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.

Question

Want to see the full answer?

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The following errors took place in journalizing and posting transactions:a. The payment of $3,125 from a customer on account was recorded as a debit to Cash and a credit toAccounts Payable.b. Advertising expense of $1,500 paid for the current month was recorded as a debit to MiscellaneousExpense and a credit to Advertising Expense.c. The purchase of supplies of $2,690 on the account was recorded as a debit to Office Equipment anda credit to Supplies.d. The receipt of $3,750 for services rendered was recorded as a debit to Accounts Receivable and acredit to Fees Earned.Required:Prepare journal entries to correct the errors.Each error correction carries equal marks.

Required:a) Journalize the following transactions using the direct write-off method of accounting foruncollectible receivables:Aug. 7. Received $175 from Roosevelt McLair and wrote off the remainder owed of $400 asuncollectible.Nov. 23. Reinstated the account of Roosevelt McLair and received $400 cash in full payment.b) Journalize the following transactions using the allowance method of accounting for uncollectiblereceivables:Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of $2,000 asuncollectible.June 30. Reinstated the account of Manning Wingard and received $2,000 cash in full payment.Each journal carries equal marks

If someone tracks, tallys and totals a current liabilities for an accounting period, and then seeks to apply this value in a calculation to assess our liquidity, what’s the difference between the current ratio and the “acid-test” (or “quick”) ratio? Does the difference between these two metrics even matter?

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

Ch. 8 - What is the difference between an account...Ch. 8 - What are some common types of receivables other...Ch. 8 - What are the essential features of the allowance...Ch. 8 - Prob. 4Q Ch. 8 - Prob. 5Q Ch. 8 - Prob. 6Q Ch. 8 - Prob. 7Q Ch. 8 - Tawnya Dobbs, the vice president of sales for...Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q

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

Videos

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.

Want to see the full answer?

Chapter 8 Solutions