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Problem 1 - On March 1, 2021, Kimmy Co. Assigned its P1,000,000 accounts receivable to Rafaela Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables. Kimmy Co. received a loan proceeds after a 2% deduction for service fee based on the assigned notes. During March, P500,000 were collected from the receivables. Sales returns and discounts amounted to P150,000. How much net cash is received from the assignment transaction on March 1, 2021?
Problem 2 - 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. How much proceeds is received from factoring? How much is the cost of factoring assuming all of the receivables have been collected?
the three products cost elements-direct material direct labor and overhead-flow through a job costing system in a
The annual policy premium of $12,000 had been paid on January 1. Damitria's gift (before the annual gift tax exclusion) to Tremayne is:
On that date, the fair value of a similar bond without the conversion feature is $860 per bond. Prepare the journal entry using the book value method
As expected, these different assumptions resulted in different operating results. For example, if an airplane costs $ 10 million, Airline X will depreciate $ 260,000 more per year for 15 years than Airline Y.
Contributed capital: Preferred stock, 8%, 100,000 shares authorized, 50,000 shares issued $2,500,000. What is the Par value for the preferred stock
Prepare a closing entry for drawing account,Prepare a closing entry for balance of income summary,Prepare a closing entry for expense
Typically the variable cost % is 35.5% and the fixed costs are $956,560. Determine the Break Even Sales Revenues
An entity is employing backflush costing in connection with just-in-time production process. What is the cost of goods sold to be reported by the entity
Transaction analysis results in the development of a journal entry. Explain how the Accounting Equation is impacted
in step 1 net income before taxes was computed by multi plyingnet income of 33000000 by 100 and then dividing by 66000.
Required - Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable
What journal entry is required on that date? Luther Lumber Corporation has 1,000,000 shares of common stock authorized, of which 550,000 shares are issued
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