connect accounting chapter 7 homework answers

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Fundamental Financial Accounting Concepts with Connect Plus (8th Edition) Edit edition This problem has been solved: Solutions for Chapter 7 …

Use the Annual Report for T. Corporation found in the Appendix of the book to answer the questions.

First, calculate the Accounts Receivable Turnover for 2010 (the year ended January 29, 2011).

Accounts receivable turnover:

Accounts receivable turnover is a measure to find effective ness of the company in collecting of its debts. This ratio indicates how many times accounts receivable collected during an accounting cycle. A higher turnover is more favorable to the company since it indicates faster collection of its receivables, and lesser turnover is unfavorable. This ratio will be calculated by using following formula:

Use Sales of $65,786 million from the Consolidated Statement of Operations (which is the income statement). Use Credit Card Receivables, net of allowance from the Consolidated Statements of Financial Position (which is the balance sheet).

Accounts Receivable Turnover for T. for 2010 is 10.7, which tells you the company collects its average Accounts Receivable 10.7 times per year.

Next, calculate the Average Days to Collect Receivables. The Average Days to Collect Receivables measures how many days it takes to collect accounts receivable.

Divide 365 (# of days in a year) by the Accounts Receivable Turnover calculated above.

Average Days to Collect Receivables for T. for 2010 is 34.1 , meaning the company collects their receivables in an average of about 34 days.

Calculate the percentage of receivables that were expected to be uncollectible for 2010 and 2009 by dividing Allowance for Doubtful Accounts by Accounts Receivable.

Calculate the percentage of receivables that were expected to be uncollectible for 2010.

Total Accounts Receivable is equal to the Credit Card Receivables, net of allowance plus the Allowance since it is already taken out of the net number. Therefore, 2010 Accounts Receivable is $6,843 [$6,153 net AR + $690 Allowance].

The percentage of receivables the company thought would not be collected in 2010 was 10.1% .

Calculate the percentage of receivables that were expected to be uncollectible for 2011.

Total Accounts Receivable is equal to the Credit Card Receivables, net of allowance plus the Allowance since it is already taken out of the net number. Therefore, 2011 Accounts Receivable is $7,982 [$6,966 net AR + $1,016 Allowance].

The percentage of receivables the company thought would not be collected in 2011 was 12.7% .

Explanation:

According to Footnote #10 Credit Card Receivables, T. writes off accounts when they become 180 days past due.

Corresponding textbook

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Acct 2301 Connect for introduction

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Principles of financial accounting, mcgraw-hill connect-learning module system (lms) for this course, dear students:.

Your instructor and our entire Accounting Department staff welcome you to Accounting 2301. Starting with Fall 2021, we are using the Eighth (8th) Edition Financial Accounting Fundamentals by Wild by Publisher McGraw Hill. This book and its LMS include several new features that

should help you succeed in this course.

The following is a brief explanation of the layout of the Connect LMS. We cover twelve chapters (12) but always check with your instructor and the syllabus for any changes.

When you open the course in Connect you will notice the following groups:

Connect Orientations: Allows you practice to help you familiarize yourself with Connect

Connect Additional Information on the following: Registration, Navigating Connect, Connect Help desk and Checking to see if your computer is compatible

Student resources-Power Point Slides for each chapter.

Chapter Solutions-Solutions to the exercises/problems in the back of each chapter. These items are considered ‘static’ because the text printed material will never change. Your individual homework assignments will use the same structure as the original static problem but will have individually different numbers. This is referred to as ‘algorithmic’ generation.

Chapter notes and outline is providing a synopsis of each chapter.

Each chapter is divided into Non-Graded and Graded  The non-graded group is there for your benefit but are not graded and not required Lecture Video and Smart Book-See Connect Orientations on how to navigate Smart Book. Also chapter outline is provided.  Graded group will normally lecture videos, end of chapter exercises, Data Analytic problem (tableau) and multiple-choice quizzes. (See Connect Orientation videos). Each chapter has a maximum point value of 100 points. Please refer to your syllabus for how much homework is as a percentage of your overall grade. It is not required but is highly suggested to get a better understanding of the chapter that you work the assignments in the order given.

Each of the assignments labeled exercises and problems have unlimited check my works where you can keep checking your work to see if you progress is right or wrong. The system will not tell you if something is missing, only what you have done is right or wrong. Normally after your first submission you will have a second attempt and the system will take the highest grade. Also, each end of chapter exercise/problems will have a Hint button which is a short video on how to work the exercise. There is also an ASK button for normally each assignment that when you are having difficulties you can ASK your instructor a question while you are still in Connect. Verify the above information with your instructor if there may be any changes. Verify with your instructor if they do allow ASK and what the time frame for responses are. Make sure that you understand how to review the instructor’s responses that are recorded for your review in Connect.

Quizzes do not have unlimited check my works or hints but normally the policies do allow a second attempt and the highest grade is taken. Verify your syllabus.

The extra credit Excel: The student must review the Connect orientation provided in the Connect on how to work this assignment. The excel assignment also has a Show Me and Hint button in the bottom right of the excel to assist you. Each instructor sets the number of attempts per cell and the number of submissions. (The excel cells has 10 attempts and allows 2 submission attempts.

Most Important: On the first day of class review the due dates in Connect for all your chapter assignments. Review the due dates on put those dates and time on your calendar. Be a good manager of your time to avoid missing the due date.

• Multiple Choice

Course : Accounting Principles 1 - Financial (ACCT 2331 )

University : houston community college.

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