ACC 821 Lecture Notes - Joggins, Accounts Payable, Cash Flow

54 views6 pages
Published on 13 Sep 2012
School
Ryerson University
Department
Accounting
Course
ACC 821
Professor
Revenue recognition:
Performance has occurred
Amount of revenue and cost to earn it is resoanbly measure
Collection of payment is assured
Critical event:
Delivery
Completion og production
Cash collection
Completion of warranty/return period
Objective:
Tax minimization
Stweradship
Management evaluation
Performance evaluation
Cash flow evaluation
Monitoring contract compliance
Earning management
Direct write off:
Bad debt exp
a/r
other ways:
bad debt exp
allowance for uncolleastable debts
Unlock document

This preview shows pages 1-2 of the document.
Unlock all 6 pages and 3 million more documents.

Already have an account? Log in
writing of receivable:
afua
a/r
11.
Allowance for doubtful accounts December 31, 2009
$38,150
Less: Accounts written of during 2010
(39,600)
Pre-closing allowance for doubtful accounts December 31, 2010
(1,450)
Credit sales during 2010
2,262,500
Average percentage of credit sales uncollectible
2%
Bad debts expense for 2010
45,250
Pre-closing allowance for doubtful accounts December 31, 2010
(1,450)
Allowance for doubtful accounts December 31, 2010
$43,800
Bad debt expense
45,250
Joggins Inc.
Cash From Operations - Indirect Method
Unlock document

This preview shows pages 1-2 of the document.
Unlock all 6 pages and 3 million more documents.

Already have an account? Log in

Get OneClass Grade+

Unlimited access to all notes and study guides.

YearlyMost Popular
75% OFF
$9.98/m
Monthly
$39.98/m
Single doc
$39.98

or

You will be charged $119.76 upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. For more information, see our Terms and Privacy.
Payments are encrypted using 256-bit SSL. Powered by Stripe.