hhofma3e_ch08_inst

Report
Chapter 8
1
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Define and explain common types of
receivables
Account for notes receivable
Use the allowance method to account for
uncollectibles
Understand the direct write-off method for
uncollectibles
2
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Report receivables on the balance sheet
and evaluate a company using the acidtest ratio, days’ sales in receivables, and
the accounts receivable turnover ratio
3
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1
Define and explain common types of receivables
4
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An asset originating from selling goods or
services to another party on credit
Right to receive cash in the future from such
a transaction
Accounts receivable
Repeating transactions, less formal
Control account
Subsidiary ledgers
Notes receivable
Individual signed instance
Detailed terms
Often long-term
5
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Control Account
Date
2009
Jan 31
General Ledger
Accounts Receivable
Debit
Credit Balance
10,000
Subsidiary Ledger
Paris
Hilton, A/R
Subsidiary LedgerSubsidiary Ledger
Nichole Ritchy A/R
Debit
Credit
Balance
Subsidiary
Ledger
Date
Debit
Credit Nichole
Balance
Ritchy
A/R
Date
2001
2009 June
Jan 1
Date
1,000
500
2001
June 7
7
Nichole Balance
Ritchy
A/R Ledger
Debit
Credit
1,000
Subsidiary
500
Date
Debit Paris
Credit
Balance
Subsidiary
Hilton,
A/R Ledger
2001
1,000
867Nichole
Ritchy
A/R
Date
Debit
Credit
Balance
Subsidiary
Le
June 7 20031,000
Date
Debit 530
Credit Ritch
Bala
Nichole
June 1 2001 1,000 Date
Debit 9 C
June 7
1,000
2001
June
7
1,000
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2
Account for notes receivable
8
Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall.
What happens when a customer fails to pay their
bill on the due date?
The phone call – in-house collection attempt
The follow up – you said this then
Place a hold on their account – no more product
The negotiation – compromise?
Collect
Convert to a note
Write off
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Why would a selling firm convert past due
Accounts Receivable to Notes Receivable?
Builds commitment to actually pay
Acknowledges that the amount is owed
A big legal hammer to take to court!
Why would a buyer submit to this?
Pauses the collection calls
Stalls payment until they have funds
Note interest may be less than a past due rate
They want to keep doing business with the supplier
10
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11
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Maturity date can be:
A specific date, such as March 13
Stated in terms of number of months
A six-month note dated February 16, 2014, would mature
on August 16, 2014
Stated in terms of number of days
Must count days from issue date to maturity day
How many days from Jan 11th to March 15th?
12
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By the year
1 year
By the month
By the day
14
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Sept. 30, 2014: Note originated as a conversion
from past due A/R.
December 31, 2014: accrue interest earned
Sept. 30, 2015: receive payment in full
15
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Sep. 1:
Original sales entry.
Dec. 1:
Conversion of A/R to Notes Receivable
Dec. 31:
Year end accrual of Interest Receivable &
Revenue (another adjusting entry!)
Mar. 1:
Collection of principal & interest
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Pre-work: Sept 1st Gulf Corp. sold $1,500 of seashells to Glenn
Holler, on terms 2/10, n/30. (Omit inventory/cogs effect)
General Journal
Journal Entry Steps
1)
Identify account
& type
2)
Increase or
decrease and
apply debit and
credit rules
3)
Journalize &
check
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Dec. 1: Conversion of A/R to Notes Receivable, 8%,
due March 1st the following year.
General Journal
Sep
1 Accounts Receivable
1,500
Sales
1,500
Sold merchandise on account, terms 2/10, n/30
Journal Entry Steps
1)
Identify account
& type
2)
Increase or
decrease and
apply debit and
credit rules
3)
Journalize &
check
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Dec. 31: Year end accrual of Interest Receivable &
Revenue (an adjusting entry!)
