CHC Helicopter Corporation is Vancouver-based and is the

CHC Helicopter Corporation is Vancouver-based and is the world’s largest provider of helicopter services to the global offshore oil and gas industry. Assume the company’s balance sheet at April 30, 2016, adapted, reported the following:

(in millions)

Accounts receivable ……………………………. $240.6

Allowance for doubtful accounts …………………. (8.4)

Required:

1. How much of the April 30, 2016, balance of accounts receivable did CHC Helicopter Corporation expect to collect? Stated differently, what was the expected net realizable value of these receivables?

2. Journalize, without explanations, 2017 entries for CHC Helicopter, assuming the following:

a. The write-offs of uncollectible accounts receivable total $8.0 million. Prepare a T-account for Allowance for Doubtful Accounts and post to this account.

b. The April 30, 2017, aging of receivables indicates that $3.1 million of the total receivables of $303.4 million is uncollectible at year-end. Post to Allowance for Doubtful Accounts as well, and show its adjusted balance at April 30, 2017.

3. Show how CHC Helicopter’s receivables and related allowance will appear on the April 30, 2017, balance sheet.

4. Show what CHC Helicopter income statement will report for the foregoing transactions.