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It relates to Income Effects of Receivables Transactions.
Sandburg Company needs additional cash for its business. Sandburg has decided to use its accounts receivable to raise additional cash and has asked you to evaluate the income statement effects of the subsequent in the contemplated transactions. On July 1, 2012 Sandburg assigned $400,000 of accounts receivable to Keller Finance Company. Sandburg received an advance form Keller of 80 percent of the assigned accounts receivable less a commission of 3 percent on the advance. Prior to December 31, 2012 Sandburg collected $220,000 on the assigned accounts receivable and remitted $232,720 to Keller, $12,720 of which represented interest on advance from Keller. On 1st December, 2012 Sandburg sole $300,000 of net accounts receivable to Wunsch Company for $270,000. The receivables were sold outright on a without recourse basis. On 21st December, 2012 an advance of $120,000 was received from First Bank by pledging $160,000 of Sandburgs accounts receivable. Sandburgs first payment to First Bank is due on 30th January, 2013. Create a schedule showing the income statement effects for the year ended 31st December, 2012 as a result of the above facts.
Adjusted for investee net income and dividends as agreed by the equity method. After implementing the change to equity method, if financial statements were prepared
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Prepare a cash flow forecast for the appropriate period. Assume that the restaurant will be run for six years, at the end of which the building could be sold for 300,000 pounds but the equipment will have no value at all
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Consolidated financial statements were prepared for 2011. Illustrate what adjustment would have been required for the retained earnings balance as of January 1, 2011?
Benns adopts the equity method for its 100 percent investment in Water. At the end of six years, Benns reports an investment in Waters of $920,000. What figures constitute this balance?
Waters, Inc., acquired 10 % of Denton Corporation on 1 st January, 2012, for $297,400 though Denton's book value on that date was $2,380,000.
Write the journal entries to reflect the percentage-of-completion method
Describe key issues of the case as they relate to Mr. Friehling's actions, or inactions, in relation to the AICPA's Code of Professional Conduct. Identify as well as describe the issues and provide examples to clarify and amplify your discussion. ..
Determine (a) the standard cost per dress for direct materials and ,direct labor; (b) the priceVariance, quantit ariance, and total direct matd4als cost variance; and (c) the rate \ypi, fiance, time' v, lance, and total dire,Sbor cost variance.
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