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!
Question - Inder Corporation is experiencing a temporary cash shortage and decides to transfer a group of its accounts receivable to Newton Company on March 22. Inder does not normally transfer its receivables. Newton accepts $95,000 of Inder's accounts receivable, remits 90% of the accounts receivable transferred, and charges a 14% commission on the gross amount of the transferred receivables. Title to the receivables is transferred to Newton, and Newton has the right to assign, pledge, or sell the receivables. During the period, sales returns and allowances on transferred accounts amounted to $1,400.
Required -
1. Prepare all the journal entries necessary by Inder to record the preceding information assuming the transfer was without recourse.
2. Prepare all the journal entries necessary by Inder to record the preceding information assuming the transfer was with recourse and the recourse obligation had an estimated fair value of $4,700.
3. Assume that Inder uses IFRS. How would your answers