Question 4 of 18 Which of the following is net an acceptable balance sheet presentation of receivables? Select the corect response trade notes receivable are combined with trade accounts receivable cash advances to officers which are due after one year but within the entity's 18-month operating cycle, are reported as current assets the allowance for bad debts is not offset against the related receivables but rather shown in a parenthetical notation as deduction to receivables uneamed finance charges included in the face amount of receivables are presented as deduction from the related receivables ( Previous

Question 4 of 18 Which of the following is net an acceptable balance sheet presentation of receivables? Select the corect response trade notes receivable are combined with trade accounts receivable cash advances to officers which are due after one year but within the entity's 18-month operating cycle, are reported as current assets the allowance for bad debts is not offset against the related receivables but rather shown in a parenthetical notation as deduction to receivables uneamed finance charges included in the face amount of receivables are presented as deduction from the related receivables ( Previous

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Using the information from given question, what is the reconciled balance on Hapley’s November 30 bank reconciliation?
On May 2, 20X1, HPF Vacations received its April bank statement from First City Bank and Trust. Enclosed with the bank statement, which appears below, was a debit memorandum for $160 that covered an NSF check issued by Doris Fisher, a credit customer. The firm's checkbook contained the following information about deposits made and checks issued during April. The balance of the Cash account and the checkbook on April 30, 20X1, was $3,972. DATE TRANSACTIONS April 1 Balance 1 Check 1207 3 Check 1208 5 Deposit 5 Check 1209 $6,089 100 300 350 275 10 Check 1210 17 Check 1211 19 Deposit 2,000 50 150 22 Check 1212 23 Deposit 150 26 Check 1213 200 28 Check 1214 18 30 Check 1215 15 30 Deposit 200
23 Notes receivable balance for P company is 220000 JD, Notes receivable balance for S company is 66000 JD, Notes receivable balance for R company is 44000 JD. P issued notes receivable to S and T for 13000 JD and 17000 JD respectively. Compute consolidated balance for Notes receivable. Select one: a. 300000 b. 302000 c. 304000 d. 306000
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Question 12 of 20 Which one of the following statements is NOT true? A. Details from the purchases journal are posted to the debtors ledger. B. Details from the sales journal are posted to the debtors ledger. C. When subsidiary journals for a month have been completed, the joumal columns are added up and the totals are posted to the general ledger. D. The combined totals of the individual accounts contained in the debtors ledger must balance with the balance of the debtors contral account in the general ledger.
Manitoba Exporters Inc. (MEI) sells Inuit carvings to countries throughout the world. On December 1, Year 5, MEI sold 13,000 carvings to a wholesaler in a foreign country at a selling price of 650,000 foreign currency units (FCs) when the spot rate was FC1 = $0.758. The invoice required the foreign wholesaler to remit by April 1, Year 6. On December 3, Year 5, MEI entered into a forward contract with the Royal Bank at the 120-day forward rate of FC1 = $0.798 and the spot rate was still FC1 = $0.758. The fiscal year-end of MEI is December 31, and on this date the spot rate was FC1 = $0.774 and the forward rate was FC1 = $0.810. The payment from the foreign customer was received on April 1, Year 6, when the spot rate was FC1 = $0.819. Assume that MEI uses hedge accounting. Also, assume that the forward element and spot elements on the forward contract are accounted for separately. Required: (a) Prepare the journal entries for the below items assuming that MEI designates the forward…
On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a $557,000 zero-interest-bearing note, payable in full on December 31, 2024. Flounder Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $63,000 salvage value.
QUESTION 28 An aging of a company's accounts receivable indicates that $5,000 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $900 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $4, 100. credit to Allowance for Doubtful Accounts for $5,000. debit to Bad Debt Expense for $4,100. debit to Bad Debt Expense for $5,000. QUESTION 29
Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…
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The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. The specific citation for each of the following items is: 1. What is the balance sheet classification for a note payable due in six months that was used to purchase a building? 2. Which assets may be excluded from current assets? 3. Should a note receivable from a related party be included in the balance sheet with notes receivable from customers?