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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Case 2-67 Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear

Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com

Required:

2. Set up a T-account for Under Armour’s and Columbia’s accounts receivable account and include the beginning and ending balances; Complete the T-account to reflect the sales and cash collections for the year for each company Assume all sales are on account.

To determine

Introduction:

Accounts receivable is an account associated with the debtors to whom goods were sold on credit and cash is yet to be collected from them.

To Prepare:

Prepare a T-account for Under Armour’s and Columbia’s accounts receivable account and include the beginning and ending balances. Complete the T-account to reflect the sales and cash collections for the year for each company.

Explanation

Computation of cash collection

Under Armour, Inc.

    ...
    ParticularsAmounts
    Beginning Balance; Accounts Receivable$ 433,638,000
    Add: Credit Sales$ 4,825,335,000
    Less: Ending Balance; Accounts Receivable$ 622,685,000
    Cash Collected during the period$ 4,636,288,000

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