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by: malikath balogoun

studyguide.pdf Acct 3367

malikath balogoun
GPA 2.4
intermediate 1

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intermediate 1
Study Guide
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This 4 page Study Guide was uploaded by malikath balogoun on Thursday February 19, 2015. The Study Guide belongs to Acct 3367 at University of Houston taught by killic in Spring2015. Since its upload, it has received 103 views.

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Date Created: 02/19/15
Chapter 7 cash and receivable Cash equivalent treasury bill commercial paper money market fund Restricted cash petty cash payroll and dividend fund Can be short term or long term Bank overdraft when a company writes a check for more than the amount in its cash account Its a current liability Company usually record sales and related sales discount transaction by entering the receivable and sale at gross amount under this method companies recognize sale discount only when they receive payment within the discount period customer who pay within the discount period purchase at the cash price Companies value and report short term receivables at net realizable value the net amount they expect to receive in cash Allowance for doubtful account Its a portion of company receivables which it expects not to be collected It is an estimate of account receivable which are expected not to be paid Uncollectible account receivables Direct write off method and the allowance method Under the write off method when company realize a certain amount won t be paid they charge the loss to bad debt expense This method is ussually use for tax purpose This method is not consider appropriate bad debt expX account receivables X Under the allowance method they estimate uncollectible account at the end of each period bad debt expX Allowance for doubtful accountX WRITE OFF OF AN UNCOLLECTIBLE ACCOUNT allowance for doubtful accountX account ReceivableX RECOVERY OF AN UNCOLLECTIBLE ACCOUNT this is when company occasionally collect from it customers after write off They affect only balance sheet Account receivableX allo doubtful accountX cashX acct receiX BASES USE FOR ALLOWANCE METHOD percentage of sale and percentage of receivables In percentage of sale income statement approach Chapter 8 Valuation of Inventories A CostBasis Approach Lifo inventory layer are created in years in which inventory purchases exceed sales The cost ow assumptions will report endind inventory closest to current cost at FIFO method Chapter 9 Inventories Additional Valuation Issues Inventory are recorded at their cost but if inventory decline company should write down the inventory to market price to report the lost Using replacement cost allow company to maintain a consistent rate of gross profit NRV is an estimated selling price in the ordinary course of business The general lowerofcostormarket rule is A company values inventory at the lowerofcostormarket with market limited to an amount that is not more than net realizable value or less than net realizable value less a normal profit margin The upper limit ceiling is the net realizable value of inventory The lower limit oor is the net realizable value less a normal profit margin The designated market value is the amount that a company compares to cost It is always the middle value of three amounts replacement cost net realizable value and net realizable value less a normal profit margin


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