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1、 The McGraw-Hill Companies, Inc., 2011Solutions Manual, Vol.1, Chapter 77-1 Chapter 7 Cash and Receivables The McGraw-Hill Companies, Inc., 20117-2Intermediate Accounting, 6/eQuestion 7-10 The income statement approach to estimating bad debts determines bad debt expense directly by relating uncollec

2、tible amounts to credit sales. The balance sheet approach to estimating future bad debts indirectly determines bad debt expense by estimating the net realizable value for accounts receivable that exist at the end of the period. In other words, the allowance for uncollectible accounts at the end of t

3、he period is estimated and then bad debt expense is determined by adjusting the allowance account to reflect net realizable value. Question 7-14 U.S. GAAP focuses on whether control of assets has shifted from the transferor to the transferee. In contrast, IFRS focuses on whether the company has tran

4、sferred “substantially all of the risks and rewards of ownership,” as well as whether the company has transferred control. Under IFRS:If the company transfers substantially all of the risks and rewards of ownership, the transfer is treated as a sale.If the company retains substantially all of the ri

5、sks and rewards of ownership, the transfer is treated as a secured borrowing. If neither conditions 1 or 2 hold, the company accounts for the transaction as a sale if it has transferred control, and as a secured borrowing if it has retained control.Brief Exercise 7-8(1) Bad debt expense = $1,500,000

6、 x 2% = $30,000(2) Allowance for uncollectible accounts: Beginning balance$25,000 Add: Bad debt expense30,000 Deduct: Write-offs(16,000) Ending balance$39,000BRIEF EXERCISES The McGraw-Hill Companies, Inc., 2011Solutions Manual, Vol.1, Chapter 77-3Brief Exercise 7-9(1)Allowance for uncollectible acc

7、ounts:Beginning balance$ 25,000 Deduct: Write-offs(16,000) Required allowance(33,400)*Bad debt expense$24,400(2) Required allowance = $334,000* x 10% = $33,400*Accounts receivable:Beginning balance$ 300,000 Add: Credit sales1,500,000 Deduct: Cash collections(1,450,000) Write-offs (16,000)Ending bala

8、nce$ 334,000*EXERCISES The McGraw-Hill Companies, Inc., 20117-4Intermediate Accounting, 6/eExercise 7-9Requirement 1To record the write-off of receivables.Allowance for uncollectible accounts.21,000Accounts receivable.21,000To reinstate an account previously written off and to record the collection.

9、Accounts receivable.1,200Allowance for uncollectible accounts.1,200Cash .1,200Accounts receivable.1,200Allowance for uncollectible accounts:Balance, beginning of year$32,000Deduct: Receivables written off(21,000)Add: Collection of receivable previously written off 1,200Balance, before adjusting entr

10、y for 2011 bad debts12,200Required allowance: 10% x $625,000(62,500)Bad debt expense$50,300To record bad debt expense for the year.Bad debt expense.50,300Allowance for uncollectible accounts.50,300Requirement 2Current assets:Accounts receivable, net of $62,500 allowance for uncollectible accounts$56

11、2,500 The McGraw-Hill Companies, Inc., 2011Solutions Manual, Vol.1, Chapter 77-5Exercise 7-13Requirement 1June 30, 2011Note receivable (face amount).30,000Discount on note receivable ($30,000 x 8% x 9/12).1,800Sales revenue (difference).28,200December 31, 2011Discount on note receivable .1,200Intere

12、st revenue ($30,000 x 8% x 6/12).1,200March 31, 2012Discount on note receivable .600Interest revenue ($30,000 x 8% x 3/12).600Cash .30,000Note receivable (face amount).30,000Requirement 2$ 1,800interest for 9 months $28,200sales price= 6.383%rate for 9 monthsx 12/9to annualize the rate_= 8.511%effec

13、tive interest rate The McGraw-Hill Companies, Inc., 20117-6Intermediate Accounting, 6/eExercise 7-14Requirement 1Book value of stock$16,000Plus gain on sale of stock 6,000 = Note receivable$22,000Interest reported for the year$ 2,200=10% rateDivided by value of note$ 22,000Requirement 2To record sal

14、e of stock in exchange for note receivable.January 1, 2011Note receivable.22,000Investments.16,000Gain on sale of investments.6,000To accrue interest on note receivable for twelve months.December 31, 2011Interest receivable.2,200Interest revenue ($22,000 x 10%).2,200Exercise 7-17Cash (90% - 2% x $60

15、,000).52,800Loss on sale of receivables (to balance).5,200Receivable from factor ($5,000 fair value).5,000Recourse liability .3,000Accounts receivable (balance sold).60,000 The McGraw-Hill Companies, Inc., 2011Solutions Manual, Vol.1, Chapter 77-7 The McGraw-Hill Companies, Inc., 20117-8Intermediate

