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Lonergan Company infrequently uses its accounts receivable to get immediate cash. At the end of June 2013, the company had accounts receivable of $780,000. Lonergan needs just about $500,000 to capitalize on a unique investment opportunity. On 1st July, 2013, a local bank offers Lonergan the subsequent two alternatives: a. Borrow $500,000, sign a note payable, and assign the whole receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 12 percent interest on the unpaid balance of the note at the starting of the period. b. Transfer $550,000 of specific receivables to bank without recourse. The bank will charge a 2 % finance charge on the amount of receivables transferred. The bank will collect receivables straight from customers. The sale criteria are met.
Determine the machine hour absorption rate for cost centre P1, and the direct labor hour absorption rate for cost centre P2.
onsider the market price of the Schieble bonds was known to be $180,000, but the market price of the warrants without the bonds cannot be evaluated, what are the amounts that should be allocated to the warrants and the bonds?
Show a qualified opinion on the financial statements because of the client imposed scope limitation.
Determine Mary's and Larrys bases in these assets
Prepare any essential journal entry or entries
The interest rate charged the lessee was 10 percent. Under the new ASU, the balance in the right-of-use asset after 2 years will be:
Compute the periodic return for another investor who bought 100 shares of Closed Fund at end of Period 1 and sold his position at end of Period 2.
For each of the subsequent items, reply A (Agree) or D (Disagree) indicating whether the item shows an internal control deficiency.
Monsivais Corporation, a manufacturing company, has provided the following financial data for Februar. The company had no beginning or ending inventories. Evaluate the contribution margin for February
Post the journal entries to general ledger accounts. and Prepare a trial balance at November 30.
Use the absorption costing approach to evaluate the markup required to make the desired return on investment based on the subsequent information.
one-half of the $500,000 he had paid to partnership creditors and one-half of $80,000, the reasonable value of Caesar's services during operation of the partnership. Who will prevail and why?
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