Accounts receivable Essays

According to the Small Business Encyclopedia accounts receivalbe is “the money due from all customers for merchandise or services delivered on credit.” On the balance sheet accounts receivable is shown as a short-term asset. Accounts receivable appears when the company bills the customer for the goods or services with the bill for not immediate, but for later payment. So, accounts receivable meaning is - the cash “to be received” and therefore accounts receivable has an impact on the cash flow of the

numerous accounts composing its balance sheet. One account in particular is especially important to the company’s operation—account receivable. An account receivable is an oral agreement from a customer to an entity that states the customer will repay the amount of goods purchased or services rendered. Other names for account receivables include trade receivables and nontrade receivables. Pearson refers to their account receivables from credit sales as trade receivables. Account receivables differ

the company, Sears recognized its credit card receivables as a net allowance for uncollectible accounts. The allowance was reported as affected by “the impaired accounts, historical charge-off patterns and management decisions.” In 1998, the management automatically recognized the uncollectible accounts against customers who had balance that was past due by eight times the minimum monthly payment. In this way, Sears can identify the delinquent accounts and control the “uncollectible expenses.” By

sales in receivable 61 days 60 days Operating cycle days 6.08 days 6.02 days Sales to assets ratio 6.64 6.74 Sales to Net Fixed Assets 19.59 20.21 Net Fixed Assets/Equity 4.34 4.85 Accounts Receivable Turnover This ratio measures the number of times receivables turn over in a year and reveals how successful a company is in collecting its outstanding receivables. A higher number is preferred because it indicates a shorter time between sales and cash collection. The accounts receivable turnover

sheet. Statement of financial position 2010 2009 Assets Total % of total assets Total % of total asset Current assets Cash and equivalents $319,944.00 20.00% $492,759.00 34.66% Short-term investments $1,637.00 0.12% Account receivable $195,247.00 12.21% $213,929.00 15.05% Inventories $219,593.00 13.73% $233,467.00 16.42% Other current assets $58,877.00 3.68% $56,884.00 4.00% Total current assets $793,661.00 49.61% $998,676.00 70.25% Property plant and equiptment $91,229.00

et al. Date Account Credited Post. Ref. Credit Card Expense DR Accounts Receivable CR Sales CR Sales Tax Payable CR Other Accounts CR A Cash Payments Journal or Cash Disbursement Journal (CPJ/CDJ) is used to record all the

Choice and True/False Statements (3 points each) Please answer the following questions. 1. If a company uses the allowance method to account for uncollectible accounts, the entry to write off an uncollectible account only involves balance sheet accounts.. a. True b. False 2. Allowance for Doubtful Accounts is debited under the direct write-off method when an account is determined to be uncollectible. a. True b. False 3. Employee payroll deductions include each of the following except a. federal

and staff allocation are re-evaluated quarterly, and updated as necessary. This has proven not only successful in DM Medical servicing our clients with consistent quality, expeditious claim filing and appeals, but also ensures that our client’s accounts have the dedicated staff that their services warrants, and deserves. Management will then set a cash benchmark or cash projection for the client. This projection is based on Payer Mix, City resident demographics, call volume, and trip level of

Jones Electrical Distribution, owned by Nelson Jones who is also the president of the company, is looking for a new bank that would expand his line of credit to a maximum of $350,000. The company seems to be already experiencing growth with net sales in 2004 of $1,624,000 and increasing to $2,242,000 in 2006 which is about a 38% increase in 2 years. The increase in sales has resulted in a shortage of cash which means that Jones Electrical Distribution bust increase their borrowing from the bank due

1. Auditing can be defined as carrying out a formal financial investigation or examination of a firm and its financial statements. During the process of auditing the auditors will go through all of the company’s books and financial statements. He will analyze research and go through all the relevant financial records to ensure that they are accurate and whether taxes are being paid properly. 2. There are various benefits of the auditing process. The benefits of an audit include analyzing and

