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Sale of Accounts Receivable
The Company sells undivided interests in designated pools of qualified accounts receivable to a securitization vehicle (a qualifying special purpose entity). The Company utilizes securitization as a "financing technique" (e.g., to reduce more expensive bank debt - the interest rates the company obtains on notes issued by the qualifying special purpose entity are lower 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 proceeds from securitization be used to pay down Company debt. During the current year, $11 million of receivables generated from sales of the Company's inventory were sold under the agreement, and, therefore, are not reflected in the accounts receivable balance in the Company's balance sheet.
Determine the appropriate cash flow statement treatment - classification (e.g., operating, investing, financing) and timing, if applicable, - for the above transactions.
Prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2011.
The total amount of overhead applied to work in process for August would be:
Lindy Corporation owns a 40% interest in Belair Company, acquired several years ago at a cost equal to book value and fair value. Belair sells merchandise to Lindy for the first time in 2003. In computing income from the investee for 2003 under th..
What are the total Period Costs incurred this period?
what is the purchase price of the machine if the net present value of the investment is $170,000?
A corporation had 50,000 shares of $20 per value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
The Jefferson Plaza Hotel is a deluxe four star establishment. Late on Friday, it had 10 of its 200 rooms available when the desk clerk received a call from the Riley Hotel.
Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck.
What are some examples of Toll Brothers' direct material, direct labor and overhead costs that they would incur in building their homes?
Innovation, Inc., a 501(C) (3) medical research organization, makes lobbying expenditures of $1.1 million. Innovation incurs exempt purpose expenditures of $15 million in carrying out its medical research mission.
On October 31, a company's Cash account had a normal balance of $7,000. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. What was the balance in the Cash account at the beginning of October?
Relative to corporate formation, how one can contribute appreciated property without gain recognition to the Transferor?
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