...We have read two articles that talk about how sports, specifically football, can be good and bad for kids. After reading these articles some of us have come to the conclusion that football is bad for kids to play, due to the fact that football can cause head injuries which can lead to Alzheimer's and even death in some cases. This should show already that football is bad, but there is more evidence that football is bad for kids. There are multiple reasons that football can be bad for kids, even major health groups and documentaries talk about this. Concussions happen often in football and often aren’t taken as seriously as they should, especially in high school football. Concussions lead to deaths of many children each year because concussions...
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...CHAPTER 9: Accounting for receivables ANSWERS TO QUESTIONS 1. Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services in the normal course of business operations (i.e. in trade). Notes receivable represent claims that are evidenced by formal instruments of credit. 4. The essential features of the allowance method of accounting for impairment of receivables are: (1) Impaired accounts receivable are estimated and matched against revenue in the same accounting period in which the revenue occurred. (2) Estimated uncollectables are debited to Bad Debts Expense and credited to Allowance for Impairment through an adjusting entry at the end of each period. (3) Actual uncollectables are debited to Allowance for Impairment and credited to Accounts Receivable at the time the specific account is written off. 9. From its own credit cards, the Virgil Ltd may realise financing charges from customers who do not pay the balance due within a specified grace period. National credit cards offer the following advantages: (1) The credit card issuer makes the credit card investigation of the customer. (2) The issuer maintains individual customer accounts. (3) The issuer undertakes the collection process and absorbs any losses from uncollectable accounts. (4) The retailer receives cash more quickly from the credit card issuer than it would from individual...
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...CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives 1. Identify the different types of receivables. Explain how companies recognize accounts receivable. Distinguish between the methods and bases companies use to value accounts receivable. Describe the entries to record the disposition of accounts receivable. Compute the maturity date of and interest on notes receivable. Explain how companies recognize notes receivable. Describe how companies value notes receivable. Describe the entries to record the disposition of notes receivable. Explain the statement presentation and analysis of receivables. Questions 1, 2 Exercises 2. 3 2 1, 2, 14 1A, 3A, 4A, 6A, 7A 1B, 3B, 4B, 6B, 7B 3. 4, 5, 6, 7, 8 3, 4, 5, 6, 7 3, 4, 5, 6 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 4. 9, 10, 11 8 7, 8, 9, 14 6A, 7A 6B, 7B 5. 12, 13, 14, 15, 16 9, 10 10, 11, 12, 13 6A, 7A 6B, 7B 6. 11 10, 11, 12 7A 7B 7. 7A 7B 8. 17 12, 13 6A, 7A 6B, 7B 9. 18, 19 3, 12 14, 15 1A, 6A 1B, 6B 9-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description 1A 2A 3A 4A 5A 6A 7A 1B 2B 3B 4B 5B 6B 7B Prepare journal entries related to bad debts expense. Compute bad debts amounts. Journalize entries to record transactions related to bad debts. Journalize transactions related to bad debts. Journalize entries to record transactions related to bad debts. Prepare entries for...
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...CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives 1. Identify the different types of receivables. Explain how companies recognize accounts receivable. Distinguish between the methods and bases companies use to value accounts receivable. Describe the entries to record the disposition of accounts receivable. Compute the maturity date of and interest on notes receivable. Explain how companies recognize notes receivable. Describe how companies value notes receivable. Describe the entries to record the disposition of notes receivable. Explain the statement presentation and analysis of receivables. Questions 1, 2 Exercises 2. 3 2 1, 2, 14 1A, 3A, 4A, 6A, 7A 1B, 3B, 4B, 6B, 7B 3. 4, 5, 6, 7, 8 3, 4, 5, 6, 7 3, 4, 5, 6 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 4. 9, 10, 11 8 7, 8, 9, 14 6A, 7A 6B, 7B 5. 12, 13, 14, 15, 16 9, 10 10, 11, 12, 13 6A, 7A 6B, 7B 6. 11 10, 11, 12 7A 7B 7. 7A 7B 8. 17 12, 13 6A, 7A 6B, 7B 9. 18, 19 3, 12 14, 15 1A, 6A 1B, 6B 9-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description 1A 2A 3A 4A 5A 6A 7A 1B 2B 3B 4B 5B 6B 7B Prepare journal entries related to bad debts expense. Compute bad debts amounts. Journalize entries to record transactions related to bad debts. Journalize transactions related to bad debts. Journalize entries to record transactions related to bad debts. Prepare entries for...
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...It is a common myth across the globe that too much running is bad for the human body. But is this true? Is there a specific amount of mileage that is the best? By knowing how much running is good for one’s health and how it actually benefits the body, could this help people live longer and keep them healthier? Some believe that too much running is actually bad for the body and has different effects than intended. Still others state that running, no matter the amount, is good for you. However, there is only one right answer. As a result of running too much, the intended good effects could cease to exist; because of this, it is imperative to find a “middle-ground” while running. With this in mind, too much running has been proven to be bad for...
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...|Learning | |Questions | |Exercises | |Do It! | |Objectives | | | | | | | | | | | | | | | |1A | |Prepare journal entries related to bad debt expense. | |Simple | |15–20 | | | | | | | | | |2A | |Compute bad debt amounts. | |Moderate | |20–25 | | | | | | | | | |3A | |Journalize entries to record transactions related to bad debts. | |Moderate | |20–30 | | | | | | | | | |4A | |Journalize transactions related to bad debts. | |Moderate | |20–30 | | ...
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...ACC211 Chapter 4 Click Link Below To Buy: http://hwcampus.com/shop/acc211-chapter-4/ Brief Exercise 4-5 Your answer is correct. Stacy Corporation had income before income taxes for 2014 of $6,325,000. In addition, it suffered an unusual and infrequent pretax loss of $787,700 from a volcano eruption. The corporation’s tax rate is 30%. Prepare a partial income statement for Stacy beginning with income before income taxes. The corporation had 4,954,000 shares of common stock outstanding during 2014. Brief Exercise 4-7 Your answer is correct. Vandross Company has recorded bad debt expense in the past at a rate of 1.5% of net sales. In 2014, Vandross decides to increase its estimate to 2%. If the new rate had been used in prior years, cumulative bad debt expense would have been $385,820 instead of $302,620. In 2014, bad debt expense will be $130,260 instead of $92,200. If Vandross’s tax rate is 27%, what amount should it report as the cumulative effect of changing the estimated bad debt rate? Brief Exercise 4-8 Your answer is correct. In 2014, Hollis Corporation reported net income of $1,077,000. It declared and paid preferred stock dividends of $269,000. During 2014, Hollis had a weighted average of 199,100 common shares outstanding. Compute Hollis’s 2014 earnings per share. Brief Exercise 4-10 Your answer is correct. Portman Corporation has retained earnings of $720,100 at January 1, 2014. Net income during 2014 was $1,651...
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...This is invalid because many peoples excuse for eating wrong is the fact that it is too expensive to buy what is healthy. So if we lower the prices then more people will be grateful for finally being able to afford what is healthy for the entire family. While taxing the bad food will make it more difficult for people to keep purchasing the unhealthy food. People will also argue that taxing the bad food will make it harder for people to save money because the unhealthy food will still be bought. Not as many people will buy the bad food due to the fact that it would not be affordable to most Americans. Logically people will realize that it is cheaper to eat healthy and beneficial for the wallet as well. Taxing bad food is without a doubt beneficial financially and...
