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1. What is the difference between an account receivable and

Resolved Question:

1.     What is the difference between an account receivable and a note receivable
2.     What are some common types of receivable other than account receivable or notes receivable?
3.     BE-8-1 Presented below are three receivable transactions. Indicate whether these receivables are reported as account receivable, notes receivable, or other receivable on a balance sheet.
(a)     Advance $10,000 to an employee.
(b)     Received a promissory note of 34,000 for services performed
(c)     Sold merchandise on account for 60,000
       E8-13 On March 3 Pride Appliances sells $710,000 of it receivables to American Factor Inc, assesses a service charge of 5% of the amount of receivables sold.

        P8-7B The president of Ferman Enterprises ltd., Angela Ferman is considering the impact that certain transactions have on the company’s receivables turnover and average collection period ratios. Prior to the following transactions, Ferman’s receivables turnover was 6 times, and its average collection period was 61 days


Transaction            Recievable Turnover (6x)        Average Collection period 61 days


1.     Recorded sales on account 100,000
2.     Collected 25,000 owing from customer
3.     Wrote off a 2,500 account from a customer as uncollectible (Uses allowance method)
4.     Record sales returns of 1,500 and credited the customers accounts
5.     Recorded bad debt expenses for the year 7,500 using the allowance
Submitted: 5 years ago.
Category: Homework
Expert:  syedaqa replied 5 years ago.

Welcome dear

 

i got your question no 1, 2, 3 and also its parts a, b, and c.after E8-13 and till the end i am a bit confused what to do with that? In first parts i have to differentiate between the note and account recievables and than i have to identify it in next parts...

thanks

waiting for your reply

Customer: replied 5 years ago.
What would you like from me
Expert:  syedaqa replied 5 years ago.

what should i do with the last five transactions that is mentioned?

 

thanks

Customer: replied 5 years ago.

The instruction

 

(a) Complete the table, indicating whether each transaction will increase (I), decrease (D) or have no effect (NE) on the ratios

 

(B) Angela was reading through the finacial statement for some quickly publicly traded companies and noticed that they had recorded a loss on sale of recievables. She would like you to explain why conpanies sell their recievables

 

This was the instruction for those 5 questions

 

I don't need this until saturday morning can you have it done by then.

Expert:  Neo replied 5 years ago.
THIS ANSWER IS LOCKED!

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Neo, Tutor
Category: Homework
Satisfied Customers: 12045
Experience: BS Accounting
Neo and 7 other Homework Specialists are ready to help you
Customer: replied 5 years ago.
I have other question out there Neo if you desire to get more work.
Expert:  Neo replied 5 years ago.
Please post them.

By the way, you haven't accepted this one yet.

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