16、 Accounting, 6/eExercise 7-21Requirement 1March 17, 2011Allowance for uncollectible accounts.1,700Accounts receivable.1,700March 30, 2011Note receivable.20,000Cash .20,000Step 1: To accrue interest earned for two months on note receivable May 30, 2011Interest receivable.233Interest revenue ($20,000

17、x 7% x 2/12).233Step 2: Add interest to maturity to calculate maturity value.Step 3: Deduct discount to calculate cash proceeds.$20,000 Face amount1,400Interest to maturity ($20,000 x 7%)21,400Maturity value(1,427)Discount ($21,400 x 8% x 10/12)$19,973Cash proceeds The McGraw-Hill Companies, Inc., 2

18、011Solutions Manual, Vol.1, Chapter 77-9Exercise 7-21 (continued)Step 4: To record a loss for the difference between the cash proceeds and the notes book value.May 30, 2011Cash (proceeds determined above).19,973Loss on sale of note receivable (difference).260Interest receivable (from adjusting entry

19、).233Note receivable (face amount).20,000June 30, 2011Accounts receivable.12,000Sales revenue.12,000July 8, 2011Cash ($12,000 x 98%).11,760Sales discounts ($12,000 x 2%).240Accounts receivable.12,000August 31, 2011Notes receivable (face amount).6,000Discount on note receivable ($6,000 x 8% x 6/12).2

20、40Investments (book value).5,000Gain on sale of investments (difference).760December 31, 2011Bad debt expense ($700,000 x 2%).14,000Allowance for uncollectible accounts.14,000 The McGraw-Hill Companies, Inc., 20117-10Intermediate Accounting, 6/eExercise 7-21 (concluded)Requirement 2To accrue interes

21、t earned on note receivable.December 31, 2011Discount on note receivable.160Interest revenue ($6,000 x 8% x 4/12).160 The McGraw-Hill Companies, Inc., 2011Solutions Manual, Vol.1, Chapter 77-11Exercise 7-29ANALYSISPrevious Value:Accrued 2010 interest (10% x $240,000)$ 24,000Principal 240,000 Carryin

22、g amount of the receivable$264,000New Value:$11,555 + 11,555 + 11,555 + 240,000 = $274,665$274,665x 0.82645 * = (226,997)Loss:$ 37,003*present value of $1: n=2, i=10% (from Table 2)JOURNAL ENTRIESJanuary 1, 2011Loss on troubled debt restructuring (to balance).37,003Accrued interest receivable (10% x

23、 $240,000).24,000Note receivable ($240,000 - 226,997). .13,003December 31, 2011Note receivable (to balance). .22,700Interest revenue (10% x $226,997). .22,700December 31, 2012Note receivable (to balance). .24,968Interest revenue (10% x $226,997 + 22,700).24,968*Cash (required by new agreement). .274

24、,665Note receivable (balance). .274,665* rounded to amortize the note to $274,665 (per schedule below) The McGraw-Hill Companies, Inc., 20117-12Intermediate Accounting, 6/eExercise 7-29 (concluded)Amortization Schedule Not requiredCashEffectiveIncrease inOutstandingInterestInterestBalanceBalanceby a

25、greement10% x Outstanding BalanceDiscount Reduction226,99710.10 (226,997) = 22,70022,700249,69720.10 (249,697) = 24,968*24,968274,66547,66847,668* rounded The McGraw-Hill Companies, Inc., 2011Solutions Manual, Vol.1, Chapter 77-13Problem 7-7Requirement 1Alternative a:To record the borrowing of $500,

26、000 and signing of a note payable.July 1, 2011Cash . 500,000Note payable.500,000Alternative b:To record the transfer of receivables.July 1, 2011Cash ($550,000 x 98%). 539,000Loss on transfer of receivables (2% x $550,000).11,000Accounts receivable.550,000Requirement 2Alternative a:July, 2011Cash (80

27、% x $780,000). 624,000Accounts receivable.624,000July 31, 2011Interest expense ($500,000 x 12% x 1/12).5,000Note payable. 500,000Cash .505,000 The McGraw-Hill Companies, Inc., 20117-14Intermediate Accounting, 6/eProblem 7-7 (concluded)Alternative b:$550 of accounts receivable are now held by the ban

28、k, and presumably the bank has collected .8 x $550 = $440 during July. Lonergan still holds accounts receivable of ($780 $550 = $230), so should have collected .8 x $230 = $184 during July. July 31, 2011Cash 80% x ($780,000 - $550,000). 184,000Accounts receivable.184,000Requirement 3Alternative a. Note disclosure is required for the assignment of accounts receivable as collateral for the $500,000 note.Alternative b. No disclosure is required since the transfer of receivables was made without recourse.