VLKAY » Topics » Accounts Receivable

This excerpt taken from the VLKAY 10-K filed Mar 22, 2010.

Accounts Receivable

Accounts receivable are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The allowance is based on historical bad debt experience and the specific identification of accounts deemed uncollectible. We determine an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. We control credit risk through initial credit evaluations and approvals, credit limits, and monitoring procedures. We perform ongoing credit evaluations of our customers, but do not require collateral to secure accounts receivable.

This excerpt taken from the VLKAY 10-K filed Mar 22, 2010.

Accounts Receivable

Accounts receivable result from sales of goods or services on terms that provide for future payment. They are created when an invoice is generated and are reduced by payments received. Accounts receivable are primarily comprised of amounts due from customers. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We determine the adequacy of this allowance by regularly reviewing our accounts receivable and evaluating individual customer receivables, considering customer’s financial condition, credit history and current economic conditions. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

A roll forward of our allowance for doubtful accounts is as follows:

 

(in thousands)    December 31,
2006 to
December 29,
2007
    December 30,
2007 to
January 3,
2009
    January 4,
2009 to
January 2,
2010
 

Balance at beginning of year

   $ 2,370      $ 2,134      $ 5,836   

Additions charged to earnings

     2,223        7,427        3,551   

Charge-offs, net of recoveries

     (2,459     (3,725     (4,824
                        

Balance at end of year

   $ 2,134      $ 5,836      $ 4,563   
                        
This excerpt taken from the VLKAY 10-K filed Mar 22, 2010.

Accounts Receivable

The Company provides an allowance for losses on trade receivables based on a review of the current status of existing receivables and management’s evaluation of periodic aging of accounts. The Company charges off accounts receivable against the allowance for losses when an account is deemed to be uncollectible. It is not the Company’s policy to accrue interest on past due receivables. The provision for doubtful accounts and notes was approximately $83,000 and $124,000 as of December 31, 2009 and 2008, respectively.

This excerpt taken from the VLKAY 8-K filed Feb 23, 2010.

Accounts Receivable

Consolidated accounts receivable were approximately $1.158 billion at December 31, 2009 and $1.195 billion at September 30, 2009. Accounts receivable days outstanding from continuing operations were 46 days at December 31, 2009 compared to 47 days at September 30, 2009 and 50 days at December 31, 2008. This amount is calculated as accounts receivable from continuing operations divided by net revenue from continuing operations divided by the number of days in the quarter.

This excerpt taken from the VLKAY 8-K filed Feb 19, 2010.

Accounts receivable

Accounts receivable are recorded at the invoiced amount. The Company generally assesses a late payment charge on balances unpaid from the previous month. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. On a monthly basis, the Company adjusts its allowance, with a corresponding charge (credit) on the statement of income, based on its historical write-off experience. Account balances are charged off against the allowance after collection efforts have been exhausted and the potential for recovery is considered remote.

This excerpt taken from the VLKAY 8-K filed Feb 19, 2010.

Accounts receivable

Accounts receivable are recorded at the invoiced amount. The Company generally assesses a late payment charge on balances unpaid from the previous month. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. On a monthly basis, the Company adjusts its allowance, with a corresponding charge (credit) on the statement of income, based on its historical write-off experience. Account balances are charged off against the allowance after collection efforts have been exhausted and the potential for recovery is considered remote.

This excerpt taken from the VLKAY 8-K filed Feb 19, 2010.
Accounts Receivable”) represent or will represent valid obligations arising from sales actually made or services actually performed in the ordinary course of business.  There is no contest, claim, or right of set-off, other than returns in the ordinary course of business, under any Commitments with any obligor of an Accounts Receivable relating to the amount or validity of such Accounts Receivable.
 
Section 3.11             
This excerpt taken from the VLKAY 8-K filed Dec 18, 2009.

3.11         Accounts Receivable.

 

(a)           The Company has made available to Parent a true and complete list of all accounts receivable, whether billed or unbilled, of the Company as of the Balance Sheet Date, together with an aging schedule (of only billed accounts receivable) indicating a range of days elapsed since invoice.

 

(b)           All of the accounts receivable, whether billed or unbilled, of the Company arose in the ordinary course of business, are carried at values determined in accordance with GAAP consistently applied, are not subject to any valid set-off or counterclaim, do not represent obligations for goods sold on consignment, on approval or on a sale-or-return basis or subject to any other repurchase or return arrangement and, to the Knowledge of the Company, are collectible except to the extent of reserves therefor set forth in the Current Balance Sheet or, for receivables arising subsequent to the date of the Current Balance Sheet, as reflected on the books and records of the Company (which receivables are recorded in accordance with GAAP consistently applied).  No Person has any Lien on any accounts receivable of the Company and no agreement for deduction or discount has been made with respect to any accounts receivable of the Company.

 

This excerpt taken from the VLKAY 8-K filed Dec 15, 2009.

Accounts receivable

Accounts receivable is stated at cost, net of an allowance for doubtful accounts. The Company sets aside an allowance for doubtful accounts to account for estimated losses resulting from the failure of customers to make required payments. The Company reviews the accounts receivable on a periodic basis and makes allowances where there is doubt as to the collectibility of individual balances. In evaluating the collectibility of individual receivable balances, the Company considers many factors, including the age of the balance, the customer’s payment history, its current credit-worthiness and current economic trends.

