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Homework answers / question archive / Task 4
Task 4.1-Accounts receivable
Instructions:
After having read and understood the learning resources in this module, work through the following exercises using Chapter 9, “Receivables,” from the textbook. Do this in excel.
Perform the following exercises in which you must analyze the methods to evaluate accounts receivable, perform notes receivable exercises (notes receivable) and define the different types of accounts receivable:
Date |
Transaction |
February 10 |
A note receivable was received for $ 150,000 with a term of 4% and 60 days for payment.
|
March 12 |
A note receivable for $ 185,000 was received with a 6% term and 120 days to pay.
|
April 3 |
Received $ 150,984 of the February 10 note receivable.
|
May 16 |
A note receivable of $ 125,000 was received with a 5% term and 40 days to pay.
|
June 2 |
$ 188,640.80 was received from the March 12 note receivable. |
October 11 |
A note receivable of $ 210,000 is received with a term of 8% and 90 days for payment.
|
November 11 |
$ 214,126.08 was received from the account receivable on October 11. |
Task 4.2- Bad debts
Instructions:
After having read and understood the learning resources in this module, work through the following exercises using Chapter 9, “Receivables,” from the textbook. Do this in excel.
Perform the following exercises related to the different situations that exist with uncollectible accounts in a company. Evaluate the aging report.
Computadoras y Más, a computer systems sales company, decided to cancel the account receivable from its client Tech Master for the balance of $ 52,000.
Music Express is a company that sells both car and home stereos.
Selected Transactions from Music Express Records as of December 31:
Ricardo Vega |
$3,200 |
Mariela Gutiérrez |
2,440 |
Manuel Rosario |
6,200 |
Jorge Camacho |
1,800 |
Linda Ocasio |
5,330 |
Aging classification (number of expiration days) |
(Account balance as of December 31) |
Estimate of the percentage of the account that is uncollectible |
0-30 days |
$120,000 |
1% |
31-60 days |
80,100 |
2 % |
61-90 days |
21,000 |
11% |
91- 120 days |
9,000 |
23% |
More of 120 days |
15,300 |
65% |
Total accounts receivable |
$245,400 |