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Sample Assignment on Financial Accounting

   

Added on  2020-12-09

13 Pages1932 Words235 Views
FINANCIAL ACCOUNTING

TABLE OF CONTENTSPart I: Accounts Receivables and Inventory—Burberry (20 points)...............................................1Part II: Accruals and Earnings Management (15 points).................................................................6Part III: Long-term revenue recognition (15 points)........................................................................8REFERENCES..............................................................................................................................11

EMBA Financial AccountingProblem Set #1Name: Part I: Accounts Receivables and Inventory—Burberry (20 points)Refer to the extracted financial statement information for Burberry for the fiscal yearended March 31, 2017. All figures are in million GBP.Does Burberry disclose its receivable balances on a net or gross basis? From its annual report it had been stated that, Burberry has disclosed its balances ofreceivables on net basis (Annual report of Burberry, 2017). As of March 31, 2017, what was the total amount due to Burberry from its accounts receivable(i.e., trade receivable)? The total amount of trade receivable which comprises all non current and current tradereceivables along with portion of receivable for recovery (Annual report of Burberry, 2017).1

As of March 31, 2017, what percentage of its outstanding trade receivable does Burberry notexpect to collect? Accounts receivable352annual sales2766days365Percentage46.45%What was the bad debt expense recorded by Burberry for the fiscal year ended March 31, 2017?How much was the write-off for the period?Burberry had recorded bad debt expense at the ending of fiscal year 2017 which waswritten off as 0.3 GBP million (Annual report of Burberry, 2017).What is the total amount of impaired and unimpaired trade receivables that are overdue as ofMarch 31, 2017? Is the allowance for doubtful accounts sufficient to cover this amount? Pleasediscuss.With context of trade receivable, it has stated 17.2 GBP million were impaired and here20.9 GBP million was not impaired. The allowance of doubtful accounts are sufficient forcovering this specific amount (Annual report of Burberry, 2017).2

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