This excerpt taken from the VLKAY 6-K filed Dec 14, 2009.
Accounts Receivable.  The Accounts Receivable have arisen in the ordinary course of business for actual services rendered in connection with the Target Business and client reimbursements incurred in connection therewith and, to the knowledge of Sellers and the Newly-Formed LLCs, there are no facts or other information that indicates that the reserves and accruals reflected in the Audited Financials and Unaudited Financials are inadequate as to the date thereof.  Sellers and the Newly-Formed LLCs have not factored or agreed to factor any Accounts Receivable.  Subject to Sellers’ and the Newly-Formed LLCs’ discount policies described on
This excerpt taken from the VLKAY 8-K filed Dec 14, 2009.

 Accounts Receivable


Accounts receivable are recorded at the invoice amount at the time of sale.  The Company continually monitors the collectability of its trade receivables based on a combination of factors.  The Company records specific allowances for bad debts in selling, general and administrative expense when the Company becomes aware of a specific customer’s inability to meet its financial obligation, and all collection efforts are exhausted.   As of October 31, 2008 and 2007, the allowance for doubtful accounts was $183,543 and $7,210, respectively.


This excerpt taken from the VLKAY 8-K filed Dec 14, 2009.

e) Accounts Receivable

Bad debts are recorded under the specific identification method, whereby, uncollectible receivables are directly written off when identified.

This excerpt taken from the VLKAY DEF 14A filed Dec 11, 2009.

Accounts Receivable

Accounts receivable, net of an allowance for doubtful accounts, consists of customer billings pursuant to contractual terms related to work performed as of September 30, 2009. In general, amounts become billable upon the achievement of billing mechanisms or in accordance with predetermined payment schedules set forth in the contracts with our clients. Included in accounts receivable are amounts due from clients in connection with unbilled out-of-pocket pass-through costs in the amount of $ 0 as of September 30, 2009 and $369 thousand as of December 31, 2008.

This excerpt taken from the VLKAY 8-K filed Nov 27, 2009.

Section 3.22 Accounts Receivable.

All accounts receivable of the Company and the Company Subsidiaries are bona fide and, subject to an allowance for doubtful accounts that has been reflected in the Company Reports in accordance with GAAP and, consistent with past practice, collectible. Such accounts receivable are not subject to any defence, set-off or counterclaim.

This excerpt taken from the VLKAY DEFA14A filed Nov 25, 2009.
Accounts Receivable.  All accounts receivable (including without limitation trade accounts receivable and any amounts due from vendors) of Operating Company represent valid obligations arising from sales actually made or services actually performed by Operating Company in the ordinary course of its business.  All accounts receivable are reported in the Financial Statements in accordance with GAAP, consistently applied. Except for private label goods, Operating Company has made no presently enforceable warranties to any customers or users of the products or services (separate and distinct from any applicable manufacturers’, vendors’ or third parties’ warranties) other than the warranties implied by applicable law including warranties of merchantability and fitness for a particular purpose.  Since the date of the Annual Financial Statements, Operating Company has not discounted, provided incentives, or taken any action that causes, or is intended to cause, or is reasonably likely to cause, any account debtor of Operating Company to pay its accounts to Operating Company other than in the ordinary course of business consistent with past practices.  Schedule 3.10 lists vendor programs in which Operating Company participates as of the Execution Date, and a summary of the program terms will be provided to Buyer on or prior to the first Business Day after the Execution Date.  All vendor accounts receivable have been stated in the Financial Statements in accordance with GAAP, consistently applied.
 
This excerpt taken from the VLKAY 8-K filed Nov 25, 2009.
Accounts Receivable.  All accounts receivable (including without limitation trade accounts receivable and any amounts due from vendors) of Operating Company represent valid obligations arising from sales actually made or services actually performed by Operating Company in the ordinary course of its business.  All accounts receivable are reported in the Financial Statements in accordance with GAAP, consistently applied. Except for private label goods, Operating Company has made no presently enforceable warranties to any customers or users of the products or services (separate and distinct from any applicable manufacturers’, vendors’ or third parties’ warranties) other than the warranties implied by applicable law including warranties of merchantability and fitness for a particular purpose.  Since the date of the Annual Financial Statements, Operating Company has not discounted, provided incentives, or taken any action that causes, or is intended to cause, or is reasonably likely to cause, any account debtor of Operating Company to pay its accounts to Operating Company other than in the ordinary course of business consistent with past practices.  Schedule 3.10 lists vendor programs in which Operating Company participates as of the Execution Date, and a summary of the program terms will be provided to Buyer on or prior to the first Business Day after the Execution Date.  All vendor accounts receivable have been stated in the Financial Statements in accordance with GAAP, consistently applied.
 
This excerpt taken from the VLKAY 6-K filed Nov 17, 2009.

ACCOUNTS RECEIVABLE

 

 

Sept. 30, 2009

 

Dec. 31, 2008

Goods and services tax recoverable

 

 $ 19,227 

 

 $ 44,633 

Mexican value added tax ("IVA") recoverable

 

  1,917,316 

 

  2,190,188 

Other

 

  517,075 

 

  104,383 

 

 

 $ 2,453,618 

 

 $ 2,339,204 

 

 

 

 

 



During the nine months ended September 30, 2009 the Company received $1,852,033 in IVA.



 








MAG SILVER CORP.

(An exploration stage company)

Notes to the Consolidated Financial Statements



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