SCh08

Fundamentals of Financial Accounting with Annual Report

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Student Name: Instructor Class: McGraw-Hill/Irwin Demonstration Case 8A Requirement 1: dr Bad Debt Expense 950 Stockholders' cr Allowance for Doubtful Accounts 950 Assets = Liabilities + Equity Correct! Allowance for Doubtful Accounts - 950 Bad Debt Expense - 950 Requirement 2: dr Allowance for Doubtful Accounts 500 Stockholders' cr Accounts Receivable 500 Assets = Liabilities + Equity Correct! Accounts Receivable - 500 Allowance for Doubtful Accounts + 500 Requirement 3: dr Bad Debt Expense 8,000 Stockholders' cr Allowance for Doubtful Accounts 8,000 Assets = Liabilities + Equity Correct! Allowance for Doubtful Accounts - 8,000 Bad Debt Expense - 8,000 Requirement 4: Receivables Turnover Ratio Net Sales = 950,000 = 5.8 Average Accounts Receivable 163,793 Correct! Requirement 5: 2009 Days to Collect 365 = 365 = 57 Receivables Turnover Ratio 6.4 Correct! 2010 Days to Collect 365 = 365 = 63 Receivables Turnover Ratio
Background image of page 1

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

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 5.8 Correct! Student Name: Instructor Class: McGraw-Hill/Irwin Coached Problem 8-5 Requirement 1: Mattel 2008 Receivables Turnover Ratio = Net sales = 5,918 = 6.3 932.5 Correct! Days to collect = 365 = 365 = 57.5 days Receivables Turnover 6.3 Correct! 2007 Receivables Turnover Ratio = Net sales = 5,970 = 6.2 970.5 Correct! Days to collect = 365 = 365 = 59.3 days Receivables Turnover 6.2 Correct! Hasbro 2008 Receivables Turnover Ratio = Net sales = 4,022 = 6.3 633.5 Correct! Days to collect = 365 = 365 = 57.5 days Receivables Turnover 6.3 Correct! 2007 Receivables Turnover Ratio = Net sales = 3,838 = 6.3 605.5 Correct! Days to collect = 365 = 365 = 57.6 days Receivables Turnover 6.3 Correct! Average net receivables Average net receivables Average net receivables Average net receivables...
View Full Document

Page1 / 2

SCh08 - 5.8 Correct! Student Name: Instructor Class:...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online