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On december 1, 2013, Colonel Wilder borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, Colonel Wilder was charged a finace fee equals to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned receivables were collected and remitted to the lender along with accured interest.
Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables, and the recognition of interest expense.
lobnitz service companys balance sheet as of 01-01-11 is presented below 01-01-11 current assets cash 400000 accounts
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The income statement of a corporation for the month of November indicates a net income of $200,000. Would it be correct to say that the business incurred a net loss of $25,000 during the month? Why?
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Calculate the amount of gift tax due (if any) on the 2008 gift, given Chris has made only one prior taxable gift of $1.5 million in 2005, at which he used the applicable unified credit. Please note the annual exclusion in 2008 was $12,000.
smart inc. a merchandising company has an account receivable for 125 which it has now deemed uncollectible. the company
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Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program.
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