couple assignments

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Exercise 8.4 The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $85,000; Credit Sales $915,000; and Sales Returns and Allowances $56,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a) If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller's $1,000 balance is uncollectible.

(b) If Allowance for Doubtful Accounts has a credit balance of $830 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11olo of accounts receivable.

(c) If Allowance for Doubtful Accounts has a debit balance of $880 in the trial balance, joumalize the adjusting entry at December 31, assuming bad debts are expected to be 10o/o of accounts receivable.

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Exerciee 8-10 The following is a list of activities that companies pedorm in relation to their receivables.

Match each of the activities listed below with a purpose of the activity.

t. Selling receivables to a factor.

2. Reviewlng company ratings in The Dun and Bradstreet Referene Book of American Business.

3. Coltecting information on competitors'payment period policies.

4. Preparfng monthly accounts reaeivable aging schedule and investigating problem accou nts.

5. Calculating the accounts receivable turnover and average

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(b)

(c)

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collection period.

Exerciee 8-11

Suppose the following information was taken frorn the 2074 finanaalstaternents of FedEx Corporation, a major global transportation/delivery company.

(in mllllons) 2t,14 2013 Accounts receivable (gross)

Accounts reeivable (net)

Allowance for doubtful accounts

Sales revenue Total current assets

Answer each of the following questions.

Accounts receivable tu rnover

The average collection period for 2014

$ 3,553 $ 4,483 3,348 4,25t

205 232 34,286 35,535 7,L89 7,L84

Calculate the accounts receiyable turnover and the average collection period tor 2074 for FedEx. (Round answefis b 7 decimal place, e.g, 72,5. Use 365 days for calculation.)

times

days

Is accounts receivable a materialcomponent of the companyt totalcurrent assets?

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