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Prior to beginning work on this assignment, read Case 9-1 and review the Cash Fl

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Prior to beginning work on this assignment, read Case 9-1 and review the Cash Flow Statement Student Input Sheet Download Cash Flow Statement Student Input Sheet. Your cash flow statement should be completed using the Cash Flow Student Input Sheet. Several book numbers have been changed, so use the column on the Cash Flow Statement Student Input Sheet that corresponds to your class start date.
Complete the Cash Flow Statement Student Input Sheet, and then write a five- to seven-page paper completing Case 9-1. Submit both the final paper cash flow input sheet and the final paper using the instructions provided below.
Required:
Solve for the unknowns in the preceding schedule. (Hint: Use T-accounts.)
Make all entries related to the Allowance for credit losses account for 20X0–20X2.
Make all entries for bad debts for 20X0–20X2 assuming that Garrels did not accrue for estimated bad debt losses but instead recorded its bad debt provisions once receivables were determined to be uncollectible. (This is called the direct write-off method.)
Why does GAAP require the allowance method over the direct write-off method?
Calculate the cumulative difference in reported pre-tax income under the allowance and direct write-off methods over the 20X0–20X2 period.
Assume that it is the end of 20X3 and Garrels management is trying to decide on the amount of the bad debt provision for 20X3. Based on an aging of accounts receivable, the accounting department believes that a $400,000 provision is appropriate. However, the company just learned that a customer with an outstanding accounts receivable of $300,000 may have to file for bankruptcy. The decision facing Garrels management is whether to increase the initial provision of $400,000 by $300,000, by some lesser amount, or by nothing at all. What is your recommendation?
Continuing the scenario from requirement 6, now consider the following additional information:
Assume that you are a member of the company’s compensation committee.
Assume further that the company’s chief financial officer (CFO) is solely responsible for deciding the amount of the credit loss expense to record and that the CFO has a cash bonus plan that is a function of reported earnings before income taxes.
Specifically, assume that the CFO receives an annual cash bonus of zero if earnings before income taxes are below $17 million and 10.0% of the amount by which earnings before income taxes exceed $17 million and up to a maximum bonus of $1 million (that is, when net income reaches $27 million, no further bonus is earned).

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