Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642932
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 9, Problem 9.1FSC
Financial Statement Case 9-1
Use Target Corporation’s Fiscal 2015 Annual Report and the Note 9 data on “Credit Card
Receivables Transaction” to answer the following questions. Visit
http://www.pearsonhighered.com/Horngren to view a link to Target Corporation’s annual report.
Requirements
- How much
accounts receivable did Target report on itsbalance sheet as of January 30, 2016? As of January 31, 2015? - Target accepts customer payments via Target brand credit cards. Refer to Note 9, “Credit Card Receivables Transaction.” How does Target account for these credit card sales?
- Refer to Note 9. What are the advantages to Target in handling Target brand credit card transactions as it does? What are Target’s responsibilities concerning these credit cards?
- Compute Target’s acid-test ratio as of January 30, 2016 and January 31, 2015. Did the ratio improve or deteriorate? For each date, if all the current liabilities came due immediately, could Target pay them?
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Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800
Date Particulars Debit Credit Balance
GH¢ GH¢ GH¢
01-Jan-18 Balance forward 67,580 Cr
06-Jan-18 Cheque 597 120 67,460 Cr
06-Jan-18 Direct debit 2,020 65,440 Cr
12-Jan-18 Credit transfer 4,660 70,100 Cr
13-Jan-18 Cheque 600 1,420 68,680 Cr
14-Jan-18 Cheque 601 12,028 56,652 Cr
16-Jan-18 Lodgement 9,000 65,652 Cr
19-Jan-18 Cheque 599 18,004 47,648 Cr
23-Jan-18 Bank charges for December 2017 422 47,226 Cr
25-Jan-18 Quarterly interest received 62 47,288 Cr
27-Jan-18 Dishonoured cheque 1,600 45,688 Cr
27-Jan-18 Cheque 598 26,090 19,598 Cr
30-Jan-18 Cheque 603 5,048 14,550 Cr
31-Jan-18 Lodgement 14,500 29,050 Cr
31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr
The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
Please provide a narrative when doing questions 1-4. Thank you.
Please help me with show all calculation thanku
Chapter 9 Solutions
Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
Ch. 9 - 1. With good internal controls, the person who...Ch. 9 - Which of the following is a limitation of the...Ch. 9 - 3. The entry to record a write-off of an...Ch. 9 - Brickman Company uses the allowance method to...Ch. 9 - Brickman’s ending balance of accounts Receivable...Ch. 9 - During the year, Bernard Company had net credit...Ch. 9 - At December 31 year-end, Crain Company has an...Ch. 9 - Using the data in the preceding question, what...Ch. 9 - At year-end, Schultz Company has cash of $11,600,...Ch. 9 - Using the data in the preceding question, assume...
Ch. 9 - What is the difference between accounts receivable...Ch. 9 - List some common examples of other receivables,...Ch. 9 - Prob. 3RQCh. 9 - When dealing with receivables, give an example of...Ch. 9 - What type of account must the sum of all...Ch. 9 - Prob. 6RQCh. 9 - What occurs when a business factors its...Ch. 9 - What occurs when a business pledges its...Ch. 9 - What is the expense account associated with the...Ch. 9 - When is bad debts expense recorded when using the...Ch. 9 - What are some limitations of using the direct...Ch. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - When using the allowance method, what account is...Ch. 9 - Prob. 15RQCh. 9 - Prob. 16RQCh. 9 - How do the percent-of-receivables and...Ch. 9 - What is the difference between the...Ch. 9 - In accounting for bad debts, how do the income...Ch. 9 - What is the formula to compute interest on a note...Ch. 9 - Prob. 21RQCh. 9 - Prob. 22RQCh. 9 - Prob. 23RQCh. 9 - Prob. 24RQCh. 9 - Prob. S9.1SECh. 9 - Recording credit sales and collections Learning...Ch. 9 - Applying the direct write-off method to account...Ch. 9 - Collecting a receivable previously written...Ch. 9 - Applying the allowance method to account for...Ch. 9 - Applying the allowance method (percent-of-sales)...Ch. 9 - Applying the allowance method...Ch. 9 - Applying the allowance method...Ch. 9 - Computing interest amounts on notes receivable...Ch. 9 - Accounting for a note receivable Learning...Ch. 9 - Accruing interest revenue and recording collection...Ch. 9 - Recording a dishonored note receivable Learning...Ch. 9 - Prob. S9.13SECh. 9 - Defining common receivables terms Learning...Ch. 9 - E9-15 Identifying and correcting internal control...Ch. 9 - Recording credit sales and collections Learning...Ch. 9 - Journalizing transactions using the direct...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Prob. E9.21ECh. 9 - Journalizing credit sales, note receivable...Ch. 9 - Journalizing note receivable transactions...Ch. 9 - Journalizing note receivable transactions Learning...Ch. 9 - Journalizing note receivable transactions Learning...Ch. 9 - Evaluating ratio data Learning Objective 5 Abanaki...Ch. 9 - Computing the collection period for receivables...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Prob. P9.31APGACh. 9 - Accounting for notes receivable and accruing...Ch. 9 - Prob. P9.33APGACh. 9 - Using ratio data to evaluate a company’s financial...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Prob. P9.37BPGBCh. 9 - Prob. P9.38BPGBCh. 9 - Prob. P9.39BPGBCh. 9 - Accounting for notes receivable, dishonored notes,...Ch. 9 - Using ratio data to evaluate a company’s financial...Ch. 9 - Prob. P9.42CTCh. 9 - Prob. P9.43CPCh. 9 - Prob. P9.44PSCh. 9 - Prob. 9.1TIATCCh. 9 - Decision Case 9-1 Weddings on Demand sells on...Ch. 9 - Decision Case 9-2 Pauline’s Pottery has always...Ch. 9 - Prob. 9.1FCCh. 9 - Financial Statement Case 9-1 Use Target...
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