Accounts receivable : Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business. Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense. To interpret: The impairment of (€137) in 2013 in terms of how that amount would typically be described in U.S. GAAP.

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Answer 1

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Chapter 7, Problem 7.10BYP

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To interpret: The impairment of (€137) in 2013 in terms of how that amount would typically be described in U.S. GAAP.

(2)

To determine

At what extent does Company SA factor or securitize the accounts receivable and also describe how to find out.

(3) (a)

To determine

To indicate: The effects of accounts receivable in the period of the change.

(3) (b)

To determine

To indicate: The effects of cash flow from operation in the period of the change.

(3) (c)

To determine

To indicate: The effects of accounts receivable in subsequent periods.

(3) (d)

To determine

To indicate: The effects of cash flow from operation in subsequent periods.

(4)

To determine

To Explain: Whether a company can change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow.

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Net income is $145,000, accounts payable increased by $8,000, inventory decreased by $7,500, and accounts receivable increased by $10,000 during the year. Using the indirect method, what is the net cash provided by operations? (a) $150,500 (b) $138,000 (c) $140,500 (d) $134,000

Answer 2

Question

Chapter 7, Problem 7.10BYP

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To interpret: The impairment of (€137) in 2013 in terms of how that amount would typically be described in U.S. GAAP.

(2)

To determine

At what extent does Company SA factor or securitize the accounts receivable and also describe how to find out.

(3) (a)

To determine

To indicate: The effects of accounts receivable in the period of the change.

(3) (b)

To determine

To indicate: The effects of cash flow from operation in the period of the change.

(3) (c)

To determine

To indicate: The effects of accounts receivable in subsequent periods.

(3) (d)

To determine

To indicate: The effects of cash flow from operation in subsequent periods.

(4)

To determine

To Explain: Whether a company can change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow.

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Answer 3

Question

Chapter 7, Problem 7.10BYP

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To interpret: The impairment of (€137) in 2013 in terms of how that amount would typically be described in U.S. GAAP.

(2)

To determine

At what extent does Company SA factor or securitize the accounts receivable and also describe how to find out.

(3) (a)

To determine

To indicate: The effects of accounts receivable in the period of the change.

(3) (b)

To determine

To indicate: The effects of cash flow from operation in the period of the change.

(3) (c)

To determine

To indicate: The effects of accounts receivable in subsequent periods.

(3) (d)

To determine

To indicate: The effects of cash flow from operation in subsequent periods.

(4)

To determine

To Explain: Whether a company can change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow.

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Answer 4

Question

Chapter 7, Problem 7.10BYP

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To interpret: The impairment of (€137) in 2013 in terms of how that amount would typically be described in U.S. GAAP.

(2)

To determine

At what extent does Company SA factor or securitize the accounts receivable and also describe how to find out.

(3) (a)

To determine

To indicate: The effects of accounts receivable in the period of the change.

(3) (b)

To determine

To indicate: The effects of cash flow from operation in the period of the change.

(3) (c)

To determine

To indicate: The effects of accounts receivable in subsequent periods.

(3) (d)

To determine

To indicate: The effects of cash flow from operation in subsequent periods.

(4)

To determine

To Explain: Whether a company can change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow.

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Answer 5

Chapter 7, Problem 7.10BYP

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To interpret: The impairment of (€137) in 2013 in terms of how that amount would typically be described in U.S. GAAP.

(2)

To determine

At what extent does Company SA factor or securitize the accounts receivable and also describe how to find out.

(3) (a)

To determine

To indicate: The effects of accounts receivable in the period of the change.

(3) (b)

To determine

To indicate: The effects of cash flow from operation in the period of the change.

(3) (c)

To determine

To indicate: The effects of accounts receivable in subsequent periods.

(3) (d)

To determine

To indicate: The effects of cash flow from operation in subsequent periods.

(4)

To determine

To Explain: Whether a company can change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow.

Answer 6

Chapter 7, Problem 7.10BYP

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To interpret: The impairment of (€137) in 2013 in terms of how that amount would typically be described in U.S. GAAP.

Answer 7

Chapter 7, Problem 7.10BYP

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To interpret: The impairment of (€137) in 2013 in terms of how that amount would typically be described in U.S. GAAP.

Answer 8

(2)

To determine

At what extent does Company SA factor or securitize the accounts receivable and also describe how to find out.

Answer 9

(2)

To determine

At what extent does Company SA factor or securitize the accounts receivable and also describe how to find out.

Answer 10

(3) (a)

To determine

To indicate: The effects of accounts receivable in the period of the change.

Answer 11

(3) (a)

To determine

To indicate: The effects of accounts receivable in the period of the change.

Answer 12

(3) (b)

To determine

To indicate: The effects of cash flow from operation in the period of the change.

Answer 13

(3) (b)

To determine

To indicate: The effects of cash flow from operation in the period of the change.

Answer 14

(3) (c)

To determine

To indicate: The effects of accounts receivable in subsequent periods.

Answer 15

(3) (c)

To determine

To indicate: The effects of accounts receivable in subsequent periods.

Answer 16

(3) (d)

To determine

To indicate: The effects of cash flow from operation in subsequent periods.

Answer 17

(3) (d)

To determine

To indicate: The effects of cash flow from operation in subsequent periods.

Answer 18

(4)

To determine

To Explain: Whether a company can change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow.

Answer 19

(4)

To determine

To Explain: Whether a company can change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow.

Answer 20

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Answer 21

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Answer 22

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Answer 23

Ch. 7 - Prob. 7.1Q Ch. 7 - Prob. 7.2Q Ch. 7 - Prob. 7.3Q Ch. 7 - Prob. 7.4Q Ch. 7 - Prob. 7.5Q Ch. 7 - Prob. 7.6Q Ch. 7 - Distinguish between the gross and net methods of...Ch. 7 - Briefly explain the accounting treatment for sales...Ch. 7 - Explain the typical way companies account for...Ch. 7 - Briefly explain the difference between the income...

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At what extent does Company SA factor or securitize the accounts receivable and also describe how to find out.

To indicate: The effects of accounts receivable in the period of the change.

To indicate: The effects of cash flow from operation in the period of the change.

To indicate: The effects of accounts receivable in subsequent periods.

To indicate: The effects of cash flow from operation in subsequent periods.

To Explain: Whether a company can change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow.

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