Receivables Receivables refer to amounts that are due to be received in future with interest, from the debtors. General classifications of receivables are accounts receivable, note receivable, and other receivables. Generally receivable accounts show debit balances, and are considered as assets of the business. To identify: The accounting policy related to the trade accounts receivable of Company LV.

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Answer 1

Question

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to amounts that are due to be received in future with interest, from the debtors. General classifications of receivables are accounts receivable, note receivable, and other receivables. Generally receivable accounts show debit balances, and are considered as assets of the business.

To identify: The accounting policy related to the trade accounts receivable of Company LV.

(b)

To determine

To identify: The reason for the difference between gross trade accounts receivable and net trade accounts receivable of Company LV in 2015.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2015, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2015 and 2014, and its change from 2014 to 2015.

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Premier Lighting Co. shows Merchandise Inventory of $35,000. Based on a count taken on December 31, merchandise inventory at the end of the year actually totaled $28,000. The adjusting entry to remove the old merchandise inventory balance would be: A)a debit to Income Summary of $28,000 and a credit to Merchandise Inventory for The adjusting entry to remove the old merchandise inventory balance would be:

Answer 2

Question

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to amounts that are due to be received in future with interest, from the debtors. General classifications of receivables are accounts receivable, note receivable, and other receivables. Generally receivable accounts show debit balances, and are considered as assets of the business.

To identify: The accounting policy related to the trade accounts receivable of Company LV.

(b)

To determine

To identify: The reason for the difference between gross trade accounts receivable and net trade accounts receivable of Company LV in 2015.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2015, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2015 and 2014, and its change from 2014 to 2015.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to amounts that are due to be received in future with interest, from the debtors. General classifications of receivables are accounts receivable, note receivable, and other receivables. Generally receivable accounts show debit balances, and are considered as assets of the business.

To identify: The accounting policy related to the trade accounts receivable of Company LV.

(b)

To determine

To identify: The reason for the difference between gross trade accounts receivable and net trade accounts receivable of Company LV in 2015.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2015, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2015 and 2014, and its change from 2014 to 2015.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to amounts that are due to be received in future with interest, from the debtors. General classifications of receivables are accounts receivable, note receivable, and other receivables. Generally receivable accounts show debit balances, and are considered as assets of the business.

To identify: The accounting policy related to the trade accounts receivable of Company LV.

(b)

To determine

To identify: The reason for the difference between gross trade accounts receivable and net trade accounts receivable of Company LV in 2015.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2015, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2015 and 2014, and its change from 2014 to 2015.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to amounts that are due to be received in future with interest, from the debtors. General classifications of receivables are accounts receivable, note receivable, and other receivables. Generally receivable accounts show debit balances, and are considered as assets of the business.

To identify: The accounting policy related to the trade accounts receivable of Company LV.

(b)

To determine

To identify: The reason for the difference between gross trade accounts receivable and net trade accounts receivable of Company LV in 2015.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2015, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2015 and 2014, and its change from 2014 to 2015.

Answer 6

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to amounts that are due to be received in future with interest, from the debtors. General classifications of receivables are accounts receivable, note receivable, and other receivables. Generally receivable accounts show debit balances, and are considered as assets of the business.

To identify: The accounting policy related to the trade accounts receivable of Company LV.

Answer 7

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to amounts that are due to be received in future with interest, from the debtors. General classifications of receivables are accounts receivable, note receivable, and other receivables. Generally receivable accounts show debit balances, and are considered as assets of the business.

To identify: The accounting policy related to the trade accounts receivable of Company LV.

Answer 8

(b)

To determine

To identify: The reason for the difference between gross trade accounts receivable and net trade accounts receivable of Company LV in 2015.

Answer 9

(b)

To determine

To identify: The reason for the difference between gross trade accounts receivable and net trade accounts receivable of Company LV in 2015.

Answer 10

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2015, when compared to the previous year.

Answer 11

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2015, when compared to the previous year.

Answer 12

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2015 and 2014, and its change from 2014 to 2015.

Answer 13

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2015 and 2014, and its change from 2014 to 2015.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 8 - Prob. 1Q Ch. 8 - Prob. 2Q Ch. 8 - Prob. 3Q Ch. 8 - Prob. 4Q Ch. 8 - Prob. 5Q Ch. 8 - Prob. 6Q Ch. 8 - Prob. 7Q Ch. 8 - Prob. 8Q Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q

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To identify: The reason for the difference between gross trade accounts receivable and net trade accounts receivable of Company LV in 2015.

To identify: The primary reason for the change in receivables balance of Company LV in 2015, when compared to the previous year.

The Provision for impairment of receivables as a percentage of total trade receivables for 2015 and 2014, and its change from 2014 to 2015.

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