Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

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.

Required:

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

Module problem-solution assignmentproblem 1brogan inc

Module Problem-Solution Assignment: Problem 1 Brogan, Inc., reports bad debt expense using the allowance method. For tax purposes the direct write-off method is used. At the end of the current year, Brogan has accounts r ...

Assignmentthe current assets and current liabilities

Assignment The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows. ALLESSANDRO SCARLATTI COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2014 Cash $ 48,75 ...

Assignmentbullpreparationfor this problem you will need to

Assignment • Preparation For this problem, you will need to select a publicly traded company. Once you have selected a publicly traded company, obtain Form 10-K for the company for the most current fiscal year. Use the E ...

Explain and analyze the external factors on or of

Explain and analyze the external factors on or of international business (e.g., political, legal, economics, culture, etc.) and how these may impact business.

Assignment ccr report amp power point presentationrefer to

Assignment: CCR REPORT & POWER POINT PRESENTATION Refer to www.agacgfm.org for information on the CCR. A CCR is a 4 page document summarizing information and creating a presentation for citizens and other stakeholders. A ...

Project peyton approved instructionsfor this deliverable

Project Peyton Approved Instructions For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations. Below ...

Paperwrite a five- to seven-page financial statement

Paper Write a five- to seven-page financial statement analysis of a public company, formatted according to APA style as outlined in the Ashford Writing Center. In this analysis, you will discuss the financial health of t ...

Business finance assignmenttasks to complete1download and

Business Finance Assignment Tasks to complete: 1. Download and save the Excel file, "Excel_Assignment". The file is located in the Excel Assignment folder. 2. Save the file to your own drive and rename the file with your ...

Assignmenti a comparing three depreciation methods obj

Assignment I. A Comparing three depreciation methods ObJ. 2 Waldum Company purchased packaging equipment on January 5, 2012, for $135,000. The equipment was expected to have a useful life of three years, or 18,000 operat ...

Long-term liability transactionsfollowing are a number of

Long-term Liability Transactions Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has be ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen