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

Tree top company manufactures a single product and uses a

Tree Top Company manufactures a single product and uses a process costing system. On the first day of April, there were 5,000 units in process that were 100% complete as to direct materials and 50% complete as to direct ...

Assignment intermediate accounting for finance working

Assignment: Intermediate Accounting for Finance Working Capital Case Study Your job is to make ABC cash flow in years 2 and 3 (positive ending cash balances); which means you must balance ABC's cash conversion cycle days ...

Burger king investigation of the following1decreasing

Burger King investigation of the following: 1.Decreasing Revenue 2.Change in Revenue Mix 3.Significant Change in "food paper & product costs" line item 4.Other significant change in expense Tim Horton's 1-Accounts Receiv ...

Assignment1 frazer corporation purchased 60 percent of

Assignment 1. Frazer Corporation purchased 60 percent of Minnow Corporation's voting common stock on January 1, 20X1. On December 31, 20X1 Frazer received $210,000 from Minnoq for a truck. Frazer had purchased on January ...

Assignmentfinancial statement analysisprepare an eight- to

Assignment Financial Statement Analysis Prepare an eight- to ten-page fundamental financial analysis (excluding appendices, title page, abstract, and references page) that will cover each of the following broad areas bas ...

Consider four different stocks all of which have a required

Consider four different stocks, all of which have a required return of 18.5 percent and a most recent dividend of $3.65 per share. Stocks W, X, and Y are expected to maintain constant growth rates in dividends for the fo ...

Assignmentfor all questions assume no other transactions or

Assignment For all questions, assume no other transactions or activities have taken place during the period except as noted. Answer all questions! Prepare and present calculations for partial credits for questions with c ...

Assignment performance measurement and variancesi thought

Assignment: Performance Measurement and Variances I thought the Internet would be an ideal way to distribute our products. We've had a lot of success with our direct sales, but now we can reach a much larger audience. Th ...

Budget assignmentyou have been asked to prepare the

Budget Assignment You have been asked to prepare the operating budget for a 150 room hotel, with a 50 seat Coffee Shop, a 100 seat Dining Room and a 25 seat Bar. The operating budget for the year is based on the followin ...

Assignmentin integrative problem 86 in chapter 4 you were

Assignment In integrative problem 86 in Chapter 4, you were asked to calculate Carmin's gross income for 2013. This is the second phase, which provides the additional information necessary for you to calculate her taxabl ...

  • 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