School.
After School Practice: Mon-Wed 3:15-4:30pm. Team Info: Poised to be one of the most competitive teams in the city, the Lake View boys swim team is a growing team that focuses on developing as both swimmers and as individuals. CPL City Championship. Quentin Road Christian Preschool.
Bremen, Mishawaka, Mishawaka Marian, New Prairie, Penn, South Bend Adams, South Bend Clay, South Bend Riley, South Bend Saint Joseph, South Bend Washington. You will not be sitting together. There's nothing better than getting your head in the game and working with your friends to put on a spectacular show.
It All Starts At Your Local Y. Skate, run, swim, or flip over to your neighborhood YMCA! Christ Our Rock Lutheran High School. Feeder Sectionals: Concord, South Bend Riley, Munster, Valparaiso, Warsaw Community. Lycee Francais De Chicago.
DePaul College Prep Stadium. 42 W. Madison StreetChicago, IL 60602773-553-1000. Where Potential is Realized — Inside & Out. Subscribe to Alerts Varsity Boys Lacrosse - Game Kenwood Academy - Away.
Avon, Cascade, Cloverdale, Danville Community, Greencastle, North Putnam, Plainfield, South Putnam, Terre Haute North Vigo, Terre Haute South Vigo, West Vigo. However, the passes are not transferrable and must be used by the pass holder. Non-transferable and may not be used for multiple entries. General Senior Citizen Pass Information. Rating: 3(533 Rating). FINE ARTS TICKETING. Please call our Activities office at 651-351-8030 to request a ticket, or you may stop by the SAHS Activities Office during business hours to pick up in advance. Percy L Julian High School. Full Staff Directory. Routt Catholic High School. 9+ lake view high school chicago boys swimming most accurate. Lake Forest, IL 60045. Once a ticket is reserved, we can either e-mail the ticket to you, or have you stop by our SAHS Activities Office to pick it up.
Passes must be pre-ordered. Section and State Contests are excluded. When tickets go on sale, send an email to Jacki Delahunt at. Brother Rice High School - Chicago. Director of Athletics. Quentin Road Christian Preschool Photo - Quentin Road Christian Preschool Offering after school care as well as Summer Camp! Attica, Benton Central, Covington, Crawfordsville, Delphi Community, Fountain Central, North Montgomery, North Vermillion, Seeger, South Vermillion, Southmont, Twin Lakes, Western Boone. Member Schools - Traditional. Please send an email to to reserve a pass. Feeder Sectionals: Center Grove, East Central, Evansville North, Floyd Central, Jasper. Lake Zurich, IL 60047. Entry List Deadline: Thursday, Feb. 9, 2023, 4 pm ET / 3 pm CT.
Please note that Cretin-Derham Hall Football tickets are $ 10. for Adults, $ 7. for Students and Seniors. 219 E 4th St. Alton, IL 62002. Boonville, Castle, Evansville Bosse, Evansville Central, Evansville Christian, Evansville Harrison, Evansville Mater Dei, Evansville Reitz Memorial, Evansville North, Evansville F. J. Reitz, Gibson Southern, Mt. More: Boys Varsity Swimming · Upcoming Games. Top Private Schools Offering Swimming Sport in Illinois (2023). SUBSCRIBE SUBSCRIBE · Game Summaries. The senior pass is not good for section, state, or championship competitions hosted at Stillwater Area High School.
St. Patrick High School Photo - Founded by the Christian Brothers in 1861, Saint Patrick is Chicago's oldest, all-male Catholic high school. For Students and seniors. Please Note that an in-person option will be available at White Bear Lake for Football Only. Near North Montessori. Once all available tickets are claimed, an email will be sent out to all district staff.
SAHS Fine Arts Performance Dates can be found at: Individual staff members are able to request one complimentary ticket to a performance or concert. SoccerThis fun, action-packed, skill-building program is for players of all ages and More. Valid for all regular season home athletic contests.