Compute the maturity date of and interest on notes

  • University of Phoenix
  • ACC 291
  • Notes
  • nataliasalaskina
  • 40
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Survey of Accounting
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Chapter 3 / Exercise E3-10
Survey of Accounting
Warren
Expert Verified
5Compute the maturity date of and interest on notesreceivable.
6Explain how companies recognize notes receivable.
7Describe how companies value notes receivable.
8Describe the entries to record the disposition of notesreceivable.
9Explain the statement presentation and analysis ofreceivables.Companies should identify in the balancesheet or in the notes to the financial statements each majortype of receivable. Short-term receivables are considered
SUMMARY OF STUDY OBJECTIVES
JWCL165_c08_356-395.qxd 7/31/09 3:20 PM Page 378
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Survey of Accounting
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Chapter 3 / Exercise E3-10
Survey of Accounting
Warren
Expert Verified
Self-Study Questions379Accounts receivableAmounts owed by customers on ac-count. (p. 358).Accounts receivable turnover ratioA measure of the liq-uidity of accounts receivable; computed by dividing netcredit sales by average net accounts receivable. (p. 374).Aging the accounts receivableThe analysis of cus-tomer balances by the length of time they have beenunpaid. (p. 364).Allowance for Doubtful AccountsAn account thatshows the estimated amount of claims on customers thatthe company expects will become uncollectible in thefuture. (p. 362).

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