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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-1 CHAPTER 5 Short-Term Investments Note and Receivables
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-2 SOME BASIC TERMINOLOGY Creditor –The party to whom money is owed Debt instrument –A payable, usually some form of note or bond payable Debtor –The party who has a debt
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-3 Equity securities –Stock certificates that represent the investor’s ownership of shares of stock in a corporation Maturity –The date on which a debt instrument matures or becomes payable SOME BASIC TERMINOLOGY
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-4 Securities –Notes payable or stock certificates that entitle the owner to the benefits of an investment Term –The length of time until a debt instrument matures SOME BASIC TERMINOLOGY
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-5 SHORT-TERM INVESTMENTS (MARKETABLE SECURITIES) Short-term investments are investments that a company plans to hold for one year or less Short-term investments fall into three categories: –Held-to-maturity securities –Trading securities –Available-for-sale securities
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-6 Held-to-maturity securities are –Debt instruments that pay interest –Usually held until their maturity dates –Reported on the balance sheet at amortized cost Cost plus accrued interest to date SHORT-TERM INVESTMENTS (MARKETABLE SECURITIES)
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-7 Suppose that on May 1, 2001, Oracle pays $100,000 for General Electric Co. commercial paper that will mature at $100,900 in 90 days. On May 1, 2001, Oracle will record the purchase of the investment in GE commercial paper at $100,000, and Oracle’s Short-Term Investment account will appear as follows: Short-Term Investment in GE Commercial Paper 100,000 SHORT-TERM INVESTMENTS (MARKETABLE SECURITIES)
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-8 Assuming a May 31 year end, Oracle will accrue 30 days’ interest revenue of $300 that has been earned on the investment [($100,900 - $100,000) x 30/90]. The entries to the Short-Term Investment account and the Interest Revenue account are as follows: Short-Term Investment in GE Commercial Paper Interest Revenue 100,000 300 At May 31, Oracle’s amortized cost of its investment in GE commercial paper is $100,300, as shown in the following T-account: Short-Term Investment in GE Commercial Paper 100,000 300 Bal.100,300
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-9 Trading securities are –Purchased as short-term investments –Equity or debt securities of another company –Accounted for using the market-value method Recorded at cost and later adjusted to current market value for reporting on the balance sheet SHORT-TERM INVESTMENTS (MARKETABLE SECURITIES)
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-10 SHORT-TERM INVESTMENTS (MARKETABLE SECURITIES) Suppose Oracle buys Ford Motor Company stock as a trading investment for $80,000 on May 23, 2001. After purchase, Oracle’s Investment account appears as follows: Short-Term Investment in Ford Stock 80,000
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-11 Short-Term Investment in Ford Stock Unrealized Gain on Investment SHORT-TERM INVESTMENTS (MARKETABLE SECURITIES) Assume that the Ford stock has increased in value, and at May 31, 2001, Oracle’s investment in Ford stock is worth $90,000--$10,000 more than the purchase price. The year-end adjustment to record market value is as follows: 80,000 10,000
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-12 REPORTING ON THE BALANCE SHEET Current assets short-term investments: GE commercial paper$100,300 Trading securities: Ford Motor Company stock, at current market value 90,000 $190,000 Current assets short-term investments: GE commercial paper$100,300 Trading securities: Ford Motor Company stock, at current market value 90,000 $190,000
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-13
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-14 REPORTING ON THE INCOME STATEMENT Oracle reports its interest revenue, dividend revenue, and gains and losses as Other Revenue (Expense) on its income statement Other Revenue arises from activities other than the company’s main operations Operating income reports on Oracle’s success in its main operations
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-15 The gain or loss on the sale of trading securities is –The difference between the sale proceeds and last carrying amount of the investment –Reported as Other Revenue (Expense) on the income statement REPORTING ON THE INCOME STATEMENT
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-16 Available-for-sale securities are –All investment securities not classified as held-to-maturity or trading –Long-term investments –Reported on the balance sheet at market value SHORT-TERM INVESTMENTS (MARKETABLE SECURITIES)
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-17 Accounts and Notes Receivable
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-18 The Different Types of Receivables Receivables are –Monetary claims against businesses and individuals –Acquired by selling goods and services and by lending money
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-19 Accounts receivable (trade receivables) are –Amounts owed to the business by customers –Classified as current assets –Summarized in the general ledger control account showing the total amounts receivable from all customers –Detailed in the subsidiary ledger of accounts receivable with a separate account for each customer The Different Types of Receivables
