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Chapter 13: Q1TI (page 676)

Match the accounting terminology to the definitions.

1. Factoring receivables a. A monetary claim against a business or an individual.

2. Debtor b. The party to a transaction who takes on an obligation/payable.

3. Accounts receivable c. Using receivables as security (collateral) for a loan.

4. Maturity date d. The right to receive cash in the future from customers for goods sold or for services provided.

5. Receivable e. The date when a note is due.

6. Pledging receivables f. Selling receivables to a finance company or bank.

Short Answer

Expert verified

The debtor is matched with the fourth option.

Step by step solution

01

Definition of the receivable

The receivable is a term used to claim an amount of money against a party.

02

Accounting terminology

Accounting terminology

Definition

  1. Factoring Receivables

f. Factory receivables are the receivable when the company sells its receivables to the bank.

  1. Debtor

b. Debtor is a party who takes the obligation to pay later.

  1. Accounts Receivable

d. Account receivable is the right to receive cash in the future from the customers for goods sold.

  1. Maturity Date

e. Maturity date is the date at which the note is due.

  1. Receivable
  1. Receivable is a monetary claim against a business or individual.
  1. Pledging Receivables

c. In the pledging receivable, the company uses receivables as loan security.



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Most popular questions from this chapter

Question: Accounting for cash dividends

Java Company earned net income of \(85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, \)120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2019.

Requirements

2. Journalize for Java the entry paying the cash dividends on January 4, 2019.

What is treasury stock? What type of account is Treasury Stock, and what is the account鈥檚 normal balance?

How does authorized stock differ from ouststanding stock?

Computing dividends on preferred and common stock and journalizing

Northern Communications has the following stockholders鈥� equity on December 31,

2018:

Preferred Stock鈥�5%, \(11 Par Value; 150,000 shares authorized, 20,000 shares issued and outstanding

Paid-In Capital:

\) 220,000

760,000

Stockholders鈥� Equity

Paid-In Capital in Excess of Par鈥擟ommon 680,0006

Total Paid-In Capital 1,660,000

Retained Earnings 200,000

Total Stockholders鈥� Equity \( 1,860,000

Common Stock鈥擻)2 Par Value; 575,000 shares

authorized, 380,000 shares issued and outstanding

Requirements

1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are \(9,000 in 2018 and \)45,000 in 2019. Assume no changes in preferred stock and common stock in 2019.

Question: Journalizing a small stock dividend

Element Water Sports has 13,000 shares of \(1 par value common stock outstanding.

Element distributes a 5% stock dividend when the market value of its stock is \)15 per share.

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2. What is the overall effect of the stock dividend on Element鈥檚 total assets?
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