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Mission Company factors $40,000 of accounts receivable without recourse. The factor agrees to provide financing based on these receivables, but imposes a 10% fee. In addition, the transferor and transferee agree that there will probably be $3,000 of sales returns and allowances that can be expected from these accounts.
Required
1. Record the journal entry that Mission Company will record for the factoring of the A/R.
a) Journalize the transactions. b) Post to the ledger accounts. c) Prepare a trial balance on May 31, 2015.
Prince Company's racquet division has projected a net operating loss of $190,000 for the coming year; fixed costs for the division total $325,000 (of which $115,000 are considered to be avoidable). As a result of the expected loss, Prince is consider..
the company wants to have a minimum of 50000 cash balance at the end of each quarter.assume cash is borrowed at the
Describe your assessment of the variety of situations where American corporations have attended to the concerns of critics and instituted programs to improve the lives of all stakeholders of the corporations and have made a contribution to make Am..
Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the transition to a computerized system will be easier. He also hopes to improve any weaknesses he discovers in the system. In the following narrative, Ashton e..
During June, Assembly Department no. 4 of Hot Tech produced 15,000 model 201 computer keyboards. Assembly of these units required 1,875 hours of direct labor at a cost of $45,500, direct materials costing $121,000, and 400 hours of machine time. Base..
Based on the following data for the current year, what is the inventory turnover? Net sales on account during year $ 500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 3..
Assuming the cost of direct materials used is $1,500,000, compute the total manufacturing costs using the information below. Raw materials inventory, January 1 $ 30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Wor..
Break morning Corporation produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is .3 pounds and .1 pounds, respectively. The purchase price is $3 per pound, but a 2% discount is usually take..
Calculate Sheridan's net income as a percent of sales. Did Sheridan's net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period?
Which of the following is not negotiated?
Journal Entries for Plant Assets - Stellar Delivery Service had the following transactions related to its delivery truck: Stellar's depreciation policies include (1) using straight-line depreciation, (2) recording depreciation to the nearest whole mo..
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