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Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2014.
Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.
Assume that the conditions are met for the transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2014, for Beyoncé to record the sale of receivables, assuming the recourse liability has a fair value of $2,000.
the records of thomes boutique report the following data for the month of april.sales 204000
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Imagine you are preparing a business s cash budget, which involves determining the amount of cash to keep on hand. How might the nature of the business affect your decision?
financial statements of abc corp indicates that ending inventory levels in 20x3 and 20x4 were 200000 and 350000
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