33、in on the sale;
if it asloan the difference is viewed as interest expense or interest revenue.Question 7-16A company s investment in receivabliessinfluenced by several related variables, to include the level of sales, the nature of the product or service, and credit and collection policies. The rece 。

34、ivables turnover and average collection period ratios are designed to monitor receivables.Question 7-17The items necessary to adjust the bank balance might include deposits outstanding (including undeposited cash), outstanding checks, and any bank errors discovered during the reconciliation process. 。

35、 The items necessary to adjust the book balance might include collections made by the bank on the company s behalf, serviceand other charges made by the bank, NSF (nonsufficient funds) check charges,and any company errors discovered during the reconciliation process.Answers to Questions (concluded)Q 。

36、uestion 7-18A petty cash fund is established by transferring a specified amount of cash from the company s general checking account to an employee designated as the petty cash custodian. The fund is replenished by writing a check to the petty cash custodian for the sum of the bills paid with petty c 。

37、ash. The appropriate expense accounts are recorded from petty cash vouchers at the time the fund is replenished.Question 7-19When a creditor s investment in a receivable becomes impaired, due to a troubled debt restructuring or for any other reason, the receivable is re-measured based on the discoun 。

38、ted present value of currently expected cash flows at the loan osriginal effective rate (regardless of the extent to which expected cash receipts have been reduced). The extent of the impairment is the difference between the carrying amount of the receivable (the present value of the receivable c as 。

39、sh flows prior to the restructuring) and the present value of therevised cash flows discounted at the loan original effective rate. This difference is recorded as a loss at the time the receivable is reduced.Question 7-20No. Under both U.S. GAAP and IFRS, a company can recognize in net income the re 。

40、covery of impairment losses of accounts and notes receivable.BRIEF EXERCISESrief Exercise 7-1The company could improve its internal control procedure for cash receipts by segregating the duties of recordkeeping and the handling of cash. Jim Seymour, responsible for recordkeeping, should not also be。

【IntermediateAccounting|IntermediateAccounting教科书上习题答案(byJDavidSpiceland)】41、responsible for depositing customer checks.rief Exercise 7-2Under IFRS the cash balance would be $245,000, because they could offset the two accounts. Under U.S. GAAP the balance would be $250,000, because they could not offset the two accounts.rief Exercise 7-3All of these items would be included a 。

42、s cash and cash equivalents except the U.S. Treasury bills, which would be included in the current assetsection of the balance sheet as short-term investments.rief Exercise 7-4Income before tax in 2012 willbe reduced by $2,500, the amount of the cashdiscounts.$25,000 x 10 = $250,000 x 1% = $2,500rie 。

43、f Exercise 7-5Income before tax in 2011 will be reduced by $2,500, the anticipated amount of cash discounts.$25,000 x 10 = $250,000 x 1% = $2,500rief Exercise 7-#Estimated returns = $10,600,000 x 8% = $848,000Less: Actual returns(720,000)Remaining estimated returns$128,000Sales returns128,000Allowan 。

44、ce for sales returns 128,000Inventory - estimated returns 76,800Cost of goods sold($128,000 x 60%) 76,800rief Exercise 7-7Singletary cannot combine the two types of receivables under U.S. GAAP, as the director is a related party. Under IFRS a combined presentation would be allowed.rief Exercise 7-8( 。

45、1) Bad debt expense = $1,500,000 x 2% $30,000(2) Allowance for uncollectible accounts:Beginning balance$25,000Add: Bad debt expense30,000Deduct: Write-offs(16,000)Ending balance$39,000rief Exercise 7-9(1) Allowance for uncollectible accounts:$ 25,000 (16,000) (33,400)*$24,400Beginning balanceDeduct: 。

46、 Write-offsRequired allowanceBad debt expense(2) Required allowance = $334,000* x 10% = $33,40(T$ 300,000 1,500,000 (1,450,000)(16,000)$ 334,000*Accounts receivable:Beginning balanceAdd: Credit salesDeduct: Cash collectionsWrite-offsEnding balancerief Exercise 7-10Allowance for uncollectible account 。

47、s:Beginning balance$30,000Add: Bad debt expense40,000Deduct: Required allowance(38,000)Write-offs$32,000rief Exercise 7-11Credit sales$8,200,000Deduct: Cash collections(7,950,000)Write-offs(32,000)*Year-end balance in A/R (2,000,000)Beginning balance in A/R$1,782,000$30,00040,000 (38,000) $32,000All 。

48、owance for uncollectible accounts:Beginning balanceAdd: Bad debt expenseDeduct: Required allowanceWrite-offsrief Exercise 7-122011 interest revenue: $20,000 x 6% x 1/12= $100 2012 interest revenue:$20,000 x 6% x 2/12= $200rief Exercise 7-13$ 85,0008,000 (100,000) $ (7,000)Assets decrease by $7,000:C 。

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标题：IntermediateAccounting|IntermediateAccounting教科书上习题答案(byJDavidSpiceland)( 三 )