Fundamental Accounting Principles
23rd Edition
ISBN: 9781259536359
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 11, Problem 16DQ
Refer to Samsung’s balance sheet in Appendix A. List Samsung’s current liabilities as of December
31, 2015.
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Students have asked these similar questions
Refer to the December 31, 2017, financial statements of Samsung. Does Samsung report its accounts receivable, titled as “Trade receivables,” as a current or noncurrent asset?
The following data relates to Stelios:
a. Balance of Trade Receivables at 31 December 2016 (before writing off irrecoverable debts)
€ 81.600
b. Irrecoverable Debts written off in 2016, €1.200
c. Allowance of 2% for doubtful debts was set up at 31 December 2016
d. Irrecoverable Debts written off in 2017, €1.800
e. Balance of Trade Receivables at 31 December 2017 (before writing off irrecoverable debts)
€122.700
f. Allowance for doubtful debts is increased to 4% at 31 December 2017
g. Irrecoverable Debts written off in 2018, €2.100
h. Balance of Trade Receivables at 31 December 2018 (after writing of irrecoverable debts),
€103.500
i. Allowance for doubtful debts is decreased to 3% at 31 December 2018
Required:
i.
Prepare the following accounts for years 2016, 2017 and 2018, showing the
transfer to Statement of profit or loss at the end of each year:
• Irrecoverable Debts
• Allowance for Doubtful Debts
ii.
Show Statement of Financial Position extracts in respect of Trade Receivables at…
BT21 Corp. collected P24,700 in interest during 2021. BT21 showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BT21 Company’s statement of comprehensive income for 2021?
Chapter 11 Solutions
Fundamental Accounting Principles
Ch. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - What are the three important questions concerning...Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Refer to Samsung’s balance sheet in Appendix A....Ch. 11 - Prob. 17DQCh. 11 - Classifying liabilities C1 Which of the following...Ch. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - QS 11-4
Interest-bearing note transactions P1
On...Ch. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 9ECh. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 1APSACh. 11 - Prob. 2APSACh. 11 - Prob. 3APSACh. 11 - Prob. 4APSACh. 11 - Prob. 5APSACh. 11 - Prob. 6APSACh. 11 - Prob. 1BPSBCh. 11 - Prob. 2BPSBCh. 11 - Prob. 3BPSBCh. 11 - Prob. 4BPSBCh. 11 - Prob. 5BPSBCh. 11 - Prob. 6BPSBCh. 11 - Prob. 11SPCh. 11 - Prob. 11CPCh. 11 - Prob. 1GLPCh. 11 - Prob. 1BTNCh. 11 - Prob. 2BTNCh. 11 - Prob. 3BTNCh. 11 - Prob. 4BTNCh. 11 - Prob. 5BTNCh. 11 - Prob. 6BTNCh. 11 - Prob. 7BTNCh. 11 - Prob. 8BTNCh. 11 - Prob. 9BTN
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Determine the due date and the amount of interest due at maturity on the following notes dated in 2016:arrow_forwardPharoah Company had accounts receivable of $135,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $1,164,375, cash collections of $1,071,225, and accounts written off of $25,650. (a) Your Answer Correct Answer Your answer is correct. Compute the ending balance of accounts receivable. Ending balance of accounts receivable TA $ 202500arrow_forwardBTS Corp. collected P24,700 in interest during 2021. BTS showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BTS Company’s statement of comprehensive income for 2021?arrow_forward
- TERRACOTTA, INC. Balance Sheet As of December 2, 2016 (in millions of dollars) Accounts Receivable, net of Allowancearrow_forwardHow to calculate the total outstanding receivables?? For example if at the Dec 31 2013, total sales on account and invoiced during the year, the account receivable balance outstanding at the year end, the date when the invoice was issued and the date when the invoice was paid off was given!arrow_forwardAn analyst would like to evaluate Lenovo Group’s effi ciency in collecting its trade accounts receivable during the fi scal year ended 31 March 2010 (FY2009). Th e analystgathers the following information from Lenovo’s annual and interim reports:US$ in Th ousandsTrade receivables as of 31 March 2009 482,086Trade receivables as of 31 March 2010 1,021,062Revenue for year ended 31 March 2010 16,604,815Calculate Lenovo’s receivables turnover and number of days of sales outstanding(DSO) for the fi scal year ended 31 March 2010.arrow_forward
- In its December 31, 2017, balance sheet Oakley Corporationreported as an asset, “Net notes and accounts receivable,$7,100,000.” What other disclosures are necessary?arrow_forwardIn Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attached a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000arrow_forwardAnswer question 4,56arrow_forward
- Offer detailed insights into IFRS 9 Financial Instruments, focusing on its application and impact on GSK’s financial statements. (use GSK 2023 annual report and provide examples from that to application)arrow_forwardLily Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end, the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2021 and expected service revenues for 2022 are November 2021, $67,200; December 2021, $75,600; January 2022, $84,000; February 2022, $100,800; and March 2022. $117.600. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are December 2021. $11,760; January 2022, $10,080; February 2022. $12,600: and March 2022, $15,120.arrow_forwardA3arrow_forward
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