Colony Financial Announces Second Quarter Transaction Activity Totaling $170 ... MarketWatch (press release)
Today announced that it closed five new transactions totaling approximately $170 million of equity participation during May and June 2011, with the largest two transactions accounting for $125 million of the total. Of the total amount invested by the Company during May and June 2011, 57% was comprised of loans that the Company acquired and 43% was comprised of loans that the Company originated. Collectively, these transactions represent the investment of more than 60% of the net proceeds from the follow-on equity offering that the Company completed in April 2011."Our second quarter investment activity puts us on pace to fully deploy our recent equity follow-on proceeds before the end of the third quarter, as suggested during our last earnings call," said Richard Saltzman, the Company's President and Chief Executive Officer. "From a portfolio perspective, our recent investments thematically resemble both our earlier transactions and the opportunities we are pursuing in our robust deal pipeline, with a balance of loan acquisitions and originations, broad diversity by product type and geography, and a blend of current yield and capital appreciation potential that combine to offer attractive risk-adjusted expected returns."
Drunk with Debt (a St. Patrick's Day special)
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How do i figure out the bad debt expense and net value of accounts receivable using the adjusted trial balance
the question says, three fourths of the company's revenue is on credit. estimate the bad debt expense and prepare the appropriate journal entry for the company using the net sales method. Also compute the net value of the accounts receivable under each method.
Included is the Adjusted trial balance
Some one please help, thanks
When it is highly probable that some accounts will prove uncollectible and the dollar amount can be reasonably estimated, estimates of bad debt expense should be made and recorded in the period in which the sale takes place.
Two methods of accounting for uncollectible accounts are used in practice—the allowance method and the direct writeoff method.
When the seller can make a reasonable estimate of the dollar amount to be written off, the allowance method should be used.
The allowance method provides an expense for
uncollectible receivables in advance of their write-off. The use of the allowance method serves two purposes. First, it reduces the value of the receivables to the amount of cash
expected to be realized in the future. Second, it matches the uncollectible expense of the current period with the related revenues of the period.
The allowance for uncollectible accounts is reported on the balance sheet as a deduction from accounts receivable and is called a contra asset account. Because the receivables
are reported net of the allowance, the net receivables balance is the amount of cash that is expected to be collected in the near future and thus satisfies the financial reporting objective of providing information about future cash inflows to the company.
The estimate of uncollectibles at the end of a fiscal period should be based on past experience and forecasts of future business activity. When the general economic
environment is favorable, the amount of the expense should normally be less than when the trend is in the opposite direction.
Listed below are the three generally accepted procedures that may be used in applying the allowance method.
1. Percentage of Credit Sales—This estimate of uncollectible accounts is based on a historically determined percentage of each period’s credit sales. For example, if your company’s experience indicates that ultimate uncollectible accounts average about two percent, an adjusting entry would be made at year-end that expenses two percent of the receivables with an offsetting credit to the reserve for
bad-debt.
2. Percentage of Ending Accounts Receivable—Under this method the percentage of the ending balance of accounts receivable not expected to be collected is determined. The allowance account is then adjusted to equal this percentage. The method emphasizes valuation of the receivables at net realizable value on the balance sheet.
3. Aging of Accounts Receivable—This method is similar to Percentage of Ending Accounts Receivable, but it is a more precise variation. Aging considers that the longer a receivable is outstanding, the less likely it is to be collected. A separate estimate of the percentage of uncollectibles is applied to each age classification group instead of applying an overall percentage.
The allowance method emphasizes reporting uncollectible accounts expense in the period in which the sales occur. This emphasis on matching expenses with related revenue is the preferred method of accounting for uncollectible receivables.
In situations in which it is impossible to estimate, with reasonable accuracy, the uncollectibles at the end of the period, the direct write-off method should be used. Under
the direct write-off method, no entries are made until a customer actually defaults on payment, at which time the uncollectible account receivable is written off; therefore, no
allowance account is required.
Email me at kthomsonwrh@yahoo.com and I'll give you my phone number if you are unsure of which to use.
What is the balance in the debt column of the adjusted trial balance from the journal entries below?
Slater Photography account balances at 12/31, 20x4, before recording adjusting entries:
cash $26,667 debit
prepaid insurance $450 debit
film on hand $250 debit
cameras $20,000 debit
accumulated depreciation - cameras $3,667 credit
accounts payable $7000 credit
unearned revenue $5,700 credit
note payable $3000 credit
capital stock $1000 credit
retained earnings $5800 credit
dividends $1200 debit
revenue $28000 credit
utilities expense $3200 debit
salaries expense $2400 debit
insurance policy is dated 12/1; the monthly insurance is $50.
film on hand on 12/31, 20x4, was $180
cameras were purchased on 1/1; 20x4. with an estimated life of 5 years.
the balance in unearned revenue is $2000.
interest owed by not paid on the note was $30.
salaries owed but not paid at 12/31 were $2000.
