Question: Chapter 9: Receivables Initial Post PLEASE PART 1 AND 2 Part 1 (Use the annual report of your selected company) My company is Johnson &

Chapter 9: Receivables

Initial Post

PLEASE PART 1 AND 2

Part 1 (Use the annual report of your selected company) My company is Johnson & Johnson

What are the three classifications of receivables? Which does your company have? Look in the notes to the financial statement to find out which method they use for writing off receivables.

Part 2

Dan's Hardware is a small hardware store in the rural township of Twin Bridges. It rarely extends credit to its customers in the form of an account receivable. The few customers who are allowed to carry accounts receivable are long-time residents of Twin Bridges with a history of doing business at Dan's Hardware. What method of accounting for uncollectible receivables should Dan's Hardware use? Why?

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