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Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 96.1C
Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com.
Required:
Look at Under Armour’s Note 2 (Summary of Significant Accounting Policies) under the heading Allowance for Doubtful Accounts. Based on this disclosure, what is the balance in the allowance for doubtful accounts for 2015 and 2016? If actual losses from uncollectible accounts differ enough from the estimates in the allowance for doubtful accounts, where would Under Armour record a benefit or charge?
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The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company.
For Fiscal
2015
For Fiscal
2014
$ 57 million
$36 million
Provision for doubtful accounts
Accounts receivable, net
Accounts receivable, gross
Beginning Balance
At Fiscal Year-
end 2015
13,473 million
13,673 million
Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015.
Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
Ending Balance
At Fiscal Year-end 2014
13,942 million
14, 185 million
Allowance for Doubtful Accounts
Questions:
a. The allowance for doubtful accounts as of December 31, 2023 is?.
b. The adjusted gross balance of accounts receivables is?
c. The doubtful accounts expense for the year 2023 is?
Chapter 5 Solutions
Cornerstones of Financial Accounting
Ch. 5 - When is revenue recognized?Ch. 5 - When is a performance obligation satisfied?Ch. 5 - At what amount should sales revenue be recorded...Ch. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Why is the direct write-off method not GAAP?
Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - Prob. 13DQCh. 5 - How much interest will be due at maturity for each...Ch. 5 - A business borrows $1,000, signing a note that...Ch. 5 - Prob. 16DQCh. 5 - Describe what happens when receivables are...Ch. 5 - Prob. 18DQCh. 5 - Prob. 19DQCh. 5 - Prob. 20DQCh. 5 - Prob. 21DQCh. 5 - How may analyzing sales and receivables provide...Ch. 5 - Prob. 23DQCh. 5 - Prob. 1MCQCh. 5 - When is revenue from the sale of merchandise...Ch. 5 - What does the phrase, Revenue is recognized at the...Ch. 5 - Prob. 4MCQCh. 5 - Prob. 5MCQCh. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - All of the following are ways in which receivables...Ch. 5 - Which one of the following best describes the...Ch. 5 - If a company uses the direct write-off method of...Ch. 5 - Prob. 11MCQCh. 5 - Which of the following best describes the concept...Ch. 5 - The aging method is closely related to the a....Ch. 5 - Prob. 14MCQCh. 5 - Prob. 15MCQCh. 5 - Prob. 16MCQCh. 5 - Zenephia Corp. accepted a 9-month note receivable...Ch. 5 - Prob. 18MCQCh. 5 - Prob. 19MCQCh. 5 - ( Appendix 5A) Under the gross method, the seller...Ch. 5 - Service Revenue Kibitz Fitness received S30000...Ch. 5 - Service Revenue Softball Magazine Company received...Ch. 5 - Prob. 23CECh. 5 - Prob. 24CECh. 5 - Percentage of Credit Sales Clarissa Company has...Ch. 5 - Write-Off of Uncollectible Accounts The Rock has...Ch. 5 - Aging Method On January 1, 2019, Hungryman Inc....Ch. 5 - Aging Method On January 1, 2019, Smith Inc. has...Ch. 5 - Prob. 29CECh. 5 - Prob. 30CECh. 5 - Accounts Receivable Balance Beginning accounts...Ch. 5 - Accounts Receivable Balance Beginning accounts...Ch. 5 - Prob. 33CECh. 5 - Notes Receivable Metzler Communications designs...Ch. 5 - Notes Receivable Link Communications programs...Ch. 5 - Ratio Analysis The following information pertains...Ch. 5 - Ratio Analysis Diviney Corporations net sales and...Ch. 5 - Prob. 38CECh. 5 - Service Revenue H**R Wholesalers is a retailer...Ch. 5 - Service Revenue Melrose Milk Delivery provides...Ch. 5 - Prob. 41BECh. 5 - Prob. 42BECh. 5 - Prob. 43BECh. 5 - Write-Off of Uncollectible Accounts King...Ch. 5 - Aging Method Spotted Singer sells karaoke machines...Ch. 5 - Aging Method Ingrid Inc. has strict credit...Ch. 5 - Percentage of Credit Sales Method Ruby Red...Ch. 5 - Collection of Amounts Previously Written Off...Ch. 5 - Accounts Receivable Balance Hart Inc. began the...Ch. 5 - Accounts Receivable Balance XYZ Corp sells widgets...Ch. 5 - Accounts Receivable Balance Rays beginning and...Ch. 5 - Prob. 52BECh. 5 - Prob. 53BECh. 5 - Prob. 54BECh. 5 - Ratio Analysis Dobbys income statement lists net...Ch. 5 - Ratio Analysis Rose Corporation sells upscale...Ch. 5 - Prob. 57BECh. 5 - ( Appendix 5A) Sales Discounts Harry Gardner...Ch. 5 - ( Appendix 5A) Sales Discounts Ramsden Inc....Ch. 5 - Calculation of Revenue Wallace Motors buys and...Ch. 5 - Prob. 61ECh. 5 - Calculation of Revenue from Cash Collection...Ch. 5 - Prob. 63ECh. 5 - Sales and Sales Returns and Allowances Rubin...Ch. 5 - Average Uncollectible Account Losses and Bad Debt...Ch. 5 - Bad Debt Expense: Percentage of Credit Sales...Ch. 5 - Prob. 67ECh. 5 - Bad Debt Expense: Aging Method Glencoe Supply had...Ch. 5 - Aging Receivables and Bad Debt Expense Perkinson...Ch. 5 - Allowance for Doubtful Accounts At the beginning...Ch. 5 - Collection of Amounts Previously Written Off...Ch. 5 - Prob. 72ECh. 5 - Accounting for Notes Receivable On November 30,...Ch. 5 - Recording Notes Receivable: Issuance, Payment, and...Ch. 5 - Prob. 75ECh. 5 - Ratio Analysis The following information was taken...Ch. 5 - Ratio Analysis The following information was taken...Ch. 5 - Prob. 78ECh. 5 - Prob. 79APSACh. 5 - Prob. 80APSACh. 5 - Prob. 81APSACh. 5 - Prob. 82APSACh. 5 - Bad Debt Expense: Percentage of Credit Sales...Ch. 5 - Aging Method Bad Debt Expense Cindy Bagnal, the...Ch. 5 - Determining Bad Debt Expense Using the Aging...Ch. 5 - Accounting for Notes Receivable Yarnell...Ch. 5 - Prob. 87APSACh. 5 - Prob. 88APSACh. 5 - Prob. 79BPSBCh. 5 - Prob. 80BPSBCh. 5 - Prob. 81BPSBCh. 5 - Prob. 82BPSBCh. 5 - Prob. 83BPSBCh. 5 - Aging Method Bad Debt Expense Carol Simon, the...Ch. 5 - Determining Bad Debt Expense Using the Aging...Ch. 5 - Prob. 86BPSBCh. 5 - Prob. 87BPSBCh. 5 - Prob. 88BPSBCh. 5 - Ethics and Revenue Recognition Alan Spalding is...Ch. 5 - Prob. 89.2CCh. 5 - Prob. 89.3CCh. 5 - Prob. 90.1CCh. 5 - Prob. 90.2CCh. 5 - Prob. 90.3CCh. 5 - Prob. 91CCh. 5 - Prob. 92.1CCh. 5 - Prob. 92.2CCh. 5 - Prob. 93.1CCh. 5 - Prob. 93.2CCh. 5 - Prob. 94.1CCh. 5 - Prob. 94.2CCh. 5 - Prob. 95.1CCh. 5 - Prob. 95.2CCh. 5 - Prob. 95.3CCh. 5 - Prob. 95.4CCh. 5 - Prob. 95.5CCh. 5 - Prob. 95.6CCh. 5 - Prob. 95.7CCh. 5 - Comparative Analysis: Under Armour, Inc., versus...Ch. 5 - Prob. 96.2CCh. 5 - Prob. 96.3CCh. 5 - Prob. 96.4CCh. 5 - Prob. 96.5CCh. 5 - Prob. 96.6CCh. 5 - Prob. 97.1CCh. 5 - Prob. 97.2C
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- Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Required: 1. Calculate the average percentage of losses from uncollectible accounts for 2015 through 2018. 2. Assume that the credit sales for 2019 are $1,260,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of loses from uncollectible accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. 3. CONCEPTUAL CONNECTION Do you believe this estimate of bad debt expense is reasonable? 4. CONCEPTUAL CONNECTION How would you estimate 2019 bad debt expense if losses from uncollectible accounts for 2018 were What other action would management consider?arrow_forwardThe following accounts receivable information pertains to Luxury Cruises. A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables method. B. Record the year-end 2018 adjusting journal entry for bad debt. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $187,450; record the year-end entry for bad debt, taking this into consideration. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $206,770; record the year-end entry for bad debt, taking this into consideration. E. On January 24, 2019, Luxury Cruises identifies Landon Walkers account as uncollectible in the amount of $4,650. Record the entry for identification.arrow_forwardThe following accounts receivable information pertains to Select Distributors. A. Determine the estimated uncollectible bad debt for Select Distributors in 2018 using the balance sheet aging of receivables method. B. Record the year-end 2018 adjusting journal entry for bad debt. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $233,180; record the year-end entry for bad debt, taking this into consideration. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $199,440; record the year-end entry for bad debt, taking this into consideration. E. On March 21, 2019, Select Distributors identifies Aida Normans account as uncollectible in the amount of $10,890. Record the entry for identification.arrow_forward
- The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. For Fiscal 2015 For Fiscal 2014 $60 million $ 39 million Provision for doubtful accounts Accounts receivable, net Accounts receivable, gross Beginning Balance At Fiscal Year- At Fiscal Year-end 2014 end 2015 Ending Balance 13,503 million 13,706 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 13,972 million 14,218 million Allowance for Doubtful Accountsarrow_forwardPlease attached information and questions.arrow_forwardProvide Correctarrow_forward
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