Analyzing disclosures of accounts receivable. Aracruz Celulose, a Brazilian pulp manufacturer, applies U.S. GAAP and reports its
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Analyzing disclosures of accounts receivable. Aracruz Celulose, a Brazilian pulp manufacturer, applies U.S. GAAP and reports its results in thousands of U.S. dollars. For the years ended December 31, 2007 and 2006, Aracruz reported the following information pertaining to accounts receivable:
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At December 31, 2005, the Allowance for Doubtful Accounts had a balance of $4,067.
a. What is the carrying value of accounts receivable on Aracruz's balance sheets for the years ended December 31, 2007, a rid December 31, 2006?
b. What is the total amount that customers owe Aracruz as of December 31, 2007, and December 31, 2006?
c. What journal entries did Aracruz make in 2007 and 2006 to recognize Bad DebtExpense?
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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Related Book For 
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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