Dec
1 Notes Receivable
1,500
Accounts Receivable
1,500
Converted A/R to a Note, 8%, due March/31
Journal Entry Steps
1)
Identify account
& type
2)
Increase or
decrease and
apply debit and
credit rules
3)
Journalize &
check
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Mar. 1: Collection of principal & interest
Dec
1 Notes Receivable
1,500
Accounts Receivable
1,500
Converted A/R to a Note, 8%, due March 1
Dec
31 Interest Receivable
Interest Revenue
Accrued interest, $1,500*8%*1/12
Journal Entry Steps
10
10
1)
Identify account
& type
2)
Increase or
decrease and
apply debit and
credit rules
3)
Journalize &
check
Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall.
Mar. 1: Collection of principal & interest
Dec
1 Notes Receivable
1,500
Accounts Receivable
1,500
Converted A/R to a Note, 8%, due March 1
Dec
31 Interest Receivable
Journal Entry Steps
10
Interest Revenue
10
Accrued interest, $1,500*8%*1/12
Mar
1 Cash
1)
Identify account
& type
2)
Increase or
decrease and
apply debit and
credit rules
3)
Journalize &
check
1,530
Notes Receivable
1,500
Interest Receivable
10
Interest Revenue
20
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March 1st: – if the maker fails to pay the Note receivable
Move the note receivable into accounts receivable
Any earned interest is added to the new accounts receivable
Dec
1 Notes Receivable
1,500
Accounts Receivable
1,500
Converted A/R to a Note, 8%, due March 1
Dec
31 Interest Receivable
Interest Revenue
Accrued interest, $1,500*8%*1/12
Mar
1
22
10
10
Journal Entry Steps
1)
Identify account
& type
2)
Increase or
decrease and
apply debit and
credit rules
3)
Journalize &
check
Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall.
March 1st: if the maker fails to pay the Note receivable
Move the note receivable into accounts receivable
Any earned interest is added to the new accounts receivable
Dec
1 Notes Receivable
1,500
Accounts Receivable
1,500
Converted A/R to a Note, 8%, due March 1
Dec
31 Interest Receivable
10
Interest Revenue
10
Journal Entry Steps
Accrued interest, $1,500*8%*1/12
Mar
1 Accounts Receivable
23
1,530
Notes Receivable
1,500
Interest Receivable
10
Interest Revenue
20
1)
Identify account
& type
2)
Increase or
decrease and
apply debit and
credit rules
3)
Journalize &
check
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3
Use the allowance method to
account for uncollectibles
24
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That will be
$25,000 cash
please.
Would you take it
home today if I
gave you 5 years to
pay?
Credit terms increase the
customer base, and percustomer volume. Not by
a little, but by a LOT.
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Few
customers
Many
high-risk
customers
No defaults
Many defaults
Many
Where
is the
customers
sweet
spot?
Cash
Only
Moderate
defaults
Credit
For All
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Two methods to account for uncollectible
accounts:
Allowance method – GAAP approved
Matches default expense with sales revenue
Direct write-off method – Rarely GAAP legal
Disregards the matching principle
The risk of default is taken when the sale is
made.
This is what ultimately causes the default
An estimated expense should be entered even before
accounts actually default
27
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Companies use their history, and industry
information to estimate uncollectibles
Percent-of-sales approach
Aka: Income-statement approach
Estimates uncollectible accounts as a percent of sales
Aging-of-accounts
Aka: Balance-sheet approach
Determine target allowance based on detailed
receivables balances
28
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All hail the matching principle
Expense amount based on percentage of sales
Cares little about balance sheet accuracy
Estimate future default by multiplying a default
rate times sales revenue.
Prepare an adjusting entry to:
Record the default expense
Dump the credit into an allowance account for
future write off use
29
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Worksheet: Hollywood Hangout
Unadjusted Trial Balance
Debit
Credit
Cash
$
27,250
Accounts Receivable
10,000
Allowance for Uncollectible Accounts
50
Prepaid Rent
5,000
Bar Supplies
1,200
Bar Equipment
180,000
Accumulated Depreciation
$
84,000
Accounts Payable
6,000
Notes Payable
8,000
Unearned revenue (prepaid tabs)
14,000
Capital Stock
18,000
Retained Earnings
16,000
Dividends
1,000
Sales Revenue
100,000
Salaries Expense
14,000
Utilities Expense
2,000
Insurance Expense
5,600
Uncollectable Accounts Expense
0
$
246,050 $
Adustments
Debit
Credit
Adjusted Trial Balance
Debit
Credit
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Copyright
Hollywood hangout estimates that
1% of the sales will be uncollectable.
Perform their period end adjusting
entry.
Allowance for
Uncollectible Accounts
50
1,000
1,050
GENERAL JOURNAL
Date
Account Titles and Explanation
Jan 31 Uncollectible Accounts Expense
Allowance for Uncollectible Accounts
Debit
Credit
1,000
1,000
Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall.
Worksheet: Hollywood Hangout
Unadjusted Trial Balance
Debit
Credit
Cash
$
27,250
Accounts Receivable
10,000
Allowance for Uncollectible Accounts
50
Prepaid Rent
5,000
Bar Supplies
1,200
Bar Equipment
180,000
Accumulated Depreciation
$
84,000
Accounts Payable
6,000
Notes Payable
8,000
Unearned revenue (prepaid tabs)
14,000
Capital Stock
18,000
Retained Earnings
16,000
Dividends
1,000
Sales Revenue
100,000
Salaries Expense
14,000
Utilities Expense
2,000
Insurance Expense
5,600
Uncollectable Accounts Expense
0
$
246,050 $
Adustments
Debit
Credit
Adjusted Trial Balance
Debit
Credit
Copyright
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During its first year of operations, Spring Garden Plans earned
revenue of $322,000. Industry experience suggests that bad debts
will amount to 2% of revenues.
At December 31, 2012, accounts receivable total $36,000. The
company uses the allowance method to account for uncollectibles.
1. Journalize Spring’s uncollectible account expense
adjustment using the percent-of sales method.
2
33
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Journal Entry
1.DATE
Journalize
Spring’s
sales
and uncollectible
account
ACCOUNTS
AND
EXPLANATIONS
DEBIT
CREDIT
using
the percent-of sales method.
Decexpense
31 Accounts
receivable
322,000
Sales revenue
322,000
31 Uncollectible account expense (322,000 x .02)
Allowance for uncollectible accounts
34
6,440
6,440
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2. How much should you report as Net Accounts
Receivable on the balance sheet after that adjusting
entry?
Balance sheet (Partial):
35
Accounts receivable
$36,000
Less: Allowance for uncollectible accounts
$ 6,440
Accounts receivable, net
$29,560
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Calculates default expectations based on the
amount of unpaid customer accounts still on
then books
That’s Accounts receivable
The resulting calculation belongs on the balance
sheet
That’s the ending balance for the allowance account
Use whatever expense amount it takes to get the
balance sheet correct
Note, this is a new step!
36
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Worksheet: Hollywood Hangout
Unadjusted Trial Balance
Debit
Credit
Cash
$
27,250
Accounts Receivable
10,000
Allowance for Uncollectible Accounts
50
Prepaid Rent
5,000
Bar Supplies
1,200
Bar Equipment
180,000
Accumulated Depreciation
$
84,000
Accounts Payable
6,000
Notes Payable
8,000
Unearned revenue (prepaid tabs)
14,000
Capital Stock
18,000
Retained Earnings
16,000
Dividends
1,000
Sales Revenue
100,000
Salaries Expense
14,000
Utilities Expense
2,000
Insurance Expense
5,600
Uncollectable Accounts Expense
0
$
246,050 $
Adustments
Debit
Credit
Adjusted Trial Balance
Debit
Credit
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Based on the aging of their
receivables, Hollywood hangout
estimates that $750 of their A/R
balance will be uncollectable.
Allowance for
uncollectible Accounts
50
700
750
Perform their period end adjusting
entry.
GENERAL JOURNAL
Date
Account Titles and Explanation
Jan 31 Uncollectible Accounts Expense
Allowance for Uncollectible Accounts
Debit
Credit
700
700
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Hollywood Hangout A/R Detail
Customer
D. Hasslehof
H. Simpson
M. Hammer
P. Hilton
Snooki
C. Sheen
Outstanding
Current
1-30
Balance
$1,200
360
2,168
1,301
867
2
500
500
2,730
1,392Total
3,400
A/R
31-60
61-90
Over 90
840
2
Expect
1,338
not2,244
to
collect
Totals
$10,000
Expected Default percentage:
$3,193
1%
$1,227
3%
$1,338
6%
$2,244
10%
Allowance Estimated Dollars:
32
37
80
224
1,156
$1,998 10,000
19%
7.5%
377
750
Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall.
