Ebook Corporate financial accounting (12/E): Part 2

Part 2 book “Corporate financial accounting” has contents: Receivables, fixed assets and intangible assets, current liabilities and payroll, investments and fair value accounting, statement of cash flows, financial statement analysis, corporations - organization, stock transactions, and dividends, and other contents. | Chapter Cavan Images/Riser/Getty Images 8 Receivables Oakley, Inc. T     he sale and purchase of merchandise involves the exchange of goods for cash. However, the point at which cash actually changes hands varies with the transaction. Consider transactions by Oakley, Inc., a worldwide leader in the design, development, manufacture, and distribution of premium sunglasses, goggles, prescription eyewear, apparel, footwear, and accessories. Not only does the company sell its products through three different company-owned retail chains, but it also has approximately 10,000 independent distributors. If you were to buy a pair of sunglasses at an Oakley Vault, which is one of the company’s retail outlet stores, you would have to pay cash or use a credit card to pay for the glasses before you left the store. However, Oakley allows its distributors to purchase sunglasses “on account.” These sales on account are recorded as receivables due from the distributors. As an individual, you also might build up a trusted financial history with a local company or department store that would allow you to purchase merchandise on account. Like Oakley’s distributors, your purchase on account would be recorded as an account receivable. Such credit transactions facilitate sales and are a significant current asset for many businesses. This chapter describes common classifications of receivables, illustrates how to account for uncollectible receivables, and demonstrates the reporting of receivables on the balance sheet. Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. 362 .

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