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. Accounts Receivable................... 69, 580. Suncor's accounts receivable turnover and average collection period are much better than the industry average of 7. The accounting principles central to an income statement perspective are the revenue recognition and matching principles. Sets found in the same folder. Debit Credit Balance Balance. Accounting principles third canadian edition chapter 8 answers quizlet. Bad Debts Expense 45, 500 Bad Debts Expense.................................... Allowance for Doubtful Accounts (e)... 45, 500 45, 500. Interest receivable reported under the current asset section of the balance sheet total $3, 251 calculated as follows: Note 1. 23 times Average Collection Period: 2004: 365 days ÷ 9. 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. When the correct expenses are subtracted from revenue, the result is net income or loss. Thus, net realizable value does not change. Comprehension Q8-3 Q8-4.
View more... Accounting Principles, Third Canadian Edition. 3 = 50 days 365 ÷ 7. 29 Cash........................................... Credit Cards Receivable...... 31 Credit Cards Receivable........... Accounting principles third canadian edition chapter 8 answers key free. Interest Revenue................... 325. 86 86 4, 986 4, 986. 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. 742, 500 546, 300 1, 288, 800 9, 170 1, 279, 630 592, 750 686, 880 12, 020 698, 900 639, 900 3, 450. 385, 000 $220, 000 $100, 000. July 13 Notes Receivable—Tritt Inc...............
Bad debts expense........................... Allowance for Doubtful Accounts [($766, 960 x 6%) - $1, 700]. An account receivable is usually due in a short period of time (e. g. 30 days) while a note receivable can extend for longer period of time (e. 30 days to many years). 17, 800 6, 300 6, 300. 31 Accounts Receivable—DRX..... Notes Receivable—DRX....... Accounting principles third canadian edition chapter 8 answers.yahoo.com. Interest Receivable [$6, 000 x 5% x 1/12].............. Interest Revenue [$6, 000 x 5% x 1/12].............. 6, 050. An account receivable is an informal promise to pay, while a note receivable is a written promise to pay. 7 Credit Cards Receivable........... Accounts Receivable—Davidson....
75% x 2/12 = 71 Total $3, 251. Bad debts expense Balance August 31.................................................. $ 85, 680 September entry...................................................... 10, 743 October entry........................................................... 26, 286 Total expense for the year...................................... $122, 709. Amount $65, 000 12, 600 8, 500 6, 400% 2 10 25 50. Accounts Receivable $315, 000 90, 000 60, 000 35, 000 $500, 000% Estimated Uncollectible 1% 4% 10% 20%. Also, no interest would be accrued for October. 6 days to purchase its inventory, sell it and collect the cash on sale. 25% x 4/12 = $6, 000 x 5% x 1/12 = $10, 200 x 6% x 0/12 = Total. Date Jan. 1 1 2 3 4 5 5. Suncor's receivable turnover and average collection period have deteriorated from 14. 25%)................................... 24, 375 Allowance for Doubtful Accounts......... 24, 375. 25 Cash................................................ Credit Card Receivables........... 5, 400. Adjustment required............................................... $14, 700 48, 000 $33, 300.
22, 750 Bad debts (d) 25, 150 21, 550 End. BYP 8-4 COMMUNICATION ACTIVITY Memorandum To: Management. However, its current ratio is lower than the industry average of 1. Although the outcome could be accomplished with one combined entry, it is best to have separate journal entries for the reversal and subsequent collection. Feb. 1 Notes Receivable—George................ 16, 000 Accounts Receivable—George..... Mar. Cash.................................................... 11, 368 Sales Discount [($14, 000 - $2, 400) x 2%].................... 232 Accounts Receivable [$14, 000 - $2, 400]........................... 1, 550. One should not prepare financial statements with the objective of achieving or sustaining a predetermined growth rate. 14, 15, 16, 17 18, 19, 20, 21, 22. 5% x 3/12] 25 Notes Receivable—Avery.................. Accounts Receivable—Avery........ 6, 000. B) July 1 Cash............................................... Interest Receivable [$6, 000 x 6% x 1/12]................... 5 Credit Card Receivables................ Unearned revenue has now been converted into revenue. 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. Total interest revenue for the year ended December 31, 2008 - $4, 004 calculated as follows: Note 1. 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.
A) Using an accounts receivable subsidiary ledger makes it possible to determine the balance owed by an individual customer at any point in time. When bank credit card sales are made the bank will electronically deposit cash into the retail company's bank account. The accounts debited and credited are the same under both methods. Reliable customers may suddenly not be able to pay bills because of an unexpected decrease in revenues or an unexpected increase in expenses. Accounts receivable, at approximately 54% ($623 ÷ $1, 149) of current assets, are a material component. Record accounts receivable and bad debts transactions; discuss statement presentation. The allowance for doubtful accounts is a contra asset account that shows the amount of the receivables that are expected to become uncollectible in the future. Bad Debts Expense................... 33, 300 Allowance for Doubtful Accounts. Before Write-Off $471, 000. 50% x 1/12 = $ 56 $46, 000 x 5. 75% x 12/12 = $2, 633. 2008 May 11 Allowance for Doubtful Accounts..... Accounts Receivable–Worthy....... 10, 000.
SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 8-1 (a) (b) (c) (d) (e) (f). Determine missing amounts. C) Accounts receivable Less: Allowance for doubtful Accounts Net realizable value. Debit Opening Balance Sales Returns Collections Interest Sales Recovery Collection (recovery) Collections Write-offs Interest. Explanation Sales Return Sales. Average collection period Industry: 50 days. 9 Merchandise inventory................................................. 841. PROBLEM 8-8B (Continued) May. 50]................................. 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. Notes receivable are recorded at their principal value (the value shown on the face of the note) and not the amount that will be paid at maturity because interest has not been earned. Receivables turnover Industry: 7. 76 2005: $1, 149 ÷ $1, 958 = 0.
The disadvantage is the cost to your business. 25% x 1/12]............... 1, 057 1, 050 7. Allowance for Doubtful Accounts..... 46, 480 Accounts Receivable..................... 46, 480. In addition, consideration would have to be given as to whether the note should be written off. July 25 Allowance for doubtful accounts...... Notes Receivable-Avery................ Sept. 1. Balance before adjustment [see (b)]...................... Balance needed [$800, 000 x 6%]............................ Bank credit card sales are cash sales.
Ashley is not correct. BYP 8-1 FINANCIAL REPORTING PROBLEM (a) ($ in thousands).
Do you have a translation you'd like to see here on LN? They informed me that your boyfriend is a boring dull. The day of your wedding. Ozuna, 4 years | 12947 plays. Tell them that you are mine, mine. Because you're still mia. Romeo Santos – Eres Mia Lyrics. Took a trip under moonlight. TWICE - MOONLIGHT SUNRISE (Romanized) Lyrics. Eres Mia translation of lyrics. They say a nail gets a nail but that's just rhyme. Eres mía, mía, mía, mía. They went and brought Romeo into this!
Người yêu hỡi, hãy gọi cho em khi anh cần. Language learning game. Em va vào những cánh bướm. "No Eres Mía"'s composer, lyrics, arrangement, streaming platforms, and so on. If you like this product, click below to check out some related products also available in this store: More Song Activities.
I touch you and the whole world stops spinning. Thì em chính là mặt trời của anh, bé con à. The selfishness of owning your life. Collections with "Eres mía". Do not get mad that already knew very well. Cảm giác này rất khó để diễn tả. Immerse yourself in music, movies, and more. I wish the best for you. They've informed me your husband is an insipid bore. Que sólo es prestada la mujer que ama.
Ayyyy, 私と一緒にいよう、二度考えないで. Em không biết cách để bày tỏ. Romeo Santos Eres Mia Lyrics: This song is sung by Romeo Santos. He doesn't want me to be your friend. Follow me to the sunrise. Sign up and drop some knowledge. Иду за тобой - 4 Апреля.
I give you everything, even my breathing. Me tropiezo con las mariposas. I'm trippin' over butterflies. Obvious - Mike Posner. They really are two guys with honest feelings. Romeo Santos - Formula Vol. ฉันต้องการเธอ เธอต้องการฉัน เธอเป็นของฉัน. What they do not know is that you do not get carried away by anyone.
ไปเที่ยวใต้แสงจันทร์. Don't be surprised if one night. Artist Biography (en español). You wont forget Romeo. Read the translated lyrics below.
This resource hasn't been reviewed yet. Chỉ hy vọng giai điệu này sẽ lọt vào danh sách của anh. It's good to leave some feedback. Straight from TV, movies, and more. Album: Formula, Vol.
No death will stop us. ส่งสายตาข้ามไปหาเธอ. Pero realmente necesito tus caricias. Las cartas sobre la mesa, ¿qué dices? Say you're going with me. I want you to hear me say. Anh cần em, em cần anh, em là của anh. The Beautiful Letdown - Switchfoot. Said that you tried baby you succeeded. Because you continue being mine.
I guarantee I gotcha. I hope this song is on your playlist. Ayyyy, Ven conmigo, no lo pienses dos veces. El día de tu boda le digo a tu esposo con risas (jajajajaja). Rằng em cần anh đến bên em ngay bây giờ. Don't pretend you don't know, you already knew that well. Eres mía lyrics in english and spanish version. You know you are mine, mine. Turns out that they are extremely in love with their girl, and they tell her that they will not let her go with anyone. If I'm your moonlight. The song was released as the part of album Formula, Vol.
I go to your room and again you do mia. On your wedding day I tell your husband with laughter (hahaha)). Porque sigues siendo mía. Si soy tu luz de luna. Discover who has written this song. Do not be surprised. I don't even know how to talk right now.