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Acc 400 Week 2: E Text Individual Assignments

584 words - 3 pages

Week 2: E-text Individual Assignments

ACC/400

Week 2: E-text Individual Assignments

Financial Accounting: Tools for Business Decision Making, 4th edition
Chapter 8: Question 3
3. What are the essential features of the allowance method of accounting for bad debts?
According to Kimmel, Weygandt, & Kieso (2007), the allowance method of accounting has three essential features:
1. Estimated uncollectible accounts receivable are matched against revenues within the same accounting period in which they are recorded.
2. Estimated uncollectibles are debited to Bad Debts Expense and credited to Allowance for Doubtful Accounts via an adjusting entry at the end of each period. ...view middle of the document...

|Mar. 31 |Bad Debts Expense | |6,712 | |
| | Allowance for Doubtful Accounts | | |6,712 |

c) Discuss the implications of the changes in the aging schedule from 2006 to 2007.

Receivables increased from 2006 to 2007. Accounts past due has greatly increased. Thus, customers are taking longer to pay. The company should investigate the cause of the increased past due accounts, as bad debts are likely in increase.
Financial and Managerial Accounting: The Basis for Business Decisions 13th edition
Chapter 9: Exercise E9.9
a) Explain why Food Lion must write down the current carrying value of its unprofitable stores.
Food Lion must write down the current carrying value of its unprofitable stores to ensure that investors do not draw false conclusions as to the company’s profitability and future cash flow potential. The asset should be written down to its net realizable value.

b) Explain why the recent $9.5 million charge to write down these impaired assets is considered a noncash expense.
The recent $9.5 million write down impaired plant assets and reduced income and the asset’s carrying value. Charges against income are noncash transactions. This has no impact on the company’s cash flows.
|Individual Problems ...

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