Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2010, it assigned, under guarantee, specific accounts amounting to $150,000. the finance company advanced to Salen 80% of the accounts assigned (20% of the total to be withheld until the finance company has made its full recovery), less a finance charge of 1/2% of the total accounts assigned.
On July 31 Salen Company received a statement that the finance company had collected $80,000 of these accounts and had made an additional charge of 1/2% of the total accounts outstanding as of July 31. This charge is to be deducted at the time of the first remittance due Salen Company from the finance company. (Hint: make entries at this time.) On August 31, 2010, Salen Company received a second statement from the finance company, together with a check for the amount due. The statement indicated that the finance company had collected an additional $50,000 and had made a further charge of 1/2% of the balance outstanding as of August 31.
Make all the journal entries on the books of Salen Company that are involved in the transactions above.
Show entries in general journal form for the following transactions of Bothwell Regional Hospital, a not-for-profit hospital.
Does a state have the authority to require a U.S.-based multinational corporation to compute its state taxable income on a worldwide combined reporting basis? What about a foreign-based multinational corporation? Explain.
On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.
Agnes is able to reduce her regular income tax liability from $40,000 to $36,000 as the result of the alternative tax on net capital gain. Agnes' tentative AMT is $50,000
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
Finished goods inventory at the end of last December was 200 units. Ending finished goods inventory is equal to 25 percent of the next month's sales. Jasper Company expects to sell the brackets for $45 each. How many brackets should Jasper produce..
How does the audit opinion given to a city by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business?
Bee-In-The-Bonnet Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 still on hand. The appropriate adjusting j..
In late June, the Everest Construction Co. submitted a progress billing on a construction contract for $500,000. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. The amount that should..
An error was made in the computation of the percentage-of-completion of the current year's ending work-in-process inventory. The error resulted in assigning a higher percentage-of-completion to each component of the inventory than actually was the..
Determine sample size based on the following audit judgments.
Instead of investing the entire $1,000,000, Lee invests $300,000 today and plans to make 9 equal annual investments into the fund beginning one year from today. What amount should the payments be if Lee plans to establish the $1,898,000 foundation..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd