Receivables: Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable , note receivable, and other receivables. Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense. Following financial figures are reported in the financial statements of A products Incorporation for the year ended July 25, 2015 (figures in million dollars). To determine: The amount of gross trade accounts receivable at the end of the year.

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Answer 1

Question

Chapter 7, Problem 7.6DMP

(3)(a)

To determine

Receivables:

Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

Following financial figures are reported in the financial statements of A products Incorporation for the year ended July 25, 2015 (figures in million dollars).

To determine: The amount of gross trade accounts receivable at the end of the year.

(b)

To determine

The amount of bad debts expenses for the year.

(c)

To determine

The amount of actual bad debts write-offs made during the year.

(d)

To determine

The amount of cash collected from customers during the year.

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Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and World Com) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part b LO 4-6, 4-9 b. Select the three conditions that are generally present when fraud occurs: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Management or other employees have an incentive or are under pressure that provides a reason to commit fraud. Circumstances exist that provide an opportunity for a fraud to be carried…

! Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and WorldCom) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part c LO 4-6, 4-9 c. Select the items that are most likely to be objectives of the "brainstorming" meeting that is held among the engagement team members: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. ?Share insights about the entity and its environment and the entity's business risks. ? Provide an opportunity for the team…

28 [Question text] If a company’s average collection period is higher than the industry average, then the company may be: Select one: A. enforcing credit conditions upon its customers which are too stringent. B. too strict in granting credit facility. C. allowing its customers too much time to pay their bills. D. too strict in collecting its accounts receivable.

Answer 2

Question

Chapter 7, Problem 7.6DMP

(3)(a)

To determine

Receivables:

Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

Following financial figures are reported in the financial statements of A products Incorporation for the year ended July 25, 2015 (figures in million dollars).

To determine: The amount of gross trade accounts receivable at the end of the year.

(b)

To determine

The amount of bad debts expenses for the year.

(c)

To determine

The amount of actual bad debts write-offs made during the year.

(d)

To determine

The amount of cash collected from customers during the year.

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 7, Problem 7.6DMP

(3)(a)

To determine

Receivables:

Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

Following financial figures are reported in the financial statements of A products Incorporation for the year ended July 25, 2015 (figures in million dollars).

To determine: The amount of gross trade accounts receivable at the end of the year.

(b)

To determine

The amount of bad debts expenses for the year.

(c)

To determine

The amount of actual bad debts write-offs made during the year.

(d)

To determine

The amount of cash collected from customers during the year.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem 7.6DMP

(3)(a)

To determine

Receivables:

Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

Following financial figures are reported in the financial statements of A products Incorporation for the year ended July 25, 2015 (figures in million dollars).

To determine: The amount of gross trade accounts receivable at the end of the year.

(b)

To determine

The amount of bad debts expenses for the year.

(c)

To determine

The amount of actual bad debts write-offs made during the year.

(d)

To determine

The amount of cash collected from customers during the year.

Expert Solution & Answer

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See solution

Answer 5

Chapter 7, Problem 7.6DMP

(3)(a)

To determine

Receivables:

Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

Following financial figures are reported in the financial statements of A products Incorporation for the year ended July 25, 2015 (figures in million dollars).

To determine: The amount of gross trade accounts receivable at the end of the year.

(b)

To determine

The amount of bad debts expenses for the year.

(c)

To determine

The amount of actual bad debts write-offs made during the year.

(d)

To determine

The amount of cash collected from customers during the year.

Answer 6

Chapter 7, Problem 7.6DMP

(3)(a)

To determine

Receivables:

Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

Following financial figures are reported in the financial statements of A products Incorporation for the year ended July 25, 2015 (figures in million dollars).

To determine: The amount of gross trade accounts receivable at the end of the year.

Answer 7

Chapter 7, Problem 7.6DMP

(3)(a)

To determine

Receivables:

Receivables refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

Following financial figures are reported in the financial statements of A products Incorporation for the year ended July 25, 2015 (figures in million dollars).

To determine: The amount of gross trade accounts receivable at the end of the year.

Answer 8

(b)

To determine

The amount of bad debts expenses for the year.

Answer 9

(b)

To determine

The amount of bad debts expenses for the year.

Answer 10

(c)

To determine

The amount of actual bad debts write-offs made during the year.

Answer 11

(c)

To determine

The amount of actual bad debts write-offs made during the year.

Answer 12

(d)

To determine

The amount of cash collected from customers during the year.

Answer 13

(d)

To determine

The amount of cash collected from customers during the year.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 7 - Prob. 7.1Q Ch. 7 - Prob. 7.2Q Ch. 7 - Prob. 7.3Q Ch. 7 - Prob. 7.4Q Ch. 7 - Prob. 7.5Q Ch. 7 - Prob. 7.6Q Ch. 7 - Prob. 7.7Q Ch. 7 - Distinguish between the gross and net methods of...Ch. 7 - Briefly explain the accounting treatment for sales...Ch. 7 - Explain the typical way companies account for...

Solution Summary: The author explains that the amount of gross trade accounts receivable at the end of the year is 5,646 and the allowance for doubtful accounts was 134.

The amount of bad debts expenses for the year.

The amount of actual bad debts write-offs made during the year.

The amount of cash collected from customers during the year.

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Chapter 7 Solutions