76 2005: $1, 149 ÷ $1, 958 = 0. 31 Cash [$12, 000 + $150 + 100].............. 12, 250 Notes Receivable—Annabelle....... Interest Revenue [$12, 000 x 5% x 3/12] Interest Receivable [$12, 000 x 5% x 2/12]. View more... Accounting principles third canadian edition chapter 8 answers pdf. Accounting Principles, Third Canadian Edition. This is evidenced by the decrease in the average collection period from 36. One should not prepare financial statements with the objective of achieving or sustaining a predetermined growth rate. Bad debt (d) 38, 400 End. This method emphasizes net realizable value of accounts receivable.
ALD Inc. KAB Ltd. DNR Co. MJH Corp. Total. Receivables turnover Industry: 7. A dishonoured note is a note that is not paid in full at maturity. Accounts Receivable......................... 639, 900 Sales............................................... Allowance for Doubtful Accounts. 25%)] The balance in the allowance is not relevant. 962 38 1, 000 3, 975 25 4, 000.
Cost principle required assets to be shown on the balance sheet at their original cost price. The two main Canadian GAAPs that played vital roles in the balance sheet perspective were the cost principle and the principle of conservatism. Prepare aging schedule and record bad debts. To keep financial statements relevant, IFRS allow assets to be revalued at some point after purchase in order to reflect fair market values. 31 Interest Receivable....................... 114 Interest Revenue....................... ALD Inc. $ 6, 000 x 6% x 1/12 = $ 30 KAB Ltd. $10, 000 x 5. The decision to write-off an account simply identifies which accounts are not going to be collected. Each of the major types of receivables should be identified in the balance sheet or in the notes to the financial statements. 3 = 50 days 365 ÷ 7. 25 Cash................................................ Credit Card Receivables........... 5, 400. Accounting principles third canadian edition chapter 8 answers.unity3d. Current ratio Industry: 1. While it is in their best interest to stimulate sales, this may deter them from performing adequate credit checks.
Interest revenue is included in Other Revenue on the income statement. It is deducted from receivables to provide proper valuation for accounts receivable. The adjusting entry under the percentage of receivables approach is: Bad Debts Expense....................................................... 2, 300 Allowance for Doubtful Accounts ($5, 800 – $3, 500) 12. 41, 763 4, 717 Dr. 26, 286 21, 569. CHAPTER 8 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Cash............................................................ 4, 429, 100 Accounts Receivable (c)....................... Accounting principles third canadian edition chapter 8 answers.microsoft.com. 4, 429, 100 ($845, 000 + $4, 550, 000 - $38, 400 - $927, 500 = $4, 429, 100). ANSWERS TO QUESTIONS 01. 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. After Write-Off $469, 150. The advantage of using an aging schedule to estimate uncollectible accounts is the amount calculated is much more sensitive to the amount of time the receivable has been outstanding. SOLUTIONS TO EXERCISES EXERCISE 8-1 Apr. However, its current ratio is lower than the industry average of 1.
Sales Discounts [($6, 500-$500) x 2%]........................... Accounts Receivable—Pumphill.. 5, 880. B) Dec. 31 Bad Debts Expense [($500, 000 x 4%) + $800]........... 20, 800 Allowance for Doubtful Accounts. Over the past year, the company has noticed a trend whereby the sales have doubled, accounts receivable have quadrupled and cash flow has halved. 5% x 1/12 = IMM $7, 500 x 5. CONTINUING COOKIE CHRONICLE (Continued) (a) (Continued) 3. 5% x 2/12] Interest Receivable........................ 4, 000 37 18.
If they decide that a write-off is appropriate, the above entry would not be made and the following entry would be made: Dec. 31 Allowance for Doubtful Accounts..... 10, 000 Notes Receivable—Young............. (b) Consideration would have to be given as to whether the note should be written off. 9 Merchandise inventory................................................. 841. 2 Prepaid expenses and deposits.................................. 26. Current Ratio: 2004: $1, 710 ÷ $2, 259 = 0. The write-off of an uncollectible account does not affect the net realizable value of accounts receivable. Bad Debts Expense (f) 25, 150 Allowance for Doubtful Accounts....... Accounts Receivable (b)................. 21, 550. The growth rate should be a product of management and operating results, not of "creative accounting". B) Receivables Turnover: 2004: $6, 548 ÷ [($529 + $793) ÷ 2] = 9. BYP 8-4 (Continued) The selling staff has been placed in a conflict of interest position. Answers to Natalie's questions 1. Sales...................................... Feb. 28 Accounts Receivable [$7, 000 x 24% x 1/12]................. Interest Revenue................... (b). The controller has an ethical dilemma—should he/she follow the president's "suggestion" and prepare misleading financial statements (understated net income) or should he/she attempt to stand up to and possibly anger the president by preparing a fair (realistic) income statement. Other receivables This is not a receivable. 892, 500 646, 900 1, 539, 400 10, 900 1, 528, 500 696, 250 832, 250 13, 860 846, 110 763, 600 4, 450.
