Ask Question, Ask an Expert


Ask Financial Accounting Expert

Chamberlain Enterprises Inc. reported the following receivables in its month December 31, 2013, year-end balance sheet:

125_balance sheet_22.jpg

Additional information:

1. The notes receivable account comprises two notes, $65,000 note and $325,000 note. The $65,000 note is dated October 31, 2013, with principal and interest payable on October 31, 2014. The $325,000 note is dated June 30, 2013, with principal and 6% interest payable on June 30, 2014.

2. Throughout 2014, sales revenue totalled $1,470,000, $1,345,000 cash was gathered from customers and $35,000 in accounts receivable was written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equivalent to 10% of year-end accounts receivable.

3. On March 31, 2014, the $325,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale.


1. In addition to sales revenue, what expense and revenue amounts related to receivables will appear in Chamberlain’s 2014 income statement?

2. What amounts will appear in the 2014 year-end balance sheet for accounts receivable?

3. Compute the receivables turnover ratio for 2014.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M93596
  • Price:- $30

Guranteed 24 Hours Delivery, In Price:- $30

Have any Question? 

Related Questions in Financial Accounting

Scot and vidia married taxpayers earn 92500 in taxable

Scot and Vidia, married taxpayers, earn $92,500 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). (Do not round intermediate ...

It is now january 1 2012 today you will deposit 1000 into a

It is now January 1, 2012. Today you will deposit $1,000 into a savings account that pays 8%. a. If the bank compounds interest annual, how-much will you have in your account on January 1, 2015 ? b. What will you January ...

Question accounting equation and creditors control

QUESTION : ACCOUNTING EQUATION AND CREDITORS CONTROL REQUIRED 1. Show the effect of the following transactions of Brentford Stores on the Accounting equation. Use "+"to denote an increase, "-" to denote a decrease and "0 ...

On january 1 2017 monty corporation redeemed 640000 of

On January 1, 2017, Monty Corporation redeemed $640,000 of bonds at 99. At the time of redemption, the unamortized premium was $19,200. Prepare the corporation’s journal entry to record the reacquisition of the bonds.

A corporation issued 450 shares of its 20 par value common

A corporation issued 450 shares of its $20 par value common stock in payment of a $9,610 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: ...

For the pcaob inspection report of kpmgwhat information is

For the PCAOB inspection report of KPMG: What information is contained in the public version of the PCAOB inspection reports? is there any additional information that you would like to see? What categories of practices, ...

Consider the following three bond quotes a treasury bond

Consider the following three bond quotes: a Treasury bond quoted at 104:28, a corporate bond quoted at 96.35, and a municipal bond quoted at 100.75. If the Treasury and corporate bonds have a par value of $1,000 and the ...

When given the numbers of-total injuries related to plastic

When given the numbers of: -Total injuries related to plastic surgery -Fatal injuries related to plastic surgery -Non-fatal injuries related to plastic surgery -Number in population -Total fatalities (all causes) What is ...

Blue company needs 10000 units of a certain part to be used

BLUE Company needs 10,000 units of a certain part to be used in production. If BLUE buys the part from RED Company instead of making it, BLUE could not use the present facilities for another manufacturing activity. Sixty ...

Lowe manufacturing co warrants its products for one year

Lowe Manufacturing Co. warrants its products for one year. The estimated product warranty is 8% of sales. Assume that sales were $520,000 for January. In February, a customer received warranty repairs requiring $180 of p ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate