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TimePeriod
InterestEarned
a.$100,000
10%
6months
$5,000
b.$50,000
8%
9months
$3,000
c.$40,000
12months
$4,000
M8–11
Jan.1drNoteReceivable（+A）20,000
crCash（-A）20,000
June30drCash（+A）20,700
crNoteReceivable（-A）20,000
crInterestRevenue（+R,+SE）
（20,000x7%x6/12）700
E8–3
Req.1
Dec.10,2012
drAllowanceforDoubtfulAccounts（-xA,+A）1,500
crAccountsReceivable（-A）1,500
Dec.31,2012
drBadDebtExpense（+E,-SE）1,700
crAllowanceforDoubtfulAccounts（+xA,-A）1,700
（$1,700=$85,000x2%）
Req.2
Incomestatement:
Operatingexpenses:
BadDebtExpense$1,700
Balancesheet:
Currentassets
AccountsReceivable$25,500*
Less:
AllowanceforDoubtfulAccounts（800）**$24,700
*（$25,500=$10,000+$85,000-$68,000-$1,500）
**（$800=$600-$1,500+$1,700）
E8–3（continued）
Req.3
The2%rateoncreditsalesappearstobetoolowbecausetheAllowanceforDoubtfulAccountshadabalanceofonly$600atthebeginningof2012,yetaccountstotaling$1,500werewrittenoffduring2012.Thisimpliesthattherateofuncollectiblesalesoncreditwasgreaterthan2%.
E8–6
Total
Young
Old
AccountsReceivable
$500,000
$100,000
$400,000
EstimatedUncollectible（%）
x5%
x40%
EstimatedUncollectible（$）
$165,000
$160,000
dr-AllowanceforDoubtfulAccountscr+
40,000
125,000
UnadjustedBal.
Adjustment
165,000Desiredbalance
TheagingmethodgivesustheendingbalanceinAllowanceforDoubtfulAccounts（$165,000）.Toreachthisbalance,wemustincreasetheAllowanceforDoubtfulAccountsbycreditingitfor$125,000（anddebitingBadDebtExpense）.
5,000
170,000
Becausetheaccounthasa$5,000debitbalanceandtheagingmethodgivesusacreditbalanceof$165,000,wemustcredit$170,000totheaccount（alongwithadebittoBadDebtExpense）.
Req.4
TheAllowanceforDoubtfulAccountscouldhaveadebitbalanceifthecompanyweretowriteoffmoreaccountsreceivablethanwaspreviouslyestimatedandrecordedintheAllowanceforDoubtfulAccounts.
E8–7
1-30
31-90
>
90
$20,000
$12,000
x10%
x20%
$1,700
$600
$500
AllowanceforDoubtfulAccounts
800
Unadj.Bal.
900
1,700
DesiredBal.
TheamountofBadDebtExpensefortheyear2013shouldbe$900（$1,700–$800）.
600
2,300
Adj.Bal.
Iftheunadjustedbalancewasa$600debitbalance,theamountofBadDebtExpensefor2013wouldbe$2,300（$1,700+$600）.
E8–10
July1,2012
drNotesReceivable（+A）70,000
crCash（-A）70,000
Dec.31,2012
drInterestReceivable（+A）3,500
crInterestRevenue（+R,+SE）3,500
（$3,500=$70,000x10%x6/12）
July1,2013
drCash（+A）7,000
crInterestReceivable（-A）3,500
（$70,000x10%x6/12）3,500
drCash（+A）70,000
crNotesReceivable（-A）70,000
CP8–4
a.
Assets
=
Liabilities
+
Stockholders’Equity
+200,000
ServiceRevenue（+R）
drAccountsReceivable（+A）
200,000
crServiceRevenue（+R,+SE）
b.
AllowanceforDoubtful
–2,000
BadDebtExpense（+E）
Accounts（+xA）
drBadDebtExpense（+E,-SE）
2,000
crAllowanceforDoubtfulAccounts（+xA,–A）
c.
Cash
+100,000
–100,000
drCash（+A）
100,000
crAccountsReceivable（–A）
d.
–500
AllowforDoubtfulAccts（-xA）
+500
drAllowanceforDoubtfulAccounts（-xA,+A）
500
e.
+150,000
150,000
f.
–1,500
1,500
CP8–4（continued）
Req.1（continued）
g.
–12,000
NoteReceivable
+12,000
drNoteReceivable（+A）
12,000
crCash（–A）
h.
Allow.forDoubt.Accts.（+xA）
i.Interest=PrincipalxRatexTime=$12,000x10%x1/12=$100
InterestReceivable
+100
InterestRevenue（+R）
drInterestReceivable（+A）
100
crInterestRevenue（+R,+SE）
j.AllowanceforDoubtfulAccountsAJE=$8,390desired（seecalculationbelow）
–$6,000current
=$2,390adjustment
0-30
31-60
61-90
TotalAccountsReceivable
$90,000
$36,500
$42,400
$5,100
$6,000
×
2%
10%
20%
40%
$8,390
$730
$4,240
$1,020
$2,400
–2,390
2,390
Req.2
ExecusmartConsultants
PartialBalanceSheet
AtMarch31,2013
Currentassets:
Short-terminvestments
-
AccountsReceivable$90,000
Less:
AllowanceforDoubtfulAccounts8,390
AccountsReceivable,NetofAllowance
$81,610
100
Req.3
ExecusmartConsultantswouldreportBadDebtExpensebeforeIncomefromOperations,andInterestRevenueafterIncomefromOperations.
CP8–5
Req.1
Mattel
2010
ReceivablesTurnoverRatio
Netsales
$5,856
6.2
Averagenetreceivables
（$1,146+$749）/2
Daystocollect
365
58.9days
ReceivablesTurnover
2009
ReceivablesTurnover
Ratio
$5,431
6.7
（$749+$874）/2
54.5days
CP8–5（continued）
Hasbro
$4,002
4.0
（$961+$1,039）/2
91.3days
$4,068
4.9
（$1,039+$612）/2
74.5days
Inboth2009and2010,MattelwasquickerthanHasbroatconvertingitsreceivablesintocash（58.9versus91.3daysin2010,and54.5versus74.5daysin2009）.
C8–1
Customer
TotalBalance
June
（onemonth）
May
（twomonths）
April
（threemonths）
Greaterthanthreemonths）
AnjuliStores
$2,000
BravisPharmaco
3,000
Tony’sPharmacy
$1,500
Walgreens
TOTAL
$6,500
$0
2months
3months
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