First Financial Asset Management Deploys Debt Collection Solution from ... MarketWatch (press release)
Company."Latitude software's open architecture and multitude of pre-built custom interfaces has enabled us to quickly and easily integrate it with our back-office accounting and IT systems, which has resulted in reduced labor and programming costs," said FFAM's chief investment strategist and EVP, Matthew Maloney. "Combined with cost-effective Latitude licensing and efficiencies gained in our accounting, IT, and client service departments, we've saved more than $250,000 annually since deploying the software in 2004."
FFAM, an accounts receivable management and debt purchasing firm, replaced a legacy debt collection product with Latitude Center, a software suite designed to streamline and manage the entire collection and portfolio management process, as well as track collection agent goals and productivity.
Latitude Center supports FFAM's more than 300 employees, including collection agents and debt portfolio managers located at the company's headquarters in Atlanta, Ga., and offices in Phoenix, Ariz., and West Palm Beach, Fla.
Accounts Receivable Management & Debt Collection Solutions
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HELP - Urgently require casual\short term work – HELP ?
Looking for short term or casual work in Melbourne’s
City\Southeast Suburb’s, Hardworking mature adult, responsible, reliable and punctual. With strong background in Accounts Receivable, Debt Collection, Call Centre, Forklift & Warehouse work.
Available until end of Jan for any work. If anyone knows of anything advertised at the moment, has any contacts or can provide any advise, it would be much appreciated.
Thanks in advance!
Go to "seek", they have heaps of jobs. Toll personnel are also advertising for staff, they are in Altona.
Bad debt collection - True of False?
James is in the business of debt collection. He purchased a $20,000 account receivable from Green Corporation for $15,000. During the year, James collected $13,000 in final settlement of the account. James can take a $7,000 bad debt deduction in the current year.
YOu are not the only one who met this problem,I have met this type of problem before.I have good experience here http://www.DebtFreetips.info/debt-free.htm to solve my similiar problem.
In financial accounting, how do you account for bad debts using the % of accounts receivable approach?
I'm in a financial accounting class and, using the allowance method, estimate the bad debts using the "percentage of accounts receivable" approach, and I can't seem to figure it out. Here's the problem:
At the beginning of 2008, EZ Tech Company's accounts receivable balance was $140,000 and the balance in Allowance for Doubtful Accounts was $2,350 (cr.). EZ Tech's sales in 2008 were $1,050,000, 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year.
Prepare journal entries to recognize bad debts assuming amounts expected to be uncollectible are 6% of the year-end accounts receivable.
Anyone know how to do this?
First you need to update your AR balance at year end.
140k beg balance + additional AR for the year (1,050k x 80%) - collection (670k) - the w/off (an AR w/off entry is Dr. Allowance Cr.AR) = 306k
Now looks at the allowance a/c. Beg bal = 2,350 BUT you have a w/off during the year of 4k . With the w/off, your balance has actually become DR of 1,650. NOT long because the you need to reflect the allowance a/c to be 6% of the year end AR balance of (6% x 306k = 18,360).
So, in your journal, you need to post
Dr. Bad debt expense
Cr. Allowance of (18.36k + 1.65k)
so that your balance becomes 18,6k CREDIT.
Cheers...
Cheers...
someone please help me with my personal finance!! cant afford to get any wrong!20 points!!?
1. Which of the following is not a core module of accounting? (1 point)
Accounts receivable
Accounts payable
Debt collection
Purchase orders
2. Which of the following is not a core module of accounting? (1 point)
Accounts receivable
Billing
Stock inventory
Debt collection
3. What is a general ledger also known as? (1 point)
A normal ledger
A nominal ledger
An enumerated ledger
None of the above
4. Which of the following is not one of the seven basic accounting categories? (1 point)
Asset
Gains
Losses
Investment
5. The listing of the account names and the sum of the account balances is called what? (1 point)
A total balance
A complete balance
An absolute balance
A trial balance
6. Which of the following should not be included in a general ledger? (1 point)
Date
Description
Total amount for each account
All of the above
7. Why kind of statment is also known as a profit and loss statement? (1 point)
Complete statment
Income statement
Investment statment
Earnings statment
8. What kind of statment shows how changes in balance sheet and income accounts affected cash and cash equivalents? (1 point)
Cash flow statement
Investment statement
Earnings statement
Income statement
9. A balance sheet is often described as a of the company's financial condition on a given date. (1 point)
Picture
Snapshot
Photo
Slideshow
10. What is the purpose of an income statement? (1 point)
To show managers and investors whether the company is up-to-date on taxes
To show managers and investors whether the company is spending its money appropriately
To show managers and investors whether the company made or lost money during the period being reported
None of the above
1. Purchase Orders
2. Stock Inventory
3. Nominal Ledger
4. Investment
5. Trial Balance
6. All of the above
7. Income Statement
8. Cash Flow Statement
9. Snapshot
10. To show managers and investors whether the company made or lost money during the period being reported.
2. Stock Inventory
3. Nominal Ledger
4. Investment
5. Trial Balance
6. All of the above
7. Income Statement
8. Cash Flow
9. Snapshot
10. # 3
If a company has an acid-test ratio of 1.2:1, what respective effects will the borrowing of cash by short-term
debt and collection of accounts receivable have on the ratio?
