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Question - Sam Company entered into an assignment arrangement with Easy Bank whereby the assignee would advance 80% of all accounts assigned less P2,000 service charge. During the year, P400,000 of accounts receivable were assigned; P250,000 collections were made on these assigned accounts which were remitted to Easy Bank to apply first to P3,200 interest and the balance to principal. Sales returns and allowances on assigned accounts amounted to P5,000. After considering all of the foregoing transactions, how much is Sam Company's equity in assigned accounts disclosed in the notes to the financial statements?
Question - Establishing, reimbursing, and increasing petty cash. How use the perpetual system to organize this information
Provide appropriate response to the owner's question and request - calculate the loss on sale that would be recorded that day
Distinguish between conceptual and physical systems. What three roles are played by accountants with respect to the information system?
consider the following information on alexandria power co.debt 4000 7 semiannual coupon bonds outstanding 1000 par
Using the factors identified in a) and b), assess the overall audit risk and present the supporting rationale
What was the company's break-even point in sales dollars in 2012? How many additional units would the company have had to sell in 2013
a companys sales are 50 in cah and 50 on credit. 70 of the credit sales are colected in the month of the sale 20 in the
What are effects on the items in a firm financial statements. Many accounting transactions will apply to one or more of the financial statements.
The company's required rate of return is 13%. (Ignore income taxes.)What is the net present value of the investment of the machine?
Propose the inventory valuation method you would advise the company to use. Explain why you think it is the best suited for the business.
Farmer Company issues $10,000,000 of 10-year, 9% bonds on March 1, 2010 at 97 plus accrued interest. The bonds are dated January 1, 2010, and pay interest on June 30 and December 31. What is the total cash received on the issue date?
Prepare Supply Club's journal entry to record July and August sales. During August, customers redeem loyalty points on $70,000 of merchandise
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