Exercise 05.14 – Lebron Corporation
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition
Given information regarding three notes that were accepted… record the acceptance of each.
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Given information regarding three notes that were accepted… record the acceptance of each.
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Record for Shoemaker Corporation. The loan and acceptance of the note receivable, the accrued interest, and cash collection of note and interest.
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Calculate the receivables turnover, average collection period, and which company appears most efficient.
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Given net sales along with beginning and ending accounts receivable… calculate receivables turnover ratio and average collection period.
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Given transactions for the month… record each of the transactions along with showing revenues in the income statement.
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Given a list of events that occurred within the first two years… record each, post transactions, and calculate net accounts receivables.
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Given the amount and percent of accounts that are estimated to be uncollectible… calculate total uncollectible amounts and record the allowance in different scenarios.
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Given an aging schedule… calculate allowance, record the adjustments, record the write-offs, and record cash collection.
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Given data regarding different age groups… determine whether he should use the direct write-off method, calculate the allowance for uncollectible accounts, and calculate the misstated amount.
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Given the accounts receivables balance, uncollectible percent, operating income, and income to get a bonus … record two situations along with calculating the revised operating income.
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