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4) Accounts receivable valued at $40,000 are sold for $38,000. How is the difference of $2,000 treated in the entry to record the sale?
A. As a debit to Interest Expense
B. As a debit to Factoring Fee Expense
C. As a credit to Interest Earned
D. As a credit to Bad Debts ExpenseE. As a debit to Allowance for Doubtful Accounts
An investment company has securities as current assets having market value substantially lower than the cost price. The company continues to show them at cost. Do you think the concept of prudence is being followed?
A company incurs variable costs of 40% of sales and fixed costs of $300,000. If the margin of safety is $150,000, what is the company's operating leverage?
Roche Pharmaceuticals entered into a licensing agreement with Zenith Lab for a new drug under development. Roche will receive $6,750,000 if the new drug receives FDA approval. Based on prior approval, Roche determines that it is 85% likely that the d..
Crosser Company budgets on a quarterly basis. The following beginning and ending inventory levels (in units) are planned for the first and second quarters of 2012: If Crosser Company were to manufacture 400,000 finished units (in total) during the fi..
PROBLEM 4-5. Break-Even, “What If” [LO 3] Michael Bordellet is the owner/pilot of Bordellet Air Service. The company flies a daily round trip from Seattle's Lake Union to a resort in Canada. How many round trips are needed so that Michael can draw a ..
Prepare absorption and contribution margin income statements for the succeeding quarter for the division and compute production costs per unit for both approaches and for both quarters
Straight-line depreciation was used throughout the machine's life. Calculate the depreciation expense for the fourth year of the machine's useful life.
Michelangelo Inc., a software development firm, has stock outstanding as follows: 30,000 shares of cumulative 4%, preferred stock of $25 par, and 38,000 shares of $75 par common. During its first four years of operations, the following amounts were d..
Cash Flow Statement - Ford Motor Company In a two- to three-page paper (not including the title and reference pages), explain the purpose of a cash flow statement and how it reflects the firm's financial status.
A company which manufactures 3 types of automobiles (standard, mid classm and luxury incurred the following costs for March. What are the direct costs to the mid-line of cars total
With the recent changes in healthcare, hospitals have been under increasing pressure to reduce costs. You have been hired by Best Care Hospital to assist in negotiating the 2016contract with the nurses. Total patient-days are the number of patients m..
On February 1, 2011, Lagune & Sons issued 9% bonds dated February 1, 2011, with a face amount of $200,000. The bonds sold for $182,841 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semi annually on July..
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