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Gringo Corporation factors $250,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler Financing will collect the receivables. The receivables records are transferred to Winkler Financing on August 15, 2010. Winkler Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.
Prepare the journal entry on August 15, 2010, for Gringo to record the sale of receivables, assuming the recourse obligation has a fair value of $3,000. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Susan generated $55,000 of net earnings from the conduct of a tax preparation business that she operated during the tax-filing season. She also received wages of $60,000 from her full-time job. Compute the self-employment taxes due for 2010.
Fred deals with more than one supplier and often places orders for multiple items at the same time. Fred takes inventory and places orders every Monday.
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2011, recording any necessary amortization and reflecting all balances accurately as of that date.
Why is it possible for a company to show a profit on their income statements and still go bankrupt? If you were looking at the financial statements of a company, how would you go about satisfying yourself that a company was not having cash flow pr..
Presented here are selected transactions for Lulu Corporation for 2010. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Sager Corporation uses straight-line depr..
Hemingway, Inc. applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $650,000; direct labor costs, $3 million; and factory overhead costs applied, $1,800,000.
For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds. (For multiple debit/credit entries, list amounts from largest to smalest
Explain why the value of the leased asset and the accompanying lease obligation are not reported on the balance sheet initially at $80,000.00
Purchased dental equipment on January 1 for $67,800, paying $46,760 in cash and signing a $21,040, 3-year note payable. The equipment depreciates $339 per month. Interest is $526 per month. Purchased a one-year malpractice insurance policy on Janu..
Diane purchased a factory building on November 15, 1993, for $5,000,000. She sells the factory building on February 2, 2012. What is the cost recovery deduction for the year of the sale?
Ferman Corporation's common stockholders' equity at the beginning and end of 2010 was $870,000 and $1,130,000, respectively. Ferman Corporation's payout ratio for 2010 was ?
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. What is the cost of the 155 units that remain in ending inventory at January 31
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