Name: __________________________ Rating: _____________ Course/ Yr. & Sec. ________________ Date: ______________ Instructor: _______________________ Exercise 2.3 SPECIAL ANGLES A. Find the numerical values of each expressions 1. Tan 30⁰ + cos 45⁰ 2. ( sin 60⁰ ) ² 3. 4 cos 45⁰ + ( tan 60⁰ + sec 45⁰) B. Find the degree measure of the acute angle x 4. Tan x = 1 5. Cot x = 3 6. Sin x = 3/2

Rule 1: A number that begins a sentence must be expressed in word form. When the number cannot be written in one or two words, however, change the word order of the sentence so that the number does not begin the sentence. This number rule takes precedence over all others. • Twenty-four people responded to our advertisement for an accountant. • One thousand and two hundred pounds of recycling was delivered to the secure shred event. Rule 2: Numbers one through ten used in a general way are written

Individuals regularly name their guardians when they are asked from whom they took in their cash administration aptitudes (Danes, 1994; Kempson, Bryson, and Rowlingson, 1994). To date, the part of folks in monetary socialization has been researched as far as how they deal with the kid's pocket cash, whether remittances are given unequivocally or (incompletely) must be earned (Furnham, 2001; Miller and Yung, 1990), what the folks' thought processes in giving a recompense are (Danes, 1994; Feather

Incorporated were also involved in this case. Lee made many false financial documents to make it appear on the transactions of Samsung Corning Precision Glass Ltd., and ordered services from Engelhard which were not real. Moreover, he controlled a bank account from Samsung America, which the money would directly through into it. The company’s loss was between $1 million and $2.5 million. Moreover, Lee failed to include $339,138 he had embezzled from Samsung America in 2006 when signing and filing Individual

7. Airline Scheduling What are the factors that affect the scheduling process? Consider maintenance efficiency goals, flight operations factors and facility constraints Analyze the advantages and disadvantages of hub-and-spoke scheduling FORMAT: executive summary ¾ of page font size 12 1.5 spacing (not including content page) include pictures (if possible) in text citations conclusion recommendation Background Info - liting Advantages and disadvantages of airline scheduling - zhiyu Factors

Question 1 (i) (a) Creating an Invoiceless Payment System. (b) Deploying Information Technology (computers) to support the Business procedures (ii) (a) Invoiceless paying system An invoiceless Payment system is the process of paying supplier automatically upon receipt and validation of material that have been received in accordance with the terms of the contract but without requiring a supplier invoice. Taking Ford Motor Company 's invoiceless system, When a purchased item is received and

multiple queue approach was used as lecture note of last week saying. But in real world, such as queue in bank, some bank (such as HSBC) give different priority of queue (for example, priority queue and normal queue), customers having priority bank account was served first. It also applied to aviation industry. However, some bank use single queue system such as first come first serve based (e.g. community bank).

Clients must keep records and books of accounts including cash book, sales ledger, purchases ledger and general ledger. Supporting documents such as invoices, bank statements, pay-in slips, cheque butts, and receipts for payments, payroll records and copies of receipts issued should be retained. A valuation of the stock in trade should be made at the end of the accounting period and the appropriate records maintained. Company should record sufficient to explain each transaction and to enable a true

The Batmobile is a very unique car that has gadgets on it. Well in the 1964, the Batmobile had a nose-mounted chain slicer, lasers, rockets, an on-board telephone, radar, dash monitor, on-board computer, and police beacon (Digg). In the rear end of the Batmobile, it has parachutes so it can slow down faster, a compartment to drop nails on the road so it may flatten the enemy tires, and a smoke emitter so Batman may escape without being seen. In 2016, the Batmobile has the same gadgets but now it

decrease, the managers would need to take this into consideration. The store would then need to add back its losses as well as, subtract out the gains for the cash flow statement. While the managers need to add the non-cash expenses, they also need to account for changes in all non-cash assets. Accounting for changes in all current assets and liabilities except notes payable and dividends payable will ensure that the income statement is filled