Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 9, Problem 3BTN
Access eBay’s February 6, 2017, filing of its 10-K report for the year ended December 31, 2016, at SEC.gov.
Required
- 1. What is the amount of eBay’s net
accounts receivable at December 31, 2016, and at December 31, 2015? - 2. “Financial Statement Schedule II” of its 10-K report lists eBay’s allowance for doubtful accounts (including authorized credits). For the two years ended December 31, 2016 and 2015, identify its allowance for doubtful accounts (including authorized credits), and then compute it as a percent of gross accounts receivable.
- 3. Do you believe that these percentages are reasonable based on what you know about eBay? Explain.
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Interpreting the Accounts Receivable FootnoteHewlett-Packard Company reports the following in its 2015 10-K report.
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2014
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$13,832
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$232
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($ millions)
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2014
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Interpreting the Accounts Receivable FootnoteHP Inc. reports the following in its 2018 10-K report.
October 31(in millions)
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$5,113
$4,414
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($ millions)
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2017
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(b)What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2018 and 2017? (Round your answers to two decimal places.)
($ millions)
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Percentage of uncollectible…
12. J&Co has credit sale of OMR 900,00 for year 2017. On
December 31, 2017, the company's Allowance for doubtful
Accounts has a Zero balance. J&Co prepare a schedule of
its December 31, 2017, account receivable by age. On the
basis of past experience, it also estimate the percent of
receivable in each age category that will become
uncollectable. This information is summarized here:
Analysis of balances
Accounts
Age of
Receivable
Not due (Under 30days)
1 to 30 days past due
31 to 60 days past due
61-90 days past due
90-120 days past due
Over 120 days past due
Total
Amount %
399,600 2
287,800 10
180,000 15
6,000 20
10,000 40
16,600 100
OMR 900,000|
Required.
a. Compute the amount needed in the Allowance for
Doubtful Accounts at December 31, 2017, using the
aging of accounts receivable method.
b. Prepare the journal entry to record bad debts expense at
December 31, 2017.
Show how accounts receivable would be presented on the
Balance sheet at December
Chapter 9 Solutions
Principles of Financial Accounting.
Ch. 9 - A companys Accounts Receivable balance at its...Ch. 9 - A companys Accounts Receivable balance at its...Ch. 9 - Total interest to be earned on a 7,500, 5%, 90-day...Ch. 9 - Prob. 4MCQCh. 9 - Prob. 5MCQCh. 9 - Prob. 1DQCh. 9 - Why does the direct write-off method of accounting...Ch. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQ
Ch. 9 - Why does the Bad Debts Expense account usually not...Ch. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 1QSCh. 9 - Prob. 2QSCh. 9 - Recovering a bad debt Solstice Company determines...Ch. 9 - Indicate whether each statement best describes the...Ch. 9 - Allowance method for bad debts Gomez Corp. uses...Ch. 9 - On December 31 of Swift Co.s first year, 50,000 of...Ch. 9 - Percent of accounts receivable method Warner...Ch. 9 - Percent of sales method Warner Companys year-end...Ch. 9 - Net Zero Products, a wholesaler of sustainable raw...Ch. 9 - Prob. 10QSCh. 9 - Prob. 11QSCh. 9 - Prob. 12QSCh. 9 - On December 1, Daw Co. accepts a 10,000, 45-day,...Ch. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 16QSCh. 9 - Prob. 17QSCh. 9 - Prob. 1ECh. 9 - Levine Company uses the perpetual inventory...Ch. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Prob. 7ECh. 9 - Prob. 8ECh. 9 - Prob. 9ECh. 9 - Prob. 10ECh. 9 - Prob. 11ECh. 9 - Prob. 12ECh. 9 - Prob. 13ECh. 9 - Prepare journal entries to record transactions for...Ch. 9 - Prob. 15ECh. 9 - On November 30, Petrov Co. has 128,700 of accounts...Ch. 9 - The following information is from the annual...Ch. 9 - Prob. 1APCh. 9 - At December 31, Hawke Company reports the...Ch. 9 - On December 31, Jarden Co.s Allowance for Doubtful...Ch. 9 - Prob. 4APCh. 9 - Prob. 5APCh. 9 - Archer Co. completed the following transactions...Ch. 9 - At December 31, Ingleton Company reports the...Ch. 9 - Prob. 3BPCh. 9 - Prob. 4BPCh. 9 - Prob. 5BPCh. 9 - Prob. 9SPCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - ETHICS CHALLENGE Anton Blair is the manager of a...Ch. 9 - Prob. 2BTNCh. 9 - Access eBays February 6, 2017, filing of its 10-K...Ch. 9 - Prob. 5BTNCh. 9 - Prob. 6BTN
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