Topic: RECEIVABLES I. DEFINITION These represent amounts collectible from customers and others‚ most frequently arising from sales of merchandise‚ claims for money lent‚ or the performance of service. They may be interest bearing‚ collateralized‚ or billed. II. COMPOSITION A. Trade 1. Accounts Receivable 2. Notes Receivable B. Non-Trade 1. Advances to Officers and Employees‚ Affiliates and Others 2. Claims against Suppliers and Insurance
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Question 19. Dr Accounts Receivable Cr Dr Allowance for Uncollectibles Cr Jan 1. 82‚900 c. 4‚400 c. 4‚400 Jan 1. 8‚700 a. 240‚000 d. 231‚200 b. 4‚800 Dec 31. 87‚300 Dec 31. 9‚100 Dr Bad Debt Expense . Dr Sales Cr b. 4‚800 . a. 240‚000 Dec 31. 4‚800 Dec 31. 240‚000 Dr Cash Cr d.
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Problem 1 The accounts receivable of FRANCO COMPANY were stated at P1‚467‚000 in a balance sheet submitted to a banker for credit. You are called upon to audit the report and‚ upon analysis‚ the asset was found to consist of the following items: Due from customers on open account P 1‚125‚000 Acknowledged claim for damages 22‚500 Due from consignee at billed price – cost price being P22‚500 30‚000 Investment in and advances to affiliated company 150‚000
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THEME: ACCOUNTS PAYABLE By John W. Day‚ MBA ACCOUNTING TERM: Accounts Payable An account payable is normally an unsecured‚ non-interest bearing current liability‚ owed by the company to a vendor for the purchase of trade goods or services. FEATURE ARTICLE: Accounts Payable Accounting If you are a small business owner or manager and you are having trouble keeping track of all those outstanding bills that have to be paid each month‚ perhaps you need to set up an accounts payable system. Some small
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RECEIVABLE MANAGEMENT OF INDIAN AUTOMAKERS IN A REVIVED SCENARIO *P.Nageswari ‚** E.Bennet‚ *** Dr.M. Selvam Abstract January 2010 marks a milestone in the automotive journey of the country with Maruthi Suzuki‚ Tata Motors‚ Mahindra & Mahindra and General Motors India reporting their highest ever monthly sales. A firm’s profitability is determined partly by way of its working capital management. An efficient management of working capital will yield significant results and its neglect can be highly
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(Accounts Receivable‚ Inventory‚ Long-lived Assets‚ Bonds) 1. GNC has the following information regarding the inventory of its Super Mega‚ a multivitamins. Assume GNC uses periodic inventory system each quarter and FIFO. a. On July 1‚ GNC had 200 bottles of Super Mega in stock. Each bottle costs $3. b. On July 15‚ GNC purchased 5‚000 bottles of Super Mega for $25‚000 from a supplier‚ paid $10‚000 in cash and the rest was on credit. c. On August 15‚ GNC purchased another 1‚000 bottles of Super
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monthly depreciation of the rental equipment is 240‚000/96‚ or $2‚500 per month. 2. The note payable to Rent-It is good for one year. $100‚000 and the accumulated interest are due on November 30‚ 2012. The account payable for office supplies is due in thirty days‚ or January 2‚ 2012. The account payable to Universal Utilities is due in thirty days‚ or January 30‚ 2012. The company declared a dividend of 10 cents per share‚ payable on January 15‚ 2012. Income taxes are payable in 2012. 3. Susquehanna
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CHAPTER 7: NOTES RECEIVABLE * Notes receivable are claims supported by formal promises to pay usually in the form of notes. * A negotiable promissory note is an unconditional promise in writing made by one person to another‚ signed by the maker‚ engaging to pay on demand or fixed determinable future time a sum certain in money to order or to bearer. * Maker is the one who writes the promissory note promising to pay another person‚ known as the payee‚ a definite sum of money. * Notes
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Practical Accounting 1 Cash and Receivables -1. Assume the following facts for Kurt Company: the month-end bank statement shows a balance of P40‚000: outstanding checks totaled P2‚000; a deposit of P8‚000 is in transit at month-end; and a check for Pf400 was erroneously charged against the account by the bank. What is the correct cash balance at the end of the month? a. P33‚600 c. P45‚600 b. P34‚400 d. P46‚400 2. The August 31 bank statement of K‚ Inc. showed a balance of P113‚000. Deduction in
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compute net accounts receivable. a. Accounts Receivable has a balance of $14‚000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1‚100 of uncollectible accounts. b. Accounts Receivable has a balance of $25‚700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2‚300 of uncollectible accounts.
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