49、ash increases by $100,000 x 85% =Receivable from factor increases by ($11,000 - $3,000 fee)Net decrease in assetsAccounts receivable decreaseLiabilities would not change as a result of this transaction.Income before income taxesdecreases by $7,000(the loss on sales of receivables)The journal entry t 。

50、o record the transaction is as follows:Cash(85% x $100,000) 85,000Loss on sale of receivablesfto balance) 7,000Receivable from factor ($11,000 fair value - $3,000 fee).8,000Accounts receivable(balance sold). 100,000rief Exercise 7-14Logitech would account for the transfer as a secured borrowing. The 。

51、 receivables remain on the company s books and a liability is recorded for the amount borrowed plus the bank s fee.rief Exercise 7-15Under IFRS, Huling would treat this transaction as a secured borrowing, because they retain substantially all of the risks and rewards of ownership. Under U.S. GAAP, H 。

52、uling would treat this transaction as a sale, because they have transferred control. Note, however, that in practice we would typically expect for the entity that has the risks and rewards of ownership to also have control over the assets,so we would expect these criteria to usually lead to the same 。

53、 accounting.rief Exercise 7-#$30,000 Face amount450Interest to maturity($30,000 x 6% x 3/12)30,450Maturity value(406)Discount ($30,450x 8%x 2/12)$30,044Cash proceedsrief Exercise 7-17Receivables turnover =$320,000 = 5.33$60,000*($50,000 + 70,000尸 2 = $60,000*Average collection=365 = 68 daysperiod5.3 。

54、3EXERCISESExercise 7-1Requirement 1Cash and cash equivalents includes:a. Balance in checking account$13,500Balance in savings account22,100b. Undeposited customer checks5,200c. Currency and coins on hand580f.U.S. treasury bills with 2-month maturity15,000Total$56,380Requirement 2d. The $400,000 savi 。

55、ngs account will be used for future plant expansion and therefore should be classified as a noncurrent asset, either inother assetsor investmentse. The $20,000 in the checking account is a compensating balance for a longterm loan and should be classified as a noncurrent asset, either in other assets 。

56、or investmentsf. The $20,000 in 7-month treasury bills should be classified as a current asset along with other temporary investments.Exercise 7-5$22,5005,0001,3501,840$30,690Requirement 1Cash and cash equivalents includes:Cash in bank checking accountU.S. treasury billsCash on handUndeposited custo 。

57、mer checksTotalRequirement 2The $10,000 in 6-month treasury bills should be classified as a current asset along with other temporary investments.Requirement 1: U.S. GAAPCurrent Assets:CashCurrent Liabilities:Bank OverdraftsRequirement 2: IFRSCurrent Assets:Cash$175,000$ 15,000$160,000(No current lia 。

58、bilities with respect to overdrafts.)Requirement 1Sales price = 100 units x $600 = $60,000 x 70% =$42,000November 17, 2011Accounts receivable 42,000Sales revenue 42,000November 26, 2011Cash (98% x $42,000) 41,160Sales discounts(2% x $42,000) 840Accounts receivable. 42,000Requirement 2November 17, 20 。

59、11Accounts receivable. 42,000Sales revenue 42,000December 15, 2011Cash42,000Accounts receivable. 42,000Exercise 7-4 (concluded)Requirement 3Requirement 1, using the net method:November 17, 2011Accounts receivable41,160Sales revenue(98% x $42,000) 41,160November 26, 2011Cash41,160Accounts receivable。

60、41,160Requirement 2, using the net method:November 17, 2011Accounts receivable41,160Sales revenue(98% x $42,000) 41,160December 15, 2011Cash 42,000Accounts receivable 41,160Interest revenue 840Exercise 7-7Requirement 1Sales price = 1,000 units x $50 = $50,000July 15, 2011Accounts receivable 50,000Sa 。

61、les revenue 50,000July 23, 2011Cash(98% x $50,000) 49,000Sales discounts(2% x $50,000) 1,000Accounts receivable. 50,000Requirement 2July 15, 2011Accounts receivable. 50,000Sales revenue 50,000Aug. 15, 2011Cash50,000Accounts receivable. 50,000Requirement 1July 15, 2011Accounts receivable49,000Sales r 。

62、evenue(98% x $50,000) 49,000July 23, 2011Cash 49,000Accounts receivable 49,000Requirement 2July 15, 2011Accounts receivable49,000Sales revenue(98% x $50,000) 49,000August 15, 2011Cash 50,000Accounts receivable 49,000Interest revenue 1,000Requirement 1Estimated returns =4% x $11,500,000 =$460,000Less: Actual returns(450,000)Remaining estimated returns$10,000To record the actual sales returnsSales returns450,000Accounts receivable. 450,000Inventory - estimated returns 292,500Cost of goods sold($450,000 x。

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标题：IntermediateAccounting|IntermediateAccounting教科书上习题答案(byJDavidSpiceland)( 四 )