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Submitted by aboulis on March 23, 2006
Category: Biographies
Words: 1529 | Pages: 7
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QUESTIONS
1. (a) A receivable evidenced by a formal, written promise to pay is classified as a note receivable; an informal, unsecured promise to pay is classified as an account receivable or other appropriate title (e.g., advances to officers).
(b) Receivables arising from the normal operating activities of a business are classified as trade receivables; those from all other sources are nontrade
receivables.
(c) All trade receivables and those nontrade receivables expected to be collected within 1 year (or the normal operating cycle, whichever is longer) are reported as Current Assets; all other receivables are noncurrent and are reported under the Investments or Other Noncurrent Assets caption, whichever is appropriate.
2. (a) Methods for establishing and maintaining an allowance for bad debts account are as follows:
(1) Allowance for Bad Debts is increased by a certain percentage of total sales or credit sales.
(2) Allowance for Bad Debts is adjusted to a certain percentage of receivables.
(3) Allowance for Bad Debts is adjusted to an amount determined by aging the accounts.
(b) The percentages to use in estimating uncollectible accounts should be based on the collection experience of each individual company. Analysis of the past records can be made to determine the relationships between write-offs and sales or receivables. If there has been no recognizable change in the economic conditions or in the credit policy of the company, these historical percentages may be used as the best estimate of future uncollectibles. To the extent that these conditions are changing, the percentages will require appropriate adjustment.
3. GAAP requires the allowance method because it provides for a matching of current revenues with related expenses, and it reports the receivables at their net realizable value. The direct...
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