FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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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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