Adjusted trial balance :
cash $26,667 debit
prepaid insurance $400 debit
film on hand $180 debit
cameras $20,000 debit
accumulated depreciation - cameras $7,667 credit
accounts payable $7000 credit
salaries payable $2000 credit
unearned revenue $2000 credit
note payable $3000 credit
interest payable $30 credit
capital stock $1000 credit
retained earnings $5800 credit
dividends $1200 debit
revenue $31700 credit
insurance $50 debit
film expenses $70
interest on note payable $30
depreciation - cameras $4,000 debit
utilities expense $3200 debit
salaries expense $4400 debit
Total in debit column : $60,197
Total in credit column : $60,197
Which is greater? 2006 (2007 not available) Adjusted Gross Income of the U.S. or the current national debt?
National Adjusted Gross Income is all the money taxpayers earned and filed on their tax returns.
One is $8.0T and the other is $9.4T.
Is it conceivable that all the people in the richest country in the world could work for an entire year just to pay off the debt and we would still owe over $1.4T?
By the way, our private debt is $13.8T.
Maybe, just maybe, we should be doing something about this house of cards.
Maybe reflecting on the country's total expenses, investigating the wasteful expenditures and improving the situation from there can help.
Possibly, your war against terror hit your wallets hard. Is this reversible?...hmmm
How much does your credit score increase with each final payment of a debt?
I recently purchased 9 books about how to raise your credit score and have recently paid off some student loans and credit cards...I have one student loan remaining and one small credit card balance...The ones I paid off were outstanding as far as being overdue...I want to know about how much my credit score adjusts with the payment of these debts after about 3 months once my credit reports reflect this...
The trick to fixing your score is getting the creditor to remove the negative entry on your credit report. Once you have paid them back, you are going to find it very difficult to get them to cooperate with you and fix it.
Tbat's why I recommend that people get an agreement IN WRITING that they will remove the entry once the bill is paid.
At this point, you are screwed. Just placing "paid" on your account does NOT remove the negative entry, and will only have a minor effect on your score.
All you can do now is call the creditor and politely ask them to please fix your credit report by removing the entry.
Good luck.
www.creditexpert.com ( experian )
www.truecredit.com ( trans union )
www.equifax.com ( equifax )
Anyway, if these accounts are deliquent right now, and after you pay them off, your score may come up a bit, but not much. What you NEED is a number of good history accounts. You usually see score increases in 3 month increments, gradually getting higher with time. Dont close out your credit card, keep it open, but keep a next to zero balance on it at all times.
The key to a good score is having at least 2 credit cards with under 30 percent balance, in comparison to your available credit line, a car loan or instalment loan , and NO late payments in the last 6 months.
If you have old bad accounts, scrub them off. Subscribe to the watch dog services, get on ezboard.com and look for credit repair advice, the info is out there, for free. Just have to know where to look.
Good Luck !
How to resolve my credit card debt issue? I am in a collection status, how can I deal with that?
An unexpected payment of $2,499.06 was posted to my Citi account on May 27th, 2005. The payment posted in error was corrected on the statement of 12/10/2005. . I was unaware of this matter until I was notified by Citi reporting my default on payment. At that time, I was in a debt consolidation program (American Debt Consolidation Inc.) which they consolidate my credit card debt and make automatic payments to my creditors. The debt consolidating program stopped making payment to Citi because they found that my balance was already paid in full since May 2005. That causes extra late fee and over-credit limit fee were billed to my account after my balance was adjusted on 12/10/2005. As of May 2005, my balance was $2,023.76 according to the statement of 06/06/2005.During that period, I was trying to contact my creditor to discuss the matter. I have already explained the issue to several representatives of my creditor. Unfortunately, no further progress was made till now.
I was trying to work with my debt consolidation program to resolve this issue. But it seems they are not very being active on this matter. I started to lose interested to working with them since it is very time consuming (they said it takes at least 3 month to send out the proposal and let the creditor to review it before making decisions). So I rather directly negotiated with my creditor instead. But I feel that it is useless to talk to customer reps because they are not authorized to lower my interest rate and elimate my over credit limit fee, pulse it hard to put the manger or related department head on the line. On the collection agency side, they are trying to help me with paying only 80% of the total debt. But I still don't think it is fair to me because it is my creditor's fault on the mis-posted payment at the beginning. My debt raises up to around $3000 with interest rate of 29% from May 2005 till now. My beginning banlance was around $2000.
Cant the American Debt Consolidation business help you with this since you were enrolled with them at the time and this creditor was on your list?
Plus, the credit card company should of informed the Debt Consolidation people of this mistake. They should of informed you that the debt was paid off since they considered it paid in full and quit paying on the debt on your behalf.
If not call the Consumer Protection Agency in your area, they will help you and will be a third party witness on your behalf. They are like mediators when there are desputes.
Just some suggestions
Good Luck
Dee
Start by getting all your documents in order. If you can prove this is their fault, then send them a CERTIFIED letter, return receipt. Show them how the error is their fault. Inform them that you are correcting their bill and you will only send them what you owe, and if they don't like it the can sue you.
If it does go to court, the judge will look all this over, and the credit card company will have some explaining to do.
I set in on a court session with a similar situation. The debtor won, and got their court costs. But we do have a very consumer-sided judge here where I live.
Just be sure you can prove all of this if you decide to take this course of action.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
How can i get a home equity loan or line of credit to pay off debt,i have delinquent payments on some accounts
I was recently divorced, my daughter is in college. I fell behind on some payments on my credit cards in an effort to support my daughters educational needs. I have two homes with approx. $70,000.00 worth of equity. I requested from a local bank where i already have a note to borrow approx. $30,000.00 to pay off all cards and other debts. The banking institution refused my request, stating that i have some delinquent payment issues, on cards, etc. He stated since i have a note with them the only thing he can do, is re-adjust my payments on that particular note i have with them. I am new at this type thing, could someone please give me some advice? I am just trying to bail myself out of the hold that i am in, to make a life better for my daughter. Both homes have a lien on them with the bank.
Poor credit, add liens on home's (which takes away from equity) high credit card debt, and income unknown. From the little gathered here it sounds like you are already over your head, especially in income to credit ratio. Add to all this the credit crunch that is rapidly approaching, and the glut of homes on the market leading to, or shortly will be the depreciation of those homes, not likely will you get a loan with any terms that are doable. Place one of the homes on the market and hope for the best. Place the one with the most equity so you can get rid of the liens. Do not keep digging yourself deeper and deeper in a debt you may end up losing everything. Not what you want to hear and most likely will go with one of the many scammer's that propagate these boards. So will wait for the question in months to come asking I am being forclosed on two homes what should I do?
How can i get a home equity loan or line of credit to pay off debt,everyone is looking at my credit issues.?
I was recently divorced, my daughter is in college. I fell behind on some payments on my credit cards in an effort to support my daughters educational needs. I have two homes with approx. $70,000.00 worth of equity. I requested from a local bank where i already have a note to borrow approx. $30,000.00 to pay off all cards and other debts. The banking institution refused my request, stating that i have some delinquent payment issues, on cards, etc. He stated since i have a note with them the only thing he can do, is re-adjust my payments on that particular note i have with them. I am new at this type thing, could someone please give me some advice? I am just trying to bail myself out of the hold that i am in, to make a life better for my daughter.
You can get a line of credit without any collateral. Check out BOA website. There is no annual fee, application fee or pre-payment penalty. You can also request a payment term and amount that fits your budget. However, you may have to pay a high rate. This calls Gold Option.
how do i work out provision for doubtful debt?
i have been asked to do a profit and loss statement and on my trial balance as at @31 may 2007 i have been told there is bad debts of £1800 and provision for doubtful debts of £540 & additional info tells me as @ may 31 2007 a trade debtor is to be written off as a bad debt. following the write-off the balance on the provision for doubtful debts account is to be adjusted to an amount representing 2% of remaining trade debtors
The £1800 is reduced by the write off .. the £540 is adjusted to whatever 2% comes to ..
PS this is REALLY basic stuff .. if it's beyond you (as seems to be the case) perhaps you should consider transferring to a course that is more within your capabilities and the level of effort you are prepared to make (for example, Media Studies ..) ?
I have looking for a good mortgage company that is proven by facts to adjust debt, does anyone have suggestion
new mortgage,
refinance, 2nd mortgage
Hi There,
Ill first introduce myself...
My name is Jason Fry, i work with Providential Bancorp.. We are a mortgage lender serving most of the US...
My company is partnered with over 50 different lenders that all have different options avaialavble...
I always advise that when in need for a mortgage loan your best bet to get the lowest rate is to talk with someone that has a portfolio of investors to work with...
There are a couple reasons i suggest that
1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. By looking at multiple options and programs you will be sure to find the lowest costs and rates...
2. if you on your own call multiple banks to see what you qualify for, EACH AND EVERY LENDER will HAVE to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..
So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..
I would be happy to assist you further, i just need to know more information in order to accurately give you a suggestion...
Feel free to call me at 312-264-6448, or email me at jasonf@providential.com..
Look forward to speaking with you!
Jason Fry
Licensed Mortgage Consultant
Providential Bancorp
312-264-6448
Is bad debt deduction For AGI or From AGI?
Is bad debt deduction- when we deduct, is it for adjusted gross income or From AGI (itemized deduction)?
A bad debt is treated as a capital loss and is reported on Schedule D. That's reported in the Income section of your tax return so it's used in arriving at AGI.
adjusted debt - News
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Let stimulus spark long-term growth through innovation Thomas F ... - Baltimore Sun Let stimulus spark long-term growth through innovation Thomas F "For less affluent families, [inflation-adjusted] income growth slowed to a crawl." So there is a precedent for the country going deep into debt and growing |
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