Bad Debt College Essays Samples For Students

Lesson 7: The Budget Process

Lesson 8: Who Pays for Resident Care?
Lesson 9: Inventories and Purchasing
Lesson 7: The Budget Process
- Describe the budget development process for an actual nursing facility
- Nature of budget process
Modern approaches require that small hospitals’ budgets reflect statistical; operating; capital and cash financial statements. Hospitals prepare their budgets based on anticipated income from patients through private insurance; Medicare/Medicaid. The process involves a top down’ ‘bottom up’ approach. The top down is the first step whereby team leaders/ supervisors set their profitability margin for the coming year. Once this aspect of the ...

The credit policy of a business should be customer friendly and should provide adequate time to the customer for the payment for purchase or service. To successfully manage credit, a company needs to place importance on new customers and not only focus on the old customers. It will be important to reach out to new customers who will increase their reach as well as revenue, credit management enables the company to improve on their policies and regularize the cycle of receivables. The most important part about credit management is the collection and unpaid collection. A company needs to maintain ...

- Cash Equivalents
The company has entered into arrangements with its partnering distribution clients that designated cash accounts to UTIW from receivables from the end clients of its distribution partners. These cash accounts are identified as the company as “cash equivalents”. As of 2013, the company’s cash equivalents were reported as US$ 27.6 million as of January 31, 2013 and US# 37.4 million as of January 31, 2012.
UTIW often acts as a customs broker. When the company does this act in behalf of its clients, it pays in advance for customs duties and taxes. These payments ...

Part A: Journal Entries to record accounting transactions

1. On December 31st the company sells on credit $5,000 of goods which had been bought a month previously at a cost of $3,500:

Debtors A/cDr5000

Cost of Goods Sold.Dr..3500
2. On December 31st the company sells an unwanted machine for $1,500. The machine was bought at the beginning of 2012 for $8,200 and was expected to be used for three years after which its value had been forecast to be $1,000.

Cash A/c.Dr 1500

Depreciation of Machinery A/c..Dr 7200
3. On January 2nd the company paid $500 by check for a three year buildings insurance policy.
Insurance Premium ...

Question one

Many firms with ambitions of increasing their market share may offer goods and services on credit. Some of the customers offered credit may not settle their accounts. This results to bad debts and must be accounted for in company’s books of account. There are two ways of accounting for bad debts i.e direct write off method and allowance method. In direct write off method bad debts are recognized only when the company is sure that the customer will never settle his or her account i.e. the debt is uncollectable. To account for the bad debt the company accountant ...