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The Company sells its accounts receivable to a nonconsolidated multi-seller securitization vehicle and receives proceeds that consist of cash and a beneficial interest in the transferred receivables (which the Company classified as an available-for-sale security). The Company uses securitization as a “financing technique” (e.g., to reduce more expensive bank debt — the interest cost on the securitization financing is less than the Company could get on its own bank debt). The Company services, administers, and collects the receivables on behalf of the purchaser. The agreement includes certain covenants and provides for various events of termination. The agreement also requires that the Company use the proceeds from securitization to pay down debt. During the current year, the Company sold $11 million of receivables under the agreement that it generated from sales of inventory. Assume that the sale of receivables qualifies for derecognition under ASC 860, Transfers and Servicing (formerly FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, as amended by Statement 166); therefore, the Company did not report sold receivables are in the accounts receivable balance on the Company’s balance sheet.
The effect of information systems may be quantified in every organization. Using specific examples in your own organization, illustrate how does the information system you use make your job easier? Why? How may it be improved?
How would consolidated cost of goods sold have differed if the inventory transfers had been for the same amount and cost, but from Stendall to Edgar?
Discuss which conceptual framework is more coherent or relevant or applicable and explain why. Evaluate the likelihood that IASC will someday replace the FASB.
you determine that customers owed the company $51,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,100 at year-end, and the rent payment was for a two-year period. Comput accrual ..
Explain how should the company recognize the sales price of $300,000 upon the delivery and the completion of the installation?
Evaluate the total amount of deductions for and from AGI that Kim can take during the present year with respect to the condominium and evaluate the effect on the basis of the condominium?
Evaluate the responsibilities of the contracting officer during the proposal evaluation process
What were the total dividends paid to shareholders during the most recent year and Determine of total dividends paid to shareholders during the most recent year.
Prepare needed journal entries for 2014 and 2015. Be sure to indicate whether each entry should be made to an unrestricted or temporarily restricted fund. You need not, thus, record the indirect costs themselves.
How have you organised your personal work environment in accordance with ergonomic requirements? Illustrate what resource conservation techniques will you adopt as you plan your work activities?
Calculate taxable income for 2012 Record journal entry to record income tax expense deferred income taxes and income tax payable for 2012
Kirk was insured for 70% of his actual loss, and he received the insurance settlement. Illustrate what is Kirk's allowable casualty loss deduction?
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