FREE Trial

The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the companys complete annual

Question:

The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements, are also provided in Appendix F.


Instructions

Use the company’s annual report to answer the following questions.

(a) What is the accounting policy related to accounting for trade accounts receivable?

(b) According to the notes to the financial statements, what accounted for the difference between gross trade accounts receivable and net accounts receivable?

(c) According to the notes to the financial statements, what was the major reason why the balance in receivables increased relative to the previous year?

(d) Using information in the notes to the financial statements, determine what percentage the provision for impairment of receivables was as a percentage of total trade receivables for 2013 and 2012. How did the ratio change from 2012 to 2013, and what does this suggest about the company’s receivables?

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 40% (10 reviews)

ANSWER a According to the notes to the financial statements Louis Vuitton s accounting policy relate…View the full answer


answer-question
Answered By
tutor-profile-image
Churchil Mino
I have been a tutor for 2 years and have experience working with students of all ages and abilities. I am comfortable working with students one-on-one or in small groups, and am able to adapt my teaching style to meet the needs of each individual. I am patient and supportive, and my goal is to help my students succeed. I have a strong background in math and science, and have tutored students in these subjects at all levels, from elementary school to college. I have also helped students prepare for standardized tests such as the SAT and ACT. In addition to academic tutoring, I have also worked as a swim coach and a camp counselor, and have experience working with children with special needs.
0.00 0 Reviews 10+ Question Solved
Related Book For  answer-question
Accounting Principles

Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

See More Books
Question Details
Chapter # 9- Accounting for Receivables
Section: IFRS Exercises
Problem: 1
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: April 23, 2020 04:02:08
See More Questions

Students also viewed these Business questions

Q:
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company's complete annual report, including the notes to its financial statements, are...
A:
a The accounting policy for trade accounts receivable Trade accounts of LV are recorded at the fai......
Q:
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the companys complete annual report, including the notes to its financial statements, are...
A:
Account Financial Statement Position in Financial Statement Other operating income and ex......
Q:
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the companys complete annual report, including the notes to the financial statements, are...
A:
a The total current liabilities for Louis Vuitton as of December 31 2013 were 5 971 million Of these 1 679 million related to provisions b According t......
Q:
Pacific Company sells electronic test equipment that it acquires from a foreign source. During the year 2014, the inventory records reflected the following: Inventory is valued at cost using the LIFO...
A:
Req 1 Sales revenue 1 151 500 Cost of goods sold 42 10 000 5 12 000 480 000 Gross profit......
Q:
Use Table 3 to find the value of t0 0025 when df = . (Do not attempt to interpolate in Table 4.)
A:
To conclude I can say that 1 0 002......
Q:
Why should disciplinary layoff and discharge decisions be restricted to higher levels of management?
A:
Both forms of discipline are very serious and involve an enormous p......
Q:
Since complete fraud prevention is impossible because it requires changing actual human behavior, successful companies should forgo fraud prevention and instead focus on strong fraud detection...
A:
The statement Since complete fraud prevention is impossible because it requires changing actual human behavior successful companies should forgo fraud......
Q:
Suppose Diamond, Inc., reported net receivables of $2,586 million and $2,268 million at January 31, 2011, and 2010, after subtracting allowances of $70 million and $64 million at these respective...
A:
T accounts are helpful as follows in million......
Q:
The frequency of oscillation of the wave emit- ted by an FM radio station is 92.8 MHz. Find the period of vibration. Radio waves travel at a speed of light; 3 x 108 m/s. Answer in units of ns. Find...
A:
Click to View...
Q:
1. Which purposes of performance management did the appraisals described in this case fulfill? Which purposes did they not fulfill? 2. How can managers and HR departments minimize the likelihood of...
A:
Strategic These appraisals initially served the strategic purpose as all three women were high perfo......
Q:
Carol and Sam Foyle own Campus Fashions. From its inception Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several...
A:
a Year Net Credit Sales in dollars Total Credit and Collection Expenses in dollars Total Credit and......
Q:
Depreciation information for Corales Company is given in BE10-4. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and...
A:
Depreciation is the allocation of cost of asset over the useful life of the asset It can be charged......
Q:
The Mac Davis Company specializes in the purchase, renovation, and resale of older homes. Mac employs several carpenters and painters to do the work for him. It is essential for him to have accurate...
A:
1 Cost equation using square feet as the cost driver high is home 5 low is home 7 Variable costs 4 700 2 810 4 600 2 500 0 90 Fixed costs 4 700 Fixed Cost 0 90 x 4 600 Fixed Cost 560 Equation One Tota......
Q:
The following values are known for the amino acid serine C 3 H 7 NO 2 S: Determine the charge on this amino acid as a function of pH. How does your result compare with the reported isoelectric point...
A:
Determining the charge on serine as a function of pH Serine has three functional groups that can ion......
Q:
Refer to Figure 12-7. (a) What register is enabled by input address 1011? (b) What input address code selects register 4? Figure 12-7 CS OE- Ao A A A ROW SELECT 1-of-4 decoder MSB E 0 1 2 3 COLUMN...
A:
a What register is enabled by input address 1011 According to Figure 12 7 the register enabled by in......
Q:
Figure 12-42 shows a small flash memory chip connected to a CPU over a data bus and an address bus. The CPU can write to or read from the flash memory array by sending the desired memory address and...
A:
a To allow the flash memory array to occupy addresses between 800016 and FFFF16 the following contro......
Q:
Suppose that the receiver received the following data from the transmitter of Example 2-17: What errors can the receiver determine in these received data? Data from Example 2-17 Computers often...
A:
The receiver can determine that there is a single error in the received data The fourth byt......
Q:
Which of the following statements best describes how the expected total return results would change if THB yields were to rise significantly over the investment horizon? A. Both the Buy-and-Hold and...
A:
Answer C Explanation The Buy and Hold strategy would involve buying a 1 year THB zero coupon bond wi......
Q:
Why do many MNEs find that they cannot use the same distribution strategy overseas that they have used at home?
A:
One reason many MNEs cannot use the same strategy is that consumers ha......
Q:
Which of the following gives the range of y = 4 - 2 -x ? (A) (- , ) (B) (- , 4) (C) [- 4, ) (D) (- , 4] (E) All reals
A:
So the......
Q:
On December 31, 2010, Jarnigan Co. estimated that 2% of its net sales of $400,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On May...
A:
December 31 2010 Bad Debts Expense 2 X 400 000 8 000 Allowan......
Q:
Presented below are two independent situations. (a) On March 3, Cornwell Appliances sells $680,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount...
A:
a Mar 3 Cash 680 000 20 400 659 600......
Q:
Presented below are two independent situations. (a) On April 2, Nancy Hansel uses her J.C. Penney Company credit card to purchase merchandise from a J.C. Penney store for $1,500. On May 1, Hansel is...
A:
a Apr 2 Accounts Receivable x Nancy Hansel 1 500 S......
MACHINE LEARNING AND ARTIFICIAL INTELLIGENCE Essential Guide To Understanding How ML And AI Can Be Applied In Practice And Be Compatible With Human Behaviour In Modern Times 1st Edition - ISBN: B084DD8RND - Free Book