Short-term Borrowing Collection of Receivable
a. Increase No effect
b. Increase Increase
c. Decrease No effect
d. Decrease Decrease
Acid test ratio = (cash + marketable securities + net receivables) / current liabilities.
In the first scenario, you are going to increase cash and increase current liabilities. It's tricky because it seems like it would no effect as they would cancel each other out, however, that's not the case. You will actually decrease your quick ratio (acid test).
In the second scenario, you will increase cash and decrease your net receivables. Both of these will only affect the numerator of the equation and net each other out, so you will have no effect.
Final answer is C.
Hope this helps.
What are amounts for the bad depts expense and allowance for doubtful accounts?
Ming Company began operations on January 1, 2008. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows:
2009
e.
Sold $1,517,800 of merchandise (that had cost $1,302,200) on credit, terms n/30.
f.
Wrote off $32,600 of uncollectible accounts receivable.
g.
Received $1,118,100 cash in payment of accounts receivable.
h.
In adjusting the accounts on December 31, the company estimated that 1.3% of accounts receivable will be uncollectible.
Required:
Prepare journal entries to record Ming’s 2008 and 2009 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
what is h ??? what are the amounts for the bad depts expense and allowance for doubtful accounts?
Do you know what "T" accounts are?
Record each transaction in the correct T account. Then, for h, it says you want to balance in the allowance for uncollectible accounts to equal 1.3% of what the balance is in the A/R account. Go ahead and compute 1.3% of the A/R.
Now comes the tricky part. What ever the balance is in the allowance account, make an adjusting entry to make it 1.3% of A/R, either a debit or a credit. The tricky part is the other side of the entry is posted to bad debt expense.
I'm working on a problem for my accounting class and I've gotten stuck, I think. I want to see if I'm doing ?
this right.
Problem 2: Bad debt expense
The following information is available for Jones Company, which uses the allowance method of
accounting for bad debts.
Accounts receivable balance, 1/1/08 $25,000
Allowance for Doubtful Accounts, 1/1/08 150
Sales on account, 2008 552,250
Collection on accounts receivable, 2008 402,200
Jones estimated that 2% of sales on account will be uncollectible.
Required: Prepare horizontal analysis entries for the following events:
A. 2008 sales.
B. 2008 collections on account.
C. After several attempts at collection, Jones wrote off an account of John Smith for $200 that
could not be collected.
D. Bad debt expense for 2008.
E. John Smith unexpectedly paid the $200 owed.
A. 2008 sales.
Dr Accounts receivable $552,250
Cr Sales $552,250
B. 2008 collections on account
Dr Cash $402,200
Cr AR $402,200
C. After several attempts at collection, Jones wrote off an account of John Smith for $200 that could not be collected
Dr Allowance for Doubtful Accounts $200
Cr Accounts receivable - John Smith $200
D. Bad debt expense for 2008
Dr Bad debt expense $11,045
Cr Allowance for Doubtful Accounts $11,045
E. John Smith unexpectedly paid the $200 owed
Dr Accounts receivable - John Smith $200
Cr Allowance for Doubtful Accounts $200
(To reestablish an account previously written off via the reversal of the entry recorded at the time of write off)
Dr Cash $200
Cr AR $200
What is the cash and merchandise inventory amounts?
Ming Company began operations on January 1, 2008. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows:
2008
a.)Sold $1,347,700 of merchandise (that had cost $982,500) on credit, terms n/30.
b.)Wrote off $20,700 of uncollectible accounts receivable.
c.)Received $671,100 cash in payment of accounts receivable.
d.)In adjusting the accounts on December 31, the company estimated that 1.3% of accounts receivable will be uncollectible.
Prepare journal entries to record Ming’s 2008 and 2009 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
what is d.)? What is the Merchandise inventory and cash amounts?
Accounting question bad debt expense #3?
A company started the year with Accounts Receivable of $15,000 and an Allowance for Uncollectible Accounts of $3,500 (credit). During the year, sales (all on account) were $110,000 and cash collections for sales amounted to $105,000. Also, $2,000 worth of uncollectible accounts were specifically identified and written off. Then, at year-end, the company estimated that 15% of ending Accounts Receivable would be uncollectible. Answer the questions below.
