intermediateaccountingtherevenue47receivables47cashcycle-資料下載頁
2025-08-10 18:13本頁面
【導(dǎo)讀】abusiness.orreplacement.operatingasset.borrowingorsale.flows.cycleofabusiness.credit.account.Tradereceivables—mostsignificant. customers.Notesreceivables—tradereceivables. replacement.thetimeofpayment.customer.Grossmethod. Netmethod
【正文】 82 (continues) 783 784 Derecognition of Receivables: IAS 39 The purpose of the three conditions in SFAS No. 140 is to identify receivable transfers in which economic ownership of the receivables has been transferred. IAS 39 contains the same concept but applied slightly differently. 785 IAS 39 contains a 2step test for derecognition. 1. Determine whether the receivable transfer involves a transfer of “substantially all of the risks and rewards of ownership of the [receivable].” If so, the transfer is accounted for as a sale of the receivable. (continues) Derecognition of Receivables: IAS 39 786 2. If the receivable transfer does not involve the transfer of substantially all the risks and rewards of ownership, determine whether control of the receivable has been transferred. If so, account for the receivable transfer as a sale. If not, the transfer is treated as a secured loan. Derecognition of Receivables: IAS 39 787 Describe proper accounting and valuation of notes receivable. OBJECTIVE 7 788 Notes Receivable A promissory note is an unconditional written promise to pay a certain sum of money at a specified time. ? The note is signed by the maker and is payable to the order of a specified payee or bearer. ? Notes usually involve interest stated at an annual rate. 789 Example: Notes Receivable ? High Value Corporation sells goods on January 1, 2020, with a price of $1,000. The buyer gives High Value a promissory note due December 31, 2020. The maturity value of the note includes interest at 10%. ? High Value will receive $1,210 ($1,000 ? future value factor) when the note is paid. 790 Example: Notes Receivable 791 Special Valuation Problems ? When a note is exchanged for cash: ? It should be recorded at its face amount. ? Any difference between face and cash proceeds― record as premium or discount on the note. ? When a note is exchanged for property, goods, or services: ? The present value of the note is found in the terms of the note or supporting documents. ? If there is no current market price for the property, goods, or services or the note, then use an imputed interest rate. 792 Note Exchanged for Property Illustration On July 1, 2020, Timberline Corporation sells a tract of land purchased three years ago at a cost of $250,000. The buyer gives Timberline a 1year note with a face amount of $310,000, bearing interest at a stated rate of 8%. The market value of the land is $300,000. (continues) 793 July 1 Notes Receivable 310,000 Discount on Notes Receivable 10,000 Land 250,000 Gain on Sale of Land 50,000 2020 The unamortized discount balance would be subtracted from Notes Receivable on the December 31, 2020, balance sheet. Note Exchanged for Property Illustration 794 Imputing an Interest Rate If there is no current market price for either the property, good, or service or the note, then the present value of the note must be determined by selecting an appropriate interest rate. The imputed interest rate is determined at the date of the exchange and not altered thereafter. 795 Horrocks amp。 Associates accepted a $45,000 note as payment for services. The note is noninterestbearing and es due in three yearly installments of $15,000 each, beginning December 31, 2020. Assume there is no market value for the note and no objective way to determine the value of the service. (continues) Imputing an Interest Rate 796 The putation is based on the present value calculations as follows: Face amount of note $45,000 Less present value of note PV: PMT = $15,000。 N = 3。 I = 10% 37,303* Discount on note $ 7,697 The entry to record the receipt of the note would be: Imputing an Interest Rate 797 A schedule showing the amortization of the discount on the note follows. Imputing an Interest Rate 798 Understand the impact of uncollectible accounts on the statement of cash flows. OBJECTIVE 8 799 Impact of Uncollectible Accounts on Cash Flows ? A decrease in receivables can occur when the: ? Customers pay on account ? Customers never pay and the account is written off ? To find the cash provided by operations: ? Adjust for a change in the Accounts Receivable balance. ? Adjust for changes in the Allowance for Bad Debts account. 7100 Illustration of Impact of Uncollectibles on SCF (continues) 7101 (continues) Illustration of Impact of Uncollectibles on SCF 7102 (continues) Illustration of Impact of Uncollectibles on SCF 7103 Illustration of Impact of Uncollectibles on SCF 7104 Chapter 7 The End
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