Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Magrath Company has an operating cycle of less than one year and provides credit terms for all of its customers, On April 1, 2011, the comany factored, without recourse, some of its accounts receivable. Magrath transferred the receivables to a financial institution, and will have no further accociation with the receivables.
Magrath uses the allowance method to account for unclooectible accounts. During 2011, some accounts were written off as uncollectible and other accounts previously written off as uncollectible were collected.
Required:
1. How should Magrath account for and report the accounts receivable factored on April 1, 2011? Why is this accounting treatment apprpriate?
2. How should Magrath account for the collection of the accounts previously written off as uncollectible?
3. What are the two basic approaches to estimating uncollectible account under the allowance method? What is the rational for each approach?
A company has current assets of $45,000, current liabilities of $30,000, and total liabilities of $55,000. The current ratio is:
Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply
Amounts paid on June 30 for a 1-year insurance policy, Professional fees earned but not billed as of June 30
Determine the order quantity at which the total inventory costs would be minimized? What is the reorder point and the time between orders? Illustrate the order quantity, re-order point, safety stock and lead time on a diagram where the Y-axis repres..
You are required to prepare a flowchart describing the general process and information flows at Top Notch T-Shirt Printing.
Background: As one of the world's largest retail giants, Wal-Mart provides a perfect illustration of inventory disclosure. What is Walmart's ending inventory as of January 31, 2013? What percentage of Walmart's total assets is the Inventories asset?
Calculate the total drill and blast cost based on the blasting costs
Write down the differences between traditional and derivative instruments. Why do companies use derivative instruments? Are derivatives a good investment?
Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
Does a non-controlling shareholder have access to any information other than the consolidated financial statements to determine how well the subsidiary is doing?
Write a 1-2 page research summary on the document below authored by Sunder. Focus your paper on Sunder's five key elements of consensus for common accounting standards for multinationals.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd