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On October 1, 2014, Gator Inc assigns $1,600,000 of its accounts receivable to American Bank as collateral for a $1,200,000 loan. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%. On December 31, 2014 Gator inc collects $700,000 of the assigned receivables and remits those collections and the accrued interest to the bank.
Prepare the required journal entries for Gator Inc on October 1, 2014 and December 31, 2014.
Discuss the necessary preparation and planning for the Lily Company annual audit before beginning field work at the client's office.
Net income for the current year was $300,000. If the company paid a dividend of $2 per share on its common stock, illustrate what is the balance in Retained Earnings at the end of the year?
The fourth component of the COSO ERM framework is risk assessment. What risk(s) does Spring Water face? Identify control strengths in Spring Water's sales/cash receipts system.
In a PowerPoint document, together, prepare a report (2-3 pages) for the Packett Packaging Pty Ltd management team that provides analysis of their performance against their budget for 2009/2010 financial year.
Ogre Ltd acquires all the shares of Elf Ltd on 1 July 2011. The financial statements for Ogre and Elf at 30 June 2012 are provided below.
Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,900,000 shares issued? Paid in Capital, $16.10 million? Retained Earnings, $9.10 million? and Treasury Stock, 41,000 shares, $0.902 million. Prepare the stockhold..
Discuss the effects of both the size of the rate and return and the time until receipt of payment on the present value of a future sum.
Compute the gross margin ratio (both with and without services revenues) and net profit margin ratio.
security a has an expected rate of return of 12 and a beta of 1.10.nbsp the market expected rate of return is 8 and the
Illustrate what are some of the more significant non-tax consequences of choosing the partnership form? Brief answer. 3-6 sentences minimum.
XYX Corp projects the next period sales will be 12,000 units, and it desires ending inventory equal to 20% of the next month’s sales. What is the desired inventory?
As sales manager, Terry Dewitt was given the following static budget report for selling expenses in the Clothing Department of Garber Company for the month of October.
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