Worksheet: Hollywood Hangout
Unadjusted Trial Balance
Debit
Credit
Cash
$
27,250
Accounts Receivable
10,000
Allowance for Uncollectible Accounts
50
Prepaid Rent
5,000
Bar Supplies
1,200
Bar Equipment
180,000
Accumulated Depreciation
$
84,000
Accounts Payable
6,000
Notes Payable
8,000
Unearned revenue (prepaid tabs)
14,000
Capital Stock
18,000
Retained Earnings
16,000
Dividends
1,000
Sales Revenue
100,000
Salaries Expense
14,000
Utilities Expense
2,000
Insurance Expense
5,600
Uncollectable Accounts Expense
0
$
246,050 $
Adustments
Debit
Credit
Adjusted Trial Balance
Debit
Credit
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Perform the adjusting entry to arrive at the desired
balance in the allowance account
Current balance in Allowance for doubtful accounts: $750 credit balance
Customer
Campbell Co.
Ramos Inc.
Reed Inc.
Riddle Co.
Riding Co.
Shah Inc.
Outstanding
Balance
$16,500
34,700
6,500
4,600
16,700
3,400
Totals
$82,400
Expected Default percentage:
Allowance Estimated Dollars:
Current
1-30
26,500
4,500
8,200
31-60
61-90
Over 90
12,000
6,500
8,700
4,600
8,000
35,200 12,700 12,600
1%
3%
6%
352
381
756
2,400
1,000
8,900
12%
1068
13,000
24%
3120
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5677
When we know we aren’t going to collect from a particular
customer, we have to take their accounts receivable off of
our books
The A/R is now worthless
Our books should reflect this reality
Issues:
We already expensed this as an estimate
We are storing the expense in the allowance account
Mechanics:
Reduce A/R amount
Use the allowance account to offset it
46
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Surprise! On February 14th Paris
Hilton answers our collection call.
She refuses to pay her $500 bar tab
because she doesn’t even remember
being there. We know we don’t have
a prayer of collecting, so we write if
off. Journalize that.
Allowance for
uncollectible Accounts
750
500
250
GENERAL JOURNAL
Date
Account Titles and Explanation
Feb 14 Allowance for Uncollectible Accounts
Accounts Receivable - Paris Hilton
Debit
Credit
500
500
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GENERAL JOURNAL
Date
Account Titles and Explanation
Debit
Feb 14 Allowance for Uncollectible Accounts
Accounts Receivable - Paris Hilton
Credit
500
500
Wrote off bar tab -
The Balance Sheet:
Before
Accounts receivable
$ 10,000
Less: Allow. for doubtful accts .
750
Net realizable value
$ 9,250
After
$ 9,500
250
$ 9,250
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Sometimes a customer will pay the amount owed after the
customer’s account is written off
Two entries needed to collect Paris reconsidered $500 payment:
Reinstate her Accounts receivable.
Record the payment.
GENERAL JOURNAL
Date
Account Titles and Explanation
Feb 15 Accounts Receivable - Paris Hilton
Debit
Credit
500
500
Allowance for Uncollectible Accounts
Reinstate A/R for collection
Feb 15 Cash
500
Accounts Receivable - Paris Hilton
500
Collect cash payment from Paris
49
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Make sales on account
Establish a pool (allowance) for future potential
uncollectibility
Collect cash on account from most customers
Possibly convert some A/R to Notes receivables
Identify bad debts and write them off
Reinstate & collect some written off accounts
50
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3
Understand the direct write-off method for
uncollectibles
51
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Used by small businesses
Used by large all-cash-sales businesses
No Allowance for uncollectible accounts
Record uncollectible accounts expense when
specific account is written off
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Overstates Accounts receivable on the balance
sheet
No contra asset allowance account
Incents forestalling of write offs.
Violates matching principle
Uncollectible account expense often not in same
period as sale
All hail materiality!
