Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 02 Aug 2017 My Price 9.00

Shard Crockery Co

Transactions Related to Accounts Receivable:

Effects on Selected Financial Statement Items

Shard Crockery Co. recognized the following events related to customer accounts receivable during 2000.At the start of the year, the firm reported gross accounts receivable of $22,000,000 and an allowance for uncollectible accounts of $2,000,000.

1. Sales on credit totaled $60,000,000 for the year.

2. The company factored $18,000,000 of its receivables to a financial institution and paid a fee of $700,000.

3. Uncollectible customer accounts totaling $3,200,000 were written off during\ the year.

4. Based on an aging of its remaining accounts receivable at year-end, the company estimates that 10% of its remaining receivables will ultimately be uncollectible.

Required

a. Determine the balance of accounts receivable (net of allowance) to be reported in Shard Crockery’s balance sheet at the end of 2000.

b. Determine the effects of each of the events described above on the company’s accounts receivable (net), total assets, revenues, and expenses.

c. How would the factoring of accounts receivable during the year affect your calculation or interpretation of the company’s accounts receivable collection period (if at all)? Discuss.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 11:08 AM My Price 9.00

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