Fin AC- Bus Decsn 4e- Ch 08- EOC Sol

Fin AC- Bus Decsn 4e- Ch 08- EOC Sol - CHAPTER 8 Reporting...

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8-1 CHAPTER 8 Reporting and Analyzing Receivables Study Objectives 1. Identify the different types of receivables. 2. Explain how accounts receivable are recognized in the accounts. 3. Describe the methods used to account for bad debts. 4. Compute the interest on notes receivable. 5. Describe the entries to record the disposition of notes receivable. 6. Explain the statement presentation of receivables. 7. Describe the principles of sound accounts receivable management. 8. Identify ratios to analyze a company’s receivables. 9. Describe methods to accelerate the receipt of cash from receivables. Summary of Questions by Study Objectives and Bloom’s Taxonomy Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT Questions 1. 1 C 6. 3 K 10. 4 AP 14. 7 C 18. 8 AP 2. 1 K 7. 7 C 11. 5 C 15. 7 K 19. 9 K 3. 3 C 8. 4 C 12. 6 K 16. 8 C 20. 9 C 4. 3 C 9. 4 K 13. 7 K 17. 7, 8 C 21. 9 AP 5. 3 AP Brief Exercises 1. 1 C 3. 3 AP 5. 3 AP 7. 4 AP 9. 8 AP 2. 2 AP 4. 3 AP 6. 4 AP 8. 3, 6, 7, 8 AP 10. 9 AP Exercises 1. 2 AP 5. 3 AP 8. 4, 5 AP 11. 7, 8 AN 14. 9 C 2. 2 AP 6. 3 AP 9. 6 AP 12. 15. 9 AP 3. 2, 3 AP 7. 4, 5 AP 10. 7 K 7,8, 9A N 16. 9 AP 4. 3 AP 13. 9 AN Problems: Set A 1. 2, 3 AP 3. 2, 3 AP 6. 8. 9. 7, 8 AN 2. 4. 3 AP 1, 2, 4, 5 AP 2, 3, 8A P 5. 2, 3 AP 7. 8 C 2, 4, 5, 6, P Problems: Set B 1. 2, 3 AP 3. 2, 3 AP 6. 8. 9. 7, 8 AN 2. 4. 3 AP 1, 2, 4, 5 AP 2, 3, P 5. 2, 3 AP 7. 8,9 C 2, 4, 5, 6, P
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8-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize transactions related to bad debts. Simple 15–20 2A Prepare journal entries related to bad debt expense, and compute ratios. Simple 15–20 3A Journalize transactions related to bad debts. Moderate 20–30 4A Compute bad debt amounts. Moderate 20–25 5A Journalize entries to record transactions related to bad debts. Moderate 20–30 6A Journalize various receivables transactions. Moderate 40–50 7A Explain the impact of transactions on ratios. Moderate 20–30 8A Prepare entries for various credit card and notes receivable transactions. Complex 50–60 9A Calculate and interpret various ratios. Moderate 10–15 1B Journalize transactions related to bad debts. Simple 15–20 2B Prepare journal entries related to bad debt expense, and compute ratios. Simple 15–20 3B Journalize transactions related to bad debts. Moderate 20–30 4B Compute bad debt amounts. Moderate 20–25 5B Journalize entries to record transactions related to bad debts. Moderate 20–30 6B Journalize various receivables transactions. Moderate 40–50 7B Explain the impact of transactions on ratios; discuss acceleration of receipt of cash from receivables. Moderate 20–30 8B Prepare entries for various credit card and notes receiv- able transactions. Complex 50–60 9B Calculate and interpret various ratios. Moderate 10–15
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8-3 ANSWERS TO QUESTIONS 1. Accounts receivable are amounts customers owe on account. They result from the sale of goods and services in the normal course of business operations (i.e., in trade). Notes receivable repre- sent claims that are evidenced by formal instruments of credit.
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Fin AC- Bus Decsn 4e- Ch 08- EOC Sol - CHAPTER 8 Reporting...

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