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Bridgeport Corp. sold $731,000 of accounts receivable to Metlock, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Metlock. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Bridgeport. Metlock assesses a finance charge of 5% of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable.
Problem 1: Make journal entries for both Bridgeport and Metlock.
On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. Rebecca pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Clinton for credit on June 12. Prep..
For its December 31, 20X5, fiscal year end, how much depreciation did Sharpe record in total for the pond, the electrical equipment, and the decommissioning
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The cost of the equipment manufactured by Solitaire is $120,000 and the fair value is $190,008.49. Solitaire incurred initial direct costs of $50,000 associated with putting the lease deal together. Prepare all the necessary accounting entries to be ..
How will the business function if something happens to one of the key members of the management team? How are you preparing for an emergency in your business?
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