Requirement 1:
What is the journal entry to record bad debts expense? (Omit the "$" sign in your response.)
General Journal
Debit
Credit
(Click for List) Cash Accounts receivable Allowance for uncollectible accounts Sales Write-off expense Bad debt expense Net realizable value Sales returns and allowances Allowance expense Notes receivable
(Click for List) Cash Accounts receivable Allowance for uncollectible accounts Sales Write-off expense Bad debt expense Net realizable value Sales returns and allowances Allowance expense Notes receivable
--------------------------------------------------------------------------------
Requirement 2:
What amount will be shown on the year-end income statement for Bad Debts Expense? (Omit the "$" sign in your response.)
Bad debt expense
$
Requirement 3:
What is the balance in the Allowance for Uncollectible Accounts after all the adjustments have been made? (Omit the "$" sign in your response.)
Allowance for Uncollectible Accounts
$
take your homework to the homework section!!!
I have trouble solving this wiley plus accounting problem do any know how to solve this problem?
P8-2A Journalize receivables transactions.
At the beginning of the current period, Fassi Corp. had balances in Accounts Receivable of $400,000 and in Allowance for Doubtful Accounts of $22,000 (credit). During the period, it had net credit sales of $880,000 and collections of $951,000. It wrote off accounts receivable of $20,000. However, a $4,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,000 at the end of the period.
Instructions
1. Prepare the entry to record sales and collections during the period.
2. Prepare the entry to record the write-off of uncollectible accounts during the period.
3. Prepare the entries to record the recovery of the uncollectible account during the period.
4. Prepare the entry to record bad debts expense for the period.
5. Determine the ending balances in Accounts Receivable $ and Allowance for Doubtful Accounts. $
GENERAL JOURNAL
Date Account Titles and ExplanationsDebitCredit
(a) 880,000
880,000
951,000
951,000
(b) Allowance for Doubtful Accounts
Accounts Receivable
(c) Accounts Receivable
Allowance for Doubtful Accounts
4,000
4,000
(d) Bad Debt Expense
Allowance for Doubtful Accounts
thank for your help
1) to record sales: DR Accounts Receivable, CR Sales for $880,000
1) to record collections: DR Cash, CR Accounts Receivable $951,000
2) to record write-off: DR Allowance for Doubtful Accounts, CR Accounts Receivable $20,000
3) to record recovery: DR Cash, CR Bad Debts Expense $4,000 (Although you could possibly post the credit to Allowance for Doubtful Accounts)
4) to record bad debt expense: DR Bad Debts Expense, CR Allowance for Doubtful Accounts $22,000
5) ending balance of Accounts Receivable $329,000 DR, ending balance of Allowance for Doubtful Accounts $23,000 CR
Stimulate Company Growth Using Accounts Receivable Factoring
Receivable factoring is the sale of part or all of a debt that someone owes to your company. When companies purchase a debt through accounts receivable factoring, they pay your bill at a discount. She then immediately collect the debt of the company that owes you money. Receivable factoring is different from the use of your debtors as collateral loan because you outright sale of some or all of your claim on a factor such as a bank or insurance company at a discount. You do not collect the debt to you on that account any more, but you do not have to worry about loan repayments.
Accounts receivable factoring makes up about one third of all loans secured by U.S. companies with accounts receivable and inventory as collateral, it's not an uncommon practice. And accounts receivable factoring can help you get great jobs that you otherwise would not be able to manage.Consider the following scenario: you have ten thousand U.S. dollars in cash on hand, the majority of that is now spent on payroll or debt payment. As a relatively new company, you do not have enough credit to your accounts receivable as collateral for a loan.
A major new account available, and you bid on and win. The problem is, you only need a staff of fifteen people, and the new contract requires that you expose them to twenty people, some new computers to buy, and space for new staff to the work of finding. And you must do this immediately.Your ten thousand U.S. dollars is not enough to do this, and you can not get a loan. But you can participate in debt factoring, selling your current progress in a small discount, and immediately the money on hand in order to hire staff, rent space and purchase your required equipment.
Another opportunity – you have a large amount owed to you as the debtor, but a company is far too slow to pay, despite the penalties for late payment. You can sell your non-overdue debts to a debt factoring agent to maintain your cash flow, and penalties for late payment applied to the other company, you'll probably break even. Using Accounts Receivable Factoring WiselyWhen a part of or all of an account to sell a debt factoring company, try a personal recommendation for the company to get a trusted employee: another company officer, a trusted friend, a bank, etc.
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2008 M&A Activity in the Debt Collection and Accounts Receivable ... - Creditman 2008 M&A Activity in the Debt Collection and Accounts Receivable Rockville, MD: January 8, 2009 – The total deal value for mergers and acquisitions in the debt collection / accounts receivable management industry (ARM) |
