"Accounts Receivable" Essays and Research Papers

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Accounts Receivable

?Accounts receivable is a legally enforceable claim for payment from a business to its customer/clients for goods supplied and/or services rendered in execution of the customer's order. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the...

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Aging Schedule of Accounts Receivable

Aging Schedule of Accounts Receivable AGE OF ACCOUNT | BALANCE OUTSTANDING | % OF TOTAL BALANCE OUTSTANDING | 0-15 days | $ 20,000 | 19.59 % | 16-30 days | 30,000 | 29.39 | 31-60 days | 40,000 | 39.19 | 61-90 days | 10,000 | 9.80 | Beyond 90 days | 2,071 | 2.03 | TOTAL | $ 102,071 | 100.0 % | 2. To evaluate the credit quality of Aero-Strip’s accounts receivables portfolio, we turn to their average collection period (ACP) and aging of accounts receivable. Knowing the ACP...

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Accounts Receivable Turnover

?Accounts Receivable Turnover = Net Sales/Average Net Account Receivables Accounts receivable turnover ratio measures the effectiveness of a company in extending credit and collecting debts. It is an activity ratio that measures how efficiently a firm uses its assets. Year ABC DEF GHI Industry Average 2012 31, 053/988 = 31.43 16,842/1,282.5 = 13.13 5,160/618 = 8.35 17.64 2013 32,722/1,042 = 31.4 18,657/937 = 19.91 5,858/494 = 11.86 21.06 In this table you see the accounts receivable turnovers from...

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Accounts Receivable Crisis

Matthew Smith Week 2 You Decide Assignment Accounts Receivable Crisis 09/05/11 Instructor: Eric Oestman Class: HS543 I. INTRODUCTION: After conducting a meeting with the medical staff, various clinical departments, Health Information Management, and Business office personnel regarding Accounts Receivable issues within our facility, it was determined that many different areas of concern needed to be addressed. This includes problems with patient admission and registration procedures...

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Receivables

Topic: RECEIVABLES I. DEFINITION These represent amounts collectible from customers and others, most frequently arising from sales of merchandise, claims for money lent, or the performance of service. They may be interest bearing, collateralized, or billed. II. COMPOSITION A. Trade 1. Accounts Receivable 2. Notes Receivable B. Non-Trade 1. Advances to Officers and Employees, Affiliates and Others 2. Claims against Suppliers and Insurance...

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Accounts Receivable, Inventory, Long-lived Assets, Bonds

(Accounts Receivable, Inventory, Long-lived Assets, Bonds) 1. GNC has the following information regarding the inventory of its Super Mega, a multivitamins. Assume GNC uses periodic inventory system each quarter and FIFO. a. On July 1, GNC had 200 bottles of Super Mega in stock. Each bottle costs $3. b. On July 15, GNC purchased 5,000 bottles of Super Mega for $25,000 from a supplier, paid $10,000 in cash and the rest was on credit. c. On August 15, GNC purchased another 1,000 bottles of Super...

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Accounts Receivable and Tutor Marked Assignment

entered into the ledger account.” Elaborate and explain why journal is necessary. (10+10) 2. The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found later on. Rectify these errors by passing Journal entries and prepare Suspense Account. (a) (b) (c) (d) (e) (f) The purchase of Rs. 400 from Saran was entered into sales book but Saran’s personal account was rightly credited....

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Case Cash and Receivables

?Case Chapter 7 Cash and Receivables 1. Petty Cash (10 min.) The petty cash fund of $200 for Walsh Company appeared as follows on December 31, 2008: Cash $93.60 Petty cash vouchers Freight in $21.40 Postage 40.00 Balloons for a special occasion 18.00 Meals 25.00 Instructions 1. Prepare the journal entries required to establish the petty cash fund. 2. Prepare in general journal form the entry to replenish the fund. 3. On December 31, the office manager gives instructions...

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Pearson Accounts Receveible

pounds sterling (L). a. What is an account receivable? What other names does this asset go by? b. How do accounts receivable differ from notes receivable? c. What is a contra account? What two contra accounts are associated with Pearson's trade receivables (see Note 22)? What types of activities are captured in each of these contra accounts? Describe factors that managers might consider when deciding how to estimate the balance in each of these contra accounts. d. Two commonly used approaches for...

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Account Titles

EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency, coins, checking accounts, and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due, supplies, etc. Notes Receivable - An asset representing the...

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