ACCT1101 - Introduction to Financial Accounting Assignment Questions (Ex9-14, P9-3B, P9-4B) Ex 9-14 Accounts receivable turnover The following information is from the annual financial statements of Waseem Company. Compute its accounts receivable turnover for 2014 and 2015. Compare the two years results and give a possible explana- tion for any change (competitors average a turnover of 11). Net sales Accounts receivable, net (year-end) Cash sales Credit sales........ 2015 Accounts receivable Allowance for doubtful accounts 2014 $305,000 $236,000 22,900 20,700 P 9-3B - Estimating and Reporting Bad Debts At December 31, 2015, Klimek Company reports the following results for the year. $1,015,000 1,241,000 In addition, its unadjusted trial balance includes the following items. $475,000 debit 5,200 credit 2013 $288,000 17,400 Chapter 9 There was objective evidence that 9% of a $50,000 debt owed by a debtor, Kem Company, would most probably be uncollectible. An aging analysis of the rest of the accounts receivables indicated that an esti- mated 4% of these accounts would not be collectible. Required 1. Prepare the adjusting entry for Klimek Co. to recognize bad debts. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2015, statement of financial position.

Assignment Questions (Ex9-14, P9-3B, P9-4B) Ex 9-14 Accounts receivable turnover The following information is from the annual financial statements of Waseem Company. Compute its accounts receivable tumover for 2014 and 2015. Compare the two years results and give a possible explanation for any change (competitors average a turnover of 11). P 9-3B - Estimating and Reporting Bad Debts At December 31, 2015, Klimek Company reports the following results for the year. In addition, its unadjusted trial balance includes the following items. There was objective evidence that 9% of a $50,000 debt owed by a debtor, Kem Company, would most probably be uncollectible. An aging analysis of the rest of the accounts receivables indicated that an estimated 4% of these accounts would not be collectible. Required 1. Prepare the adjusting entry for Klimek Co, to recognize bad debts. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2015 , statement of financial position