Suncor's receivable turnover and average collection period have deteriorated from 14. Debit Balance Sales Collections Write-offs Recovery Payment. The disadvantage of using an aging schedule (as compared to estimating uncollectible accounts as a percentage of total receivables) is it can be time consuming to gather the information if the accounting system that is being used does not calculate an aging of the accounts receivable. Included in the notes to the financial statements will be the terms of the note, 5% due on July 1, 2012. Cash [$20, 000 - $3, 500 + $289].......... 16, 789 Accounts Receivable..................... 16, 789.
Accounts Receivable................... 69, 580.
How do you add fluff to a paragraph? This helps you build up more of a relationship with the audience as well as with the host blogger. The best among us use words like "really, " "just, " "even, " "that" and "such" as filler without a second thought, so edit your work before submitting. Only include relevant and valuable information. I had just committed a crime punishable by death.
Friendly suggestion: you might want to close the curtains for this one. You can also break up longer paragraphs into shorter ones and combine shorter sentences using conjunctions like "and" and "but" or prepositions like "in addition to" or "furthermore. Are there any sentences that need tweaking or any typos that you need to fix? Quarterly Business Reviews – Value or Fluff? | Gainsight.com. Finish off your refreshed look by fluffing and puffing up your throw pillows. Suggest more than one blog post idea. In fact, it often backfires because readers are more likely to bounce from the page when they don't find the information they expect. Evenly distribute your fluffing. You Don't Need to Write Fluff. To give your essay more depth, use adjectives and other parts of speech to describe an object, a person, a place, or a situation in detail.
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Use words of emphasis. 15231 N. 87th St. 115B. Devotion "fluff" can satisfy your cravings without adding the additional calories and fat! What “Fluff Writing” Means and How to Avoid Filler - Content Creation Advice. Watch out for them in your work. Current Topics: Learn More ». To be a successful content writer, you'll need to avoid padding of all types. They are statements that contradict or oppose the main arguments of your essay. She showered, brushed her teeth, made a coffee, and got dressed all while singing a made-up song about happiness. The can landed on the garage floor just a few feet away from his drum set. That sentence has 29 words that contribute absolutely nothing to this article — except serving as an example of a fluff sentence. Whatever your aim, acknowledge the conversation and engage it as you develop your article.
And that is good for business; for you as a content professional, and for your business or clients. Just another blog of fluff and go. Filler words: Don't use two words when you can use one. Their individual voices became one, but it was one the Premier wished he could silence. Available in DRC, Airlaid, Fluff Spunlace and TAD materials, linen-like disposables eliminate the need for expensive laundering services and are easier to store and inventory than linen products.
Introductory Phrases. But streamlining descriptions and cutting fluff often has a positive effect on SEO. Flowery language involves poetic and literary devices such as similes, metaphors, and allusions. Trim the Fat, and Avoid Fluff Words. If you're a freelance writer, this sort of bio won't do much for you: John Doe lives with his wife and kids in California. Just another blog of fluff and drop. Everything bending to her exact will. Example: - If the mission of this article is to answer the question "what is a fluff sentence, " then it is important to define the meaning of "fluff" fully and completely. I raised a brow and he sighed. However, your essays don't have to be short and boring. You can use the passive voice when you don't know the agent or when you want to emphasize the recipient or outcome. Keep an eye out for these imprecise or flabby words.
Your tushy will thank you when it feels those newly fluffed seat cushions. Once a piece is writing is submitted, the writing becomes our property. Each guest post will have a "bio" where you can include information about you and your business, products, or services. Sand your tabletop with progressively finer-grit paper to achieve a smooth result. I stared blankly at the man on the other side of the glass separating us. Instead, try: - Every time I leave the house, I dread my return. These forty phrases should be cut or replaced more often than not. Just another blog of fluff man. Edit your work, reading it aloud to help you identify wordy phrases. It's more efficient and dynamic.
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