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

Assignment purchase point media corporation ppmc

Assignment: Purchase Point Media Corporation (PPMC) INTRODUCTION Purchase Point Media Corporation (PPMC) INTRODUCTION This case is based on actual financial projections developed and provided by a publicly traded firm, P ...

James investor corporation acquires 25 of the common shares

James (investor) Corporation acquires 25% of the common shares of Heck (investee) Company for $350,000 on January 1, 2014. For 2014, Heck reports net income of $50,000 and paid dividends of $16,000. Instructions (a) Prep ...

Assignmentcost-volume-profit relationshipsread chapter 4 of

Assignment Cost-Volume-Profit Relationships Read Chapter 4 of your text. Refer to the review problem on pages 144 - 146. Pear Computer Corporation produces memory boards for PCs. Sales have been erratic, with some months ...

Course projectfinancial statement analysislearning

COURSE PROJECT FINANCIAL STATEMENT ANALYSIS Learning Objectives • Analyze a company's financial statements in terms of liquidity, profitability and long-term solvency, and cash flows from operations. • Prepare in good fo ...

Assignemntpart 1 the following information is available for

Assignemnt PART 1: The following information is available for GFI's maintenance cost over the last seven months. Use the high low method to estimate the fixed and variable components of its maintenance cost. Would this b ...

Robert wondered why he was always so stressed out when he

Robert wondered why he was always so stressed out when he was dealing with Lucas, the latest addition to his team. On the face of it, the new hire seemed very agreeable and supportive, but whatever interactions he had ha ...

Financial accounting assessment one two and threecomplete

Financial Accounting Assessment one, two and three Complete two problems in which you prepare a variety of financial documents (income statement, statement of stockholders' equity, and balance sheet), practice using T-ac ...

1 several people claim that letters of credit will soon be

1. Several people claim that letters of credit will soon be replaced by the concept of TradeCard. What is this product, and why do those people think it has such a bright future? 2. There are three types of hedges that a ...

Briefly describe a health care provider with which you are

Briefly describe a health care provider with which you are familiar and how that organization should position its offerings. Provide specific examples to support your response. Referring to the same health care provider, ...

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 ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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