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-20 Accounts Receivable Salazar Harris Aston Bal. 9,000Bal. 5,000 Bal. 1,000 Bal. 3,000 GENERAL LEDGER ACCOUNTS RECEIVABLE SUDSIDIARY LEDGER
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-21 A Note Receivable is –A formal promise made by a debtor in writing to pay the creditor a definite sum on a specific future date--the maturity date –A current asset if due within one year or less –A long-term receivable (investment) if due beyond one year The Different Types of Receivables
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-22 Other Receivables is a miscellaneous category that includes –Loans to employees –Loans to subsidiary companies The Different Types of Receivables
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-23 INTERNAL CONTROL OVER THE COLLECTION OF RECEIVABLES An important element of internal control of cash receivables is the separation of cash-handling and cash-accounting duties A bookkeeper should not both handle cash and make the journal entry for its receipt
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-24 ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS Selling on credit creates both a benefit and a cost: –The benefit - Customers who are unwilling or unable to pay cash immediately may make a purchase on credit, and company revenues and profits rise as sales increase –The cost - The company will be unable to collect from some of its credit customers
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-25 Accountants label this cost: –Uncollectible-account expense or –Doubtful account expense or –Bad debt expense There are two methods to account for uncollectible-account expense: –The allowance method –The direct write-off method ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-26 ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS The allowance method records collection losses on the basis of estimates instead of waiting to see which customers the business will not collect from The Allowance Method
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-27 The Allowance for Uncollectible Accounts (Allowance for Doubtful Accounts) is –An estimated amount of the receivables that the business expects not to collect –A contra account related to Accounts Receivable ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-28 ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS Subtracting the Allowance for Uncollectibles from Accounts Receivable yields the net amount that the company does expect to collect: Balance Sheet (partial): Accounts Receivable$10,000 Less: Allowance for uncollectible accounts (900) Accounts receivable, net$ 9,100 Balance Sheet (partial): Accounts Receivable$10,000 Less: Allowance for uncollectible accounts (900) Accounts receivable, net$ 9,100
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-29 ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS The income statement reports Uncollectible-Account Expense among the operating expenses: Income statement (partial): Expenses: Uncollectible-account expense$2,000 Income statement (partial): Expenses: Uncollectible-account expense$2,000
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-30 There are two basic ways to estimate uncollectibles: METHODS OF ESTIMATING UNCOLLECTIBLES ÀPercent-of-sales method ÁAging-of-accounts- receivable method
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-31 METHODS OF ESTIMATING UNCOLLECTIBLES Percent of Sales The percent-of-sales method –Computes uncollectible-account expense as a percentage of net credit sales –Is an income statement approach because it focuses on the amount of expense to be reported on the income statement
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-32 PERCENT-OF-SALES METHOD Assume it is December 31, 20X3, and the accounts have these balances before the year-end adjustments: Accounts Receivable 120,000 Allowance for Uncollectable Accounts 500
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-33 PERCENT-OF-SALES METHOD The credit department estimates that uncollectible- account expense is 1.5% of net credit sales, which were $500,000 for 20X3. The adjusting entry to record bad- debt expense for the year and to update the allowance is 20X3 Dec. 31 Uncollectible-Account Expense ($500,000 x 0.015)7,500 Allowance for Uncollectible Accounts 7,500 Recorded expense for the year 20X3 Dec. 31 Uncollectible-Account Expense ($500,000 x 0.015)7,500 Allowance for Uncollectible Accounts 7,500 Recorded expense for the year
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-34 PERCENT-OF-SALES METHOD Now the accounts are ready for reporting in the 20X3 financial statements Accounts Receivable 120,000 Allowance for Uncollectible Accounts 500 7,500 Bal. 8,000
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-35 The aging-of-accounts-receivable method –Analyzes specific individual accounts receivable according to the length of time they have been receivable –Is a balance-sheet approach because it focuses on accounts receivable METHODS OF ESTIMATING UNCOLLECTIBLES Aging of Accounts Receivable
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-36 AGING-OF-ACCOUNTS- RECEIVABLE METHOD For example, the credit department of Schmidt Builders Supply groups its accounts receivable into 30-day periods
