Homework Answers
(a)
|
2013 |
2014 |
2015 |
2016 |
|
|
Accounts Receivable , Gross |
7189 + 149 =7338 |
6631 + 156 = 6787 |
6489 + 168 =6657 |
7019 + 199 =7218 |
(b)
|
2013 |
2014 |
2015 |
2016 |
|
|
% Allowance |
149/7338 =2.03 |
156/6787 =2.3 |
168/6657 =2.52 |
199/7019 =2.76 |
(c) Four year average of percentage of allowance to gross accounts receivables
= (2.03+2.3+2.52+2.76)/4 = 2.40
(d)
|
2013 |
2014 |
2015 |
2016 |
|
|
Adjusted allowance for doubtful accounts |
7338*2.40% =176.10 |
6787*2.40% =162.9 |
6657*2.4 =159.8 |
7218*2.4 =173.2 |
|
Balance Sheet Adjustments |
||||
|
Allowance for doubtful accounts |
176.1-149 =27.1 |
162.9-156+27.1 =34 |
159.8-168+34 =25.8 |
173.2-199+25.8 =0 |
|
Accounts Receivable, net |
-27.1 |
-34 |
-25.8 |
0 |
|
Deferred Tax Liabilities (allowance * 35%) It will be negative due to creation of deferred tax assets here |
-9.5 |
-11.9 |
-9 |
0 |
|
Retained Earnings. It will be in negative due to debit in Profit and loss because of allowances and deferred tax liability. = Allowances +deferred tax assets |
-(27.1-9.5) =-17.6 |
-(34-11.9) =-22.1 |
-(25.8-9) =-16.8 |
0-0 =0 |
|
Income statement adjustments |
||||
|
Bad debt expense |
27.1 |
34-277.1 =6.9 |
25.8-34 = -8.2 |
0-25.8 = -25.8 |
|
Income tax expense |
27.1 * 35% = -9.5 |
6.9*35% = -2.4 |
-8.2 * 35% =2.9 |
-25.8*35% =9 |
|
Net income (as it is decreased by bad debt and tax) = -(bad debt expense + income tax expense) |
-(27.1-9.5) = -17.6 |
-(6.9-2.4) = -4.5 |
-(8.2+2.9) = 5.3 |
-(25.8+9) =16.8 |
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enter percentages rounded to 1
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%
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37,047,000
38,226,000
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