Fundementals of Financial Accounting- Marist College with access code
16th Edition
ISBN: 9781308501451
Author: PHILLIPS
Publisher: MCG/CREATE
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Chapter 8, Problem 8.13ME
To determine
To prepare: The current asset section of Incorporation A’s
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Interpreting the Accounts Receivable FootnoteHewlett-Packard Company reports the following in its 2015 10-K report.
October 31(in millions)
2015
2014
Accounts receivable
$13,363
$13,832
Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts.
For the fiscal years ended October 31(in millions)
2015
2014
2013
Allowance for doubtful accounts-accounts receivable
Balance, beginning of period
$232
$332
$464
Provision for doubtful accounts
46
25
23
Deductions, net of recoveries
(89)
(125)
(155)
Balance, end of period
$189
$232
$332
(a) What is the gross amount of accounts receivables for Hewlett-Packard in fiscal 2015 and 2014?
($ millions)
2015
2014
Gross accounts receivable
Answer?
Answer?
(b)What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2015 and 2014? (Round your answers to two decimal places.)
($ millions)
2015
2014…
Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be found below:
The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200.
Required:
Prepare the balance sheet extract as at Dec 31 to show the net realizable value for the Accounts Receivable.
Interpreting the Accounts Receivable FootnoteHP Inc. reports the following in its 2018 10-K report.
October 31(in millions)
2018
2017
Accounts receivable
$5,113
$4,414
Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts.
For the fiscal years ended October 31(in millions)
2018
2017
2016
Allowance for doubtful accounts-accounts receivable
Balance, beginning of period
$101
$107
$80
Provision for doubtful accounts
57
30
65
Deductions, net of recoveries
(29)
(36)
(38)
Balance, end of period
$129
$101
$107
(a) What is the gross amount of accounts receivables for HP in fiscal 2018 and 2017?
($ millions)
2018
2017
Gross accounts receivable
Answer
Answer
(b)What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2018 and 2017? (Round your answers to two decimal places.)
($ millions)
2018
2017
Percentage of uncollectible…
Chapter 8 Solutions
Fundementals of Financial Accounting- Marist College with access code
Ch. 8 - What are the advantages and disadvantages of...Ch. 8 - Prob. 2QCh. 8 - Which basic accounting principles does the...Ch. 8 - Using the allowance method, is Bad Debt Expense...Ch. 8 - What is the effect of the write-off of...Ch. 8 - How does the use of calculated estimates differ...Ch. 8 - Prob. 7QCh. 8 - What is the primary difference between accounts...Ch. 8 - What are the three components of the interest...Ch. 8 - Prob. 10Q
Ch. 8 - Does an increase in the receivables turnover ratio...Ch. 8 - What two approaches can managers take to speed up...Ch. 8 - When customers experience economic difficulties,...Ch. 8 - (Supplement 8A) Describe how (and when) the direct...Ch. 8 - (Supplement 8A) Refer to question 7. What amounts...Ch. 8 - 1. When a company using the allowance method...Ch. 8 - 2. When using the allowance method, as Bad Debt...Ch. 8 - 3. For many years, Carefree Company has estimated...Ch. 8 - 4. Which of the following best describes the...Ch. 8 - 5. If the Allowance for Doubtful Accounts opened...Ch. 8 - 6. When an account receivable is recovered a....Ch. 8 - Prob. 7MCCh. 8 - 8. If the receivables turnover ratio decreased...Ch. 8 - Prob. 9MCCh. 8 - Prob. 10MCCh. 8 - Prob. 8.1MECh. 8 - Evaluating the Decision to Extend Credit Last...Ch. 8 - Prob. 8.3MECh. 8 - Prob. 8.4MECh. 8 - Recording Write-Offs and Bad Debt Expense Using...Ch. 8 - Determining Financial Statement Effects of...Ch. 8 - Estimating Bad Debts Using the Percentage of...Ch. 8 - Estimating Bad Debts Using the Aging Method Assume...Ch. 8 - Recording Bad Debt Estimates Using the Two...Ch. 8 - Prob. 8.10MECh. 8 - Prob. 8.11MECh. 8 - Recording Note Receivable Transactions RecRoom...Ch. 8 - Prob. 8.13MECh. 8 - Determining the Effects of Credit Policy Changes...Ch. 8 - Prob. 8.15MECh. 8 - (Supplement 8A) Recording Write-Offs and Reporting...Ch. 8 - Recording Bad Debt Expense Estimates and...Ch. 8 - Determining Financial Statement Effects of Bad...Ch. 8 - Recording, Reporting, and Evaluating a Bad Debt...Ch. 8 - Recording Write-Offs and Recoveries Prior to...Ch. 8 - Prob. 8.5ECh. 8 - Computing Bad Debt Expense Using Aging of Accounts...Ch. 8 - Computing Bad Debt Expense Using Aging of Accounts...Ch. 8 - Recording and Reporting Allowance for Doubtful...Ch. 8 - Recording and Determining the Effects of Write-Off...Ch. 8 - Prob. 8.10ECh. 8 - Recording Note Receivable Transactions, Including...Ch. 8 - Recording Note Receivable Transactions, Including...Ch. 8 - Prob. 8.13ECh. 8 - Prob. 8.14ECh. 8 - Prob. 8.15ECh. 8 - Prob. 8.16ECh. 8 - (Supplement 8A) Recording Write-Offs and Reporting...Ch. 8 - Recording Accounts Receivable Transactions Using...Ch. 8 - Prob. 8.2CPCh. 8 - Recording Notes Receivable Transactions Jung ...Ch. 8 - Accounting for Accounts and Notes Receivable...Ch. 8 - Prob. 8.5CPCh. 8 - Recording Accounts Receivable Transactions Using...Ch. 8 - Prob. 8.2PACh. 8 - Prob. 8.3PACh. 8 - Accounting for Accounts and Notes Receivable...Ch. 8 - Analyzing Allowance for Doubtful Accounts,...Ch. 8 - Recording Accounts Receivable Transactions Using...Ch. 8 - Interpreting Disclosure of Allowance for Doubtful...Ch. 8 - Recording Notes Receivable Transactions Stinson...Ch. 8 - Accounting for Accounts and Notes Receivable...Ch. 8 - Prob. 8.5PBCh. 8 - Recording and Reporting Credit Sales and Bad Debts...Ch. 8 - Prob. 8.2COPCh. 8 - Recording Daily and Adjusting Entries Using FIFO...Ch. 8 - Prob. 8.1SDCCh. 8 - Comparing Financial Information Refer to the...Ch. 8 - Ethical Decision Making: A Real-Life Example You...Ch. 8 - Critical Thinking: Analyzing the Impact of Credit...Ch. 8 - Using an Aging Schedule to Estimate Bad Debts and...Ch. 8 - Accounting for Receivables and Uncollectible...
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