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-37 AGING-OF-ACCOUNTS- RECEIVABLE METHOD Schmidt’s total balance of accounts receivable is $112,000. Of this amount the aging schedule indicates that the company will not collect $3,769. Schmidt’s accounts appear as follows before the year-end adjustment: Accounts Receivable 112,000 Allowance for Uncollectible Accounts 1,100
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-38 AGING-OF-ACCOUNTS- RECEIVABLE METHOD The aging schedule shows that the balance of the allowance account needs to be $3,769. To update the allowance, Schmidt makes this adjusting entry at the end of the period: 20X3 Dec. 31 Uncollectible-Account Expense2,669 Allowance for Uncollectible Accounts 2,669 (3,769 - 1,100) Recorded expense for the year 20X3 Dec. 31 Uncollectible-Account Expense2,669 Allowance for Uncollectible Accounts 2,669 (3,769 - 1,100) Recorded expense for the year
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-39 AGING-OF-ACCOUNTS- RECEIVABLE METHOD The balance sheet reports the amount that Schmidt expects to collect from customers, $108,231 (112,000 - 3,769), as follows: Accounts Receivable 112,000 Allowance for Uncollectable Accounts 1,100 Adj. 2,669 Bal. 3,769 Net accounts receivable, $108,231
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-40 For interim statements (monthly or quarterly), companies use the percent- of-sales method because it is easier to apply At the end of the year, these companies use the aging method to ensure that Accounts Receivable is reported at expected realizable value METHODS OF ESTIMATING UNCOLLECTIBLES Combining Percent-of-Sales and Aging Methods
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-41 Comparing Percent-of-Sales and Aging Methods Allowance Method Percent-of-Sales MethodAging-of-Accounts-Receivable Method Adjusts Allowance for Uncollectible Accounts BYTO Amount of UNCOLLECTIBLE-ACCOUNT EXPENSE UNCOLLECTIBLE ACCOUNTS RECEIVABLE
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-42 WRITING OFF UNCOLLECTIBLE ACCOUNTS Early in 20X4, Schmidt Builders Supply collects on most of its $112,000 accounts receivable as follows: 20X4 Jan. - Mar.Cash92,000 Accounts Receivable 92,000 Collected on account 20X4 Jan. - Mar.Cash92,000 Accounts Receivable 92,000 Collected on account
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-43 WRITING OFF UNCOLLECTIBLE ACCOUNTS Cash increases and Accounts Receivable decreases by the same amount. Total assets are unchanged: Stockholders’ Assets=Liabilities+ Equity +92,000+ 0+0 -92,000 Stockholders’ Assets=Liabilities+ Equity +92,000+ 0+0 -92,000
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-44 WRITING OFF UNCOLLECTIBLE ACCOUNTS Suppose Schmidt’s credit department determines that Schmidt cannot collect a total of $1,200 from customers Abbott and Smith. Schmidt’s accountant then writes off Schmidt’s receivables from the two delinquent customers with the following entry: 20X4 Mar. 31 Allowance for Uncollectible Accounts1,200 Accounts Receivable - Abbott 900 Accounts Receivable - Smith 300 Wrote off uncollectible accounts 20X4 Mar. 31 Allowance for Uncollectible Accounts1,200 Accounts Receivable - Abbott 900 Accounts Receivable - Smith 300 Wrote off uncollectible accounts
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-45 WRITING OFF UNCOLLECTIBLE ACCOUNTS The write-off of uncollectible accounts has no effect on total assets or any other account: Stockholders’ Assets=Liabilities+ Equity +1,200+ 0+0 -1,200 Stockholders’ Assets=Liabilities+ Equity +1,200+ 0+0 -1,200
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-46 WRITING OFF UNCOLLECTIBLE ACCOUNTS Because the write-off entry affects no expense account, it does not affect net income. The write-off has no effect on net receivables either, as shown below:
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-47 WRITING OFF UNCOLLECTIBLE ACCOUNTS Under the direct write-off method of accounting for uncollectible receivables –The company waits until it decides that a customer’s account receivable is uncollectible –The accountant records Uncollectible- Account Expense and writes off the customer’s Account Receivable with a credit The Direct Write-Off Method
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-48 WRITING OFF UNCOLLECTIBLE ACCOUNTS The Direct Write-Off Method 20X4 Jan. 2 Uncollectible-Account Expense2,000 Accounts Receivable - Jones 2,000 Wrote off bad account 20X4 Jan. 2 Uncollectible-Account Expense2,000 Accounts Receivable - Jones 2,000 Wrote off bad account
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-49 WRITING OFF UNCOLLECTIBLE ACCOUNTS The Direct Write-Off Method This method is defective for two reasons: ÀSince no Allowance for Uncollectibles is established, assets are overstated on the balance sheet ÁThe direct write-off may not match the uncollectible-account expense of each period against the revenue of the period in which the sale was made
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-50 NOTES RECEIVABLE The two parties to a note are –The creditor who has a note receivable –The debtor who has a note payable A promissory note serves as evidence of the debt The principle amount of the note is the amount borrowed by the debtor Interest is revenue for the lender and expense for the borrower
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-51 PROMISSORY NOTE $1,000.00Aug. 31, 20X2 Amount Date For value received, I promise to pay to the order of Continental Bank Chicago, Illinois One thousand and no/100------------------Dollars on August 31, 20x3 plus interest at the annual rate of 9 percent PROMISSORY NOTE $1,000.00Aug. 31, 20X2 Amount Date For value received, I promise to pay to the order of Continental Bank Chicago, Illinois One thousand and no/100------------------Dollars on August 31, 20x3 plus interest at the annual rate of 9 percent Principle Interest period starts Payee (Creditor ) Interest period ends on maturity date Interest rate Maker (Debtor)