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...An American Epidemic Every time I turn my television or computer on I am always looking at an advertisement about weight loss. All of the diet pills, crash diet regimens, and exercise equipment have had my head spinning and it really got me to thinking. America has an obesity epidemic. No diet pills or crash diets are going to help this epidemic; sure some of the exercise equipment will if you use it regularly and correctly. The only way we can stop the obesity is by educating ourselves and learning how to eat healthy and maintain a healthy lifestyle for a healthier life. America has an obesity epidemic, and the only way we can cease the obesity across the nation is by learning to eat healthy and learning how to maintain the habits to live a healthy lifestyle. Obesity is no longer a weight problem it is a health problem. Several diseases are now linked to obesity: diabetes, heart disease, high blood pressure, high blood cholesterol and stroke. (American Heart Association 2008) Obesity is due to the intake of too many calories and lack of exercise. Body fat determines obesity and if the Body Mass Index is greater than 30.0 then it is considered an obese weight. Body Mass Index is determined by multiplying your weight by 703, divide by height in inches, and then divide by height again in inches.(American Heart Association 2008) When eating you should always remember to eat enough calories for your specific age, weight, and height...
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...Personal Food Diary Guidelines Purpose The purpose of this assignment is to increase self-awareness of the student by analyzing personal nutritional intake and activity routine throughout the course. In turn, the student will be able to help others modify their diet and activity, and improve overall wellness. An examination of a personal food and activity assessment will provide the student with essential data from which to change their health and wellness behaviors. Course Outcomes This assignment enables the student to meet the following course outcomes: CO #1 Assess whether nutritional intake provides basic nutrients for optimal health and wellness. (PO #1, PO #2) CO #2 Describe nutritional needs for optimal health and wellness throughout the life span. (PO #1, PO #2) CO #3 Discuss the psychological, sociological, economical, and cultural implications of food on nutritional status. (PO #1, PO #2) CO #4 Describe evidence-based interventions and modifications in nutrition therapy that can positively influence the outcome of disease and illness. (PO #1, PO #8) Due Date Refer to Course Calendar for campus requirements. Online will submit by Sunday, Unit 7 11:59 pm MT. Total Points Possible: 100 Requirements 1. Create a concept map document based on the food and activity journal throughout the course using www.chooseMyPlate.gov. The discussion questions in units 1, 3, 5, & 7 will provide you with questions on what aspect of diet to focus on. You are...
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...Objectives Questions Brief Exercises 1. Identify the different types of receivables. 1, 2 1 2. Explain how companies recognize accounts receivable. 3 2 3. Distinguish between the methods and bases companies use to value accounts receivable. 4, 5, 6, 7, 8 3, 4, 5, 6, 7 4. Describe the entries to record the disposition of accounts receivable. 9, 10, 11 5. Compute the maturity date of and interest on notes receivable. 12, 13, 14, 15, 16 6. Explain how companies recognize notes receivable. 7. Describe how companies value notes receivable. 8. Describe the entries to record the disposition of notes receivable. 17 9. Explain the statement presentation and analysis of receivables. 18, 19 Do It! Exercises A Problems B Problems 1, 2 1A, 3A, 4A, 1B, 3B, 4B, 6A, 7A 6B, 7B 1 3, 4, 5, 6 1A, 2A, 3A, 1B, 2B, 3B, 4A, 5A 4B, 5B 8 2 7, 8, 9 6A, 7A 6B, 7B 9, 10 3 10, 11, 12, 13 6A, 7A 6B, 7B 10, 11, 12 7A 7B 7A 7B 11 3 3, 12 12, 13 6A, 7A 6B, 7B 4 14 1A, 6A 1B, 6B Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only) 8-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description 1A 2A Simple 15–20 Compute bad debt amounts. Moderate 20–25 3A Journalize entries to record transactions related to bad debts. Moderate 20–30 4A Journalize transactions related to bad debts. Moderate 20–30 5A Journalize entries to record transactions related to bad debts. Moderate 20–30...
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...Exercise 2-3 To: Jim Kakes From: Zhenqun Huang Subject: Suggestion about CMA Date: Sep. 10 2012 This memo is in response to your questions hiring a CMA. This memo will first explain Certified Management Accountant (CMA) and then discuss the value of CMA to the company. After you know the designation of CMA, you will be better able to decide whether the extra amount salary is worth. What Is Certified Management Accountant (CMA)? The title Certified Management Accountant (CMA) is used by various professional bodies around the world to designate their different professional certifications. CMA is also called as The Institute of Management Accountants (IMA) in the United State. IMA is a collective voice of accountants and financial professionals around the world who work in business, with job responsibilities distinct from those in public accounting. The Value of CMA to the Company IMA raises awareness of management accounting, which includes jobs in decision support, plan, and control positions. Some common job titles for management accountants include: Chief Financial Officer (CFO), Treasurer, Vice President of Finance, Controller, Treasurer, Finance Manager, Internal Auditor, Corporate or Division Planner, Cost Accountant, and Staff Accountant. The four-part CMA exam covers a wider body of knowledge, including Business Analysis, Management Accounting and Reporting, Strategic Management, and Business Applications which give the accounting staff a broader background...
