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.
Given information regarding three notes that were accepted… record the acceptance of each.
Record the acceptance of the note receivable, and the cash for Terrell collection.
Record the issuance of the note payable for Whole Grain, and the cash payment.
Record for Shoemaker Corporation. The loan and acceptance of the note receivable, the accrued interest, and cash collection of note and interest.
Calculate the receivables turnover, average collection period, and which company appears most efficient.
Given the credit sales for the year, accounts receivable, allowance of uncollectible accounts, percent of receivables not collected, and the percent of credit sales not collected… record the adjustment using the receivables and credit sales method as well as calculate effect on net income and assets.
Seven-Part Problem: Given account balances and a list of transactions – record the transactions, record adjusting entries, prepare an adjusted trial balance, prepare an income statement, and prepare a balance sheet. Then, record closing entries while calculating receivables turnover and the ratio of allowance for uncollectible accounts.
Given a list of account balances and additional information… record each transaction, record adjusting entries, prepare an adjusted trial balance, prepare an income statement, prepare a balance sheet, record closing entries, and lastly analyze ending balances and cash expected to be collected.
Given net sales along with beginning and ending accounts receivable… calculate receivables turnover ratio and average collection period.
Given four scenarios… determine the amount of revenue that would be recognized.