53
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Direct write-off of debt recovery process is
different from the allowance method
The debt was written off the books
To recover:
Reverse the write-off journal entry
Record the cash payment
54
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6
Evaluate accounts receivable performance
63
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Measures the number of times the company sells
and collects the average receivables
Higher the ratio, the faster the cash collections
occur
How well a company is managing its customer
credit policies
65
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Also called “collection period”
It is number of days it takes to collect the
average balance of receivables
The shorter the collection period, the more
quickly cash is available
Options to calculate:
Complex pathway involving too much math
Calculate turns first, then divide 365 by turns
66
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Who collects faster
Budweiser or Coors?
BUD - Budweiser
TAP – Coors
Get the numbers
Do the math
Read the story
Net Sales
Average A/R
365
A/R Turns
=
A/R Turns
=
Days’ sales in
receivables
20-35 days normal
Lots of other normals
67
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Add inventory
information to
measure the whole
business cycle
Who turns inventory
into cash more
quickly?
A/R Turns Sales
Avg A/R
Days' A/R 365/turns
Inventory COGS
turns
Avg. Inv.
90-120 days of
inventory is norm Days'
365/turns
20-35 days of A/R is inventory
normal
Business Cycle
110-155 is a normal
business cycle range
68
BUD
36,297
5,004
7.25
TAP
3,254
723
50.32
16,151
2,382
6.78
4.50
81.14
1,812
195
9.29
53.82
39.28
104.14
120.42
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Faster collections
is less risk taking
Faster inventory
means better
product
management
Faster business
cycle means
more times
making money
each year
Net Sales
Average A/R
365
A/R Turns
COGS
Average Inv.
365
Inventory. turns
Days’ inventory
Days’ sales in
+
on hand
receivables
69
=
A/R turns
10-20 normal
=
Days’ sales in
receivables
20-35 normal
=
Inventory turns
=
Days’ inventory
90-120 normal
on hand
=
Days in the
110-155 normal
business cycle
3-4 normal
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7
Discount a note receivable (see Appendix 8A)
78
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The payee needs cash before the maturity
date
Payee sells the receivables
Amount is determined by present-value
concepts
79
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Compute the original amount of interest on the note
receivable
Maturity value of the note = Principal + Interest
Determine the period (number of days, months, or
years) the bank will hold the note (the discount period)
Compute the bank’s discount on the note
This is the bank’s interest revenue from holding the note
Seller’s proceeds from discounting the note receivable
= Maturity value of the note – Bank’s discount on the
note
80
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$1,000 note is received on September 30, 2015
Maturity date is one year
Note is discounted on November 30, 2014
Interest applied is 12%, and is higher than notes
Amounts received is called proceeds
81
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If proceeds are less than principle amount, the
payee debits Interest expense
If proceeds are greater than principle amount,
the payee debits Interest revenue
82
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The two main differences between accounts receivable
and notes receivable are that :
1) accounts receivable are usually collected in a short
time, such as within 30 days; and
2) notes receivable are usually longer in term and have
a signed, interest-bearing document to support the note.
The allowance method records Uncollectible account
expense based on estimating the future potential that the
company won’t collect. This estimate is based on
experience, economy, and other factors. So the
company knows that–historically–some percentage of
customers will not pay.
83
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There is no allowance for uncollectible accounts
account or estimates used for the direct write-off
method. The expense is journalized at the time the
company determines a customer cannot pay.
Most companies accept debit and/or credit cards as
payment for sales. Companies can likely increase sales
by offering customers the option to pay with
debit/credit cards. This also allows the company to get
its cash sooner, but a small fee is paid for that
convenience.
84
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Notes receivable are another form of receivable
that also earn interest. Interest, whether earned
or incurred, is calculated as principal x rate x
time. The passage of time is what creates the
interest.
Accounts receivable, net of allowance, is listed
in the Current asset section of the balance sheet.
Notes receivable is listed as current only if the
note will be collected in one year or less.
Ratios serve as benchmarks to see how well a
company is managing its receivables.
85
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Copyright
All rights reserved. No part of this publication may be reproduced,
stored in a retrieval system, or transmitted, in any form or by any
means, electronic, mechanical, photocopying, recording, or
otherwise, without the prior written permission of the publisher.
Printed in the United States of America.
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