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Mini Corporation factored, with recourse, $600,000 of accounts receivable with Huskie Financing. The agreement met all three conditions to be considered an outright sale. Huskie advanced 92% of the amount factored and retained the remainder to cover a 3% finance fee (to be remitted at the end of the agreement) and any sales returns/allowances/discounts. The recourse obligation is estimated to be 2.4% of accounts factored. Mini estimates the fair value of the final 8% of the receivables factored to be $43,000.
Determine the effect of this transaction on Mini's financial position: (Use I for increased; D for decreased; or NE for No Effect. If there is an Effect, state the dollar amount. Indicate the letter first, then the number. Do not space between the letter and number. Do not use commas. For example, if your answer is "Decreased by $4,000", enter D4000).
in its most recent financial statements newhouse inc. reported 50 million of net statement of income and 810 million of
Emblems For You sells specialty sweatshirts. The purchase price is $10 per unit plus 10% tax and a shipping cost of 50¢ per unit. When the units arrive, they must be labeled, at an additional cost of 75¢ per unit. Emblems purchased, received, and ..
Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 - word theory interpretation essay and a response to a practical application of the theory.
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However, income statements do not reveal every aspect of a company's performance. Identify and describe two limitations of income statements.
The dash club of tampa, florida,collected receipes from memebers and published a cookbook entitled life of the party.the book will sell for $25 per copy.the chairwoman of the cookbook development committee estimated that the club needed to sell 10..
although many governments prepare budgets for both capital projects and debt service funds the gasb does not mandate
A retailer of a particular product has estimated its annual sales of the product at 38,000 per year
A tool for management to use to penalize managers with poor performance
Bridgette Keyes is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.
Prepare the adjusting entry at December 31, 2010, to report the portfolio at fair value.
Prepare analysis report on the proposal to keep or replace the equipment & state your decision
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