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Kadita Co. factored P1,000,000 accounts receivable to Ruby Financing Corp. on a without recourse basis on January 1, 2021. Ruby charged a 4% service fee and retained a 10% holdback to cover expected sales returns. In addition, Ruby charged a 12% interest computed on a weighted average time to maturity of the receivables of 73 days based on 365 days.
Question 1: How much is the cost of factoring assuming all of the receivables have been collected?
On October 1, 2021, Claude co. discounted a 600,000, one-year, 12% note, received from a customer on January 1, 2021 with a bank at 14% on a without recourse basis.
Question 2: how much is the loss on discounting
The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Salaries: Sales salaries $350,000 Warehouse salaries 182,000 Office salaries 136,000 $668,000 Deductions: Income tax withheld $..
You have been asked to assess the expected financial impact of each of the following proposals to improve the profitability of credit sales made by your company. Each proposal is independent of the other. Compute the incremental income after taxes th..
China Trade, Inc., manufactures custom made stuffed animals. Last month the company produced 500 stuffed pandas for the local zoo to sell at a fund-raising event. Using job order costing, determine the product unit cost of a stuffed panda based on th..
Prepare the Statement of Changes in Net Position of Flood Control Commission for the month ended October 31, 2017. Prepare the Statement of Budgetary Resources.
A piece of machine that originally had both a carrying amount and a tax base of $4000 is revalued. Under what circumstances could a deferred tax asset arise?
A product has a contribution margin of $9 per unit and a selling price of $25 per unit. Fixed costs are $27,000. Assuming new technology increases the unit contribution margin by 50 percent but increases total fixed costs by $17,550, what is the new ..
Prepare Simple Cash Book : RM Cash in hand 32,500 Cash paid to Rohan 8,000 Goods Purchased 3,000 Cash received from Tanaya 2,000 Cash Sales 4,000
Bard Manufacturing uses a job order cost accounting system
If the model and the table are both correct, determine whether or not an arbitrage opportunity exists. If not, why not? If so, explain how to exploit it
Compute the direct labor price and efficiency variances. Journalize the transactions to record the incurrence and usage of direct labor in June for Lawlor. Analyze the labor variances for Lawlor.
How should Bosh account for its decision to abandon the leased fuel pumps? Discuss the accounting impacts (if any) that occur on the Decision Date
Bow Inc., a closely held corporation (not a PSC), has a $350,000 loss from a passive activity, $135,000 of active income, and $160,000 of portfolio income. How much is Bow’s taxable income?
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