Reference no: EM133104937
QUESTION 1 - For each of the following, identify whether or not the amount should be included in the statement of financial position line, "Cash and cash equivalents" as at the company's June 30 year end.
(a) Cash in five cash registers
(b) Cheque received, post-dated for July 5
(c) $US bank account ($CAD equivalent)
(d) 30-day GIC (Guaranteed Investment Certificate)
(e) Equity investment in subsidiary
(f) Income tax refund due, not yet received
(g) Savings account at Frist Imperial Bank
Calculate the total that should be reported as "Cash and cash equivalents" as at June 30.
QUESTION 2 - Ayayai Corporation has conducted a year-end review of its outstanding accounts receivable and has determined the following information at December 31, 2021:
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Outstanding
Balance
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Percentage Estimated
to be Uncollectible
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0 - 30 days outstanding
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$81,200
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2%
|
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31 - 60 days outstanding
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34,800
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7%
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61 - 90 days outstanding
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17,400
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9%
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|
91 - 120 days outstanding
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5,800
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12%
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Over 120 days outstanding
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2,300
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26%
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(a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $2,300 prior to the adjustment.
(b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $1,400 prior to the adjustment.
QUESTION 3 - Bramble Inc. transferred $720,000 of its accounts receivable to City Collections on Sept 1, 2021, receiving 96% of the receivables balance as proceeds. The agreement specified that the receivables would become the property of City Collections, and City Collections could manage the receivables or resell them as it wished. In addition, the agreement specified that Bramble would have no right to repurchase the receivables from City Collections, and included a recourse provision with an estimated value of $14,400.
a. Does this transaction meet the requirements to be treated as a sale of receivables?
b. Calculate the loss on disposal of receivables.
c. Prepare a journal entry to record this transaction.
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