Examine the aging schedule that CAE provides in Note 5. How does the aging schedule help you assess the company's credit management? What's the importance of separating the amount into different categories of amounts past due? What do you think the impact on the allowance for doubtful accounts would be if the amount of past due accounts increased significantly? Explain.
Answer to relevant QuestionsExamine the table in Note 5 to CAE's financial statements that describes the changes in the allowance for doubtful accounts. By how much did the balance in the account change in fiscal 2012? Why did the balance change? What ...When evaluating its year-end inventory at the end of fiscal 2017, a company determines that its inventory is valued $250,000 to $350,000 above NRV. What is the impact on the balance sheet and income statement in 2017 and ...What is the lower of cost and NRV rule? Why is it used? Explain why the cash spent on inventory isn't affected by the cost formula used.Describe the nature of "inventory" that would appear on the balance sheet of an accounting firm? Why does this "inventory" appear on the balance sheet? Why aren't the costs simply expensed as incurred?
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