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...Correlation and Causation The Link Between Sleep and Weight Correlation is the association between two variables, when there is an increase or decrease in one variable what effect does it has to the other variable (Triola, 2010). In this research the author looks on the relationship between a person who do not sleep or get quality sleep and their body weight. There was a study which highlighted a correlation between lack of sleep and increase in body weight. In the study with the women 40 – 60 years old, it was concluded that after studying their eating and sleeping pattern for 5-7 years women who had trouble falling asleep gained approximately 11 pounds. In the other study with the younger men, they studied their sleeping patterns for two consecutive days one day eight hour sleep and the other day four hour sleep. The researchers reported an increase in calorie intake (approximately 560 more) after sleeping for four days significantly more than the person who slept for eight hours. The two variables we have in this scenario is lack of sleep and increase in body weight, for these two variables to be correlated they must be linked or dependent on each other. Although the writer shows studies to show that when there is lack of sleep there is increase in appetite there can be other variables that determine the results such as location, body mass, individuals’ state of mind and age. According to the text the relationship between these two variables is weak and negative. The study...
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...EXERCISE 8-3 (a) Accounts Receivable 800,000 Sales Revenue 800,000 Cash 763,000 Accounts Receivable 763,000 (b) Allowance for Doubtful Accounts 7,300 Accounts Receivable 7,300 (c) Accounts Receivable 3,100 Allowance for Doubtful Accounts 3,100 Cash 3,100 Accounts Receivable 3,100 EXERCISE 8-3 (Continued) (d) Bad Debts Expense 20,200 Allowance for Doubtful Accounts 20,200 Allowance for Doubtful Accounts Beg. Bal. 9,000 Write-off 7,300 Recovery 3,100 Bad Debts 20,200 End Bal. 25,000 (e) Accounts Receivable Allowance for Doubtful Accounts Beg. Bal. 200,000 Collections 763,000 Beg. Bal. 9,000 Sales 800,000 Write-off 7,300 Write-off 7,300 Recovery 3,100 Recovery 3,100 Collections 3,100 Bad Debts 20,200 End Bal. 229,700 End Bal. 25,000 (f) Net realizable value of receivables is $204,700 ($229,700 – $25,000) EXERCISE 8-5 (a) Accounts Receivable Amount % Estimated Uncollectible Current $65,000 2 $1,300 1–30 days past due 12,900 5 645 31–90 days past due 10,100 30 3,030 Over 90 days past due 7,400 50 3,700 $8,675 (b) Mar. 31 Bad Debts Expense 6,575 Allowance for Doubtful Accounts ...
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...may include individuals or companies of a higher risk category such as car loans for individuals or companies borrowing funds for a major expansion. *The Chapter 10 Critical Thinking Challenge questions are asked on page 496 of the text. Students are reminded at the conclusion of Chapter 10, page 515 of the text, to refer to the Critical Thinking Challenge questions at the beginning of the chapter. The solutions to the Critical Thinking Challenge questions are available here in the Solutions Manual and accessible to students on the Online Learning Centre. Copyright © 2010 by McGraw-Hill Ryerson Limited. All rights reserved. 809 Fundamental Accounting Principles, Thirteenth Canadian Edition Concept Review Questions 1. Writing off a bad debt against the allowance does not reduce the estimated realizable value of a company’s accounts receivable because the write-off reduces the balances of both Accounts Receivable and Allowance for Doubtful Accounts by equal amounts so the difference between the two accounts remains the...
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