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Skysong Company requires additional cash for its business. Skysong has decided to use its accounts receivable to raise the additional cash and has asked you to determine the income statement effects of the following contemplated transactions. 1. On July 1, 2017, Skysong assigned $520,000 of accounts receivable to Keller Finance Company. Skysong received an advance from Keller of 80% of the assigned accounts receivable less a commission of 3% on the advance. Prior to December 31, 2017, Skysong collected $286,000 on the assigned accounts receivable, and remitted $302,536 to Keller, $16,536 of which represented interest on the advance from Keller. 2. On December 1, 2017, Skysong sold $390,000 of net accounts receivable to Wunsch Company for $351,000. The receivables were sold outright on a without recourse basis. 3. On December 31, 2017, an advance of $156,000 was received from First Bank by pledging $208,000 of Skysong’s accounts receivable. Skysong’s first payment to First Bank is due on January 30, 2018. Prepare a schedule showing the income statement effects for the year ended December 31, 2017, as a result of the above facts.
question 11. pretax financial income reported 600002. depreciation charged for tax purpose is 76000 as well as
Question 1 Your friend from Germany has decided to come and visit you in the United States. You estimate the cost of her trip at $2,805. What is the cost to her in euros if the U.S. dollar equivalent of the euro is 1.3112? Question 2 Which one ..
Sales for Harlem Tool & Die during 20X1 were $600,000, 75% of them on credit and 25% for cash. During the year, accounts receivable increased from $56,000 to $67,000, an increase of $11,000. What amount of cash did Harlem receive from customers durin..
preparation of closing entries and statement of retained earnings.the adjusted trial balance for china tea company at
24,800 shares reacquired by Elixir Corporation for $48 per share were exchanged for undeveloped land that has an appraised value of $1,740,700. At the time of the exchange, the common stock was trading at $63 per share on an organized exchange. (a) P..
An approach that uses a number of outcome estimates to get a sense of the variability among potential returns
A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory; 80,000 units were sta..
Within the relevant range of activity, the behavior of total costs is assumed to be
Prepare the journal entry to record the issuance of the shares. Elucidate how recording the share issue costs differs from the way debt issue costs are recorded.
What is the total factory overhead flexible-budget amount for 2010? (Assume no cost change from 2009.) What is the budgeted fixed factory overhead at an 80 percent level of operation? At a 100 percent level of operation?
What is the net present value of this investment opportunity? Based on your answer to (a) above, should Axillar go ahead with the new conditioning shampoo?
The following financial statements of William Ltd and its subsidiary Adam Ltd have been extracted from their financial records at 30 June 2012.
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