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-52 NOTES RECEIVABLE The term of the note runs from August 31, 20X2, to August 31, 20X3, when Lauren Holland (the maker) promises to pay Continental Bank (the payee) the principal of $1,000 plus 9% interest for the year. After Lauren Holland signs the note Continental Bank gives her $1,000 cash. The bank’s entries follow, assuming a December 31 year end for Continental Bank: 20X2 Aug. 31 Note Receivable - L. Holland 1,000 Cash 1,000 Made a loan 20X2 Aug. 31 Note Receivable - L. Holland 1,000 Cash 1,000 Made a loan
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-53 NOTES RECEIVABLE At December 31, Continental Bank must accrue interest revenue for four months (September - December) as follows: Dec. 31 Interest Receivable ($1,000 x.09 x 4/12 )30 Interest Revenue 30 Accrued interest revenue Dec. 31 Interest Receivable ($1,000 x.09 x 4/12 )30 Interest Revenue 30 Accrued interest revenue
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-54 NOTES RECEIVABLE When the bank collects the note on August 31, 20X3, the bank’s entry is: 20X3 Aug. 31 Cash 1,090 Note receivable - L. Holland 1,000 Interest Receivable 30 Interest Revenue ($1,000 x.09 x 8/12 ) 60 Collected note at maturity 20X3 Aug. 31 Cash 1,090 Note receivable - L. Holland 1,000 Interest Receivable 30 Interest Revenue ($1,000 x.09 x 8/12 ) 60 Collected note at maturity
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-55 Some companies sell their merchandise on notes receivable (versus selling on accounts receivable) This arrangement often occurs when –The payment term extends beyond the customary accounts receivable period –A trade customer’s account receivable is past due NOTES RECEIVABLE
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-56 NOTES RECEIVABLE Some companies sell their notes receivable to financial institutions, who then collect the notes and earn the interest This practice is called discounting notes receivable because the seller receives a discounted price for the note The seller takes less money to receive immediate cash and shift the credit risk to another party
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-57 NOTES RECEIVABLE Discounting notes receivable is illustrated with the following entry for discounting a $100,000 note receivable for $96,000: Cash96,000 Interest Expense 4,000 Note Receivable100,000 Discounted a note receivable Cash96,000 Interest Expense 4,000 Note Receivable100,000 Discounted a note receivable
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-58 A contingent liability –Is a potential liability that will become an actual liability only if a potential event occurs –Is created for the seller when a note receivable is discounted –Is reported in the notes to the financial statements of the original payee NOTES RECEIVABLE
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-59 If the customer –Fails to pay the bank at maturity then the original payee must pay the bank the amount due –Pays the bank, then the original payee can forget the note NOTES RECEIVABLE
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-60 USING ACCOUNTING INFORMATION FOR DECISION MAKING The acid-test (or quick) ratio is a more stringent measure of the company’s ability to pay current liabilities than the current ratio: Short-term Net current Cash + investments + receivables Acid-test ratio = Total current liabilities Rule of Thumb: The higher the acid-test ratio, the better the business is able to pay its current liabilities
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-61 Days’ sales in receivables (average collection period) –Indicates how many days it takes to collect the average level of receivables The shorter the collection period, the more quickly the organization can use cash for operations –Can be computed in two steps as shown on the following slide USING ACCOUNTING INFORMATION FOR DECISION MAKING
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-62 One day’s sales = Net sales 365 days Days’ sales in average accounts receivable Average net accounts receivable Beginning net Ending net receivables + receivables One day’s sales == 22 Step 2 Step 1 Days’ Sales in Receivables
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-63 Days Sales in Receivables Rule of Thumb: Sales on net 30 terms should be collected within approximately 30 days. When there is a discount, such as 2/10 net 30, the collection period may be shorter.
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-64 REPORTING ON THE STATEMENT OF CASH FLOWS Because investment and receivables transactions affect cash, their effects must also be reported on the statement of cash flows –Collections of receivables from customers are cash receipts from operating activities –The purchase or sale of an investment is reported as an investing activity –The investing in and collection of a note receivable is an investing activity
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-65 REPORTING ON THE STATEMENT OF CASH FLOWS
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© 2001 Prentice Hall Business Publishing Financial Accounting, 4/e Harrison and Horngren 5-66 END OF CHAPTER 5
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