Week2_Learning Team C-2.docx

Week2_Learning Team C-2.docx - Week 4 Learning Team...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Week 4 Learning Team C (Madison Feanny, Robyn Hargrave, Sharon Worley, Nicholas Hall) ACC/421 – Intermediate Financial Accounting I Aug. 26, 2017 Frank Drabik
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Week 4 Learning Team C Week 4 Learning Team C Table of Contents Procter & Gamble ................................................................................................................................. 3 (a) What criteria does P&G use to classify “Cash and Cash Equivalents” as reported in its balance sheet? ........................................................................................................................................ 3 (b) As of June 30, 2014, what balances did P&G have in cash and cash equivalents? What were the major uses of cash during the year? .................................................................................... 3 (c) P&G reports no allowance for doubtful accounts, suggesting that bad debt expense is not material for this company. Is it reasonable that a company like P&G wold not have material bad debt expense? Explain ....................................................................................................... 3 Occidental Petroleum Corporation ........................................................................................................ 3 Case 1 ............................................................................................................................................. 3 (a) What items other than coin and currency may be included in “cash”? ..................................... 4 (b) What items may be included in “cash equivalents”? ................................................................ 4 (c) What are compensating balance arrangements, and how should they be reported in financial statements? ............................................................................................................................... 5 (d) What are the possible differences between cash equivalents and short-term (temporary) investments? ............................................................................................................................. 5 (e) Assuming that the sale agreement meets the criteria for sale accounting, cash proceeds were $345 million, the carrying value of the receivables sold was $360 million, and the fair value of the recourse liability was $15 million, what was the effect on income from the sale of receivables? .......... 5 (f) Briefly discuss the impact of the transaction I € on Occidental’s liquidity ............................... 6 ............................................................................................................................................................ 7 ACCOUNTING 421 Intermediate Financial Accounting I
Image of page 2
Week 4 Learning Team C Procter & Gamble (a) What criteria does P&G use to classify “Cash and Cash Equivalents” as reported in its balance sheet?
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern