Receivables Receivables refer to an amount to be received in future from the debtor. General classifications of receivables are accounts receivable , note receivable, and other receivables. Accounts receivable and note receivables are trade receivables, and other receivables are called as non-trade receivables. 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 an amount to be received in future from the debtor. General classifications of receivables are accounts receivable, note receivable, and other receivables. Accounts receivable and note receivables are trade receivables, and other receivables are called as non-trade receivables.

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 2014.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2014, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2014 and 2013, and its change from 2013 to 2014.

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Which of the following statements is true? Group of answer choices Companies typically report gross receivables on the balance sheet and disclose net receivables and the allowance for uncollectible accounts in the notes to the financial statements. Companies typically report net receivables on the balance sheet and disclose gross receivables and the allowance for uncollectible accounts in the notes to the financial statements. Companies typically report gross receivables and the allowance for uncollectible accounts on the balance sheet and disclose net receivables in the notes to the financial statements. Companies typically report net receivables and the net allowance for uncollectible accounts on the balance sheet and disclose gross receivables in the notes to the financial statements.

Answer 2

Question

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to an amount to be received in future from the debtor. General classifications of receivables are accounts receivable, note receivable, and other receivables. Accounts receivable and note receivables are trade receivables, and other receivables are called as non-trade receivables.

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 2014.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2014, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2014 and 2013, and its change from 2013 to 2014.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to an amount to be received in future from the debtor. General classifications of receivables are accounts receivable, note receivable, and other receivables. Accounts receivable and note receivables are trade receivables, and other receivables are called as non-trade receivables.

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 2014.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2014, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2014 and 2013, and its change from 2013 to 2014.

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Answer 4

Question

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to an amount to be received in future from the debtor. General classifications of receivables are accounts receivable, note receivable, and other receivables. Accounts receivable and note receivables are trade receivables, and other receivables are called as non-trade receivables.

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 2014.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2014, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2014 and 2013, and its change from 2013 to 2014.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to an amount to be received in future from the debtor. General classifications of receivables are accounts receivable, note receivable, and other receivables. Accounts receivable and note receivables are trade receivables, and other receivables are called as non-trade receivables.

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 2014.

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2014, when compared to the previous year.

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2014 and 2013, and its change from 2013 to 2014.

Answer 6

Chapter 8, Problem 8.1IFRS

(a)

To determine

Receivables

Receivables refer to an amount to be received in future from the debtor. General classifications of receivables are accounts receivable, note receivable, and other receivables. Accounts receivable and note receivables are trade receivables, and other receivables are called as non-trade receivables.

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 an amount to be received in future from the debtor. General classifications of receivables are accounts receivable, note receivable, and other receivables. Accounts receivable and note receivables are trade receivables, and other receivables are called as non-trade receivables.

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 2014.

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 2014.

Answer 10

(c)

To determine

To identify: The primary reason for the change in receivables balance of Company LV in 2014, 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 2014, 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 2014 and 2013, and its change from 2013 to 2014.

Answer 13

(d)

To determine

The Provision for impairment of receivables as a percentage of total trade receivables for 2014 and 2013, and its change from 2013 to 2014.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Solution Summary: The author explains the accounting policy related to the trade accounts receivable of Company LV.

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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 2014.

To identify: The primary reason for the change in receivables balance of Company LV in 2014, when compared to the previous year.

The Provision for impairment of receivables as a percentage of total trade receivables for 2014 and 2013, and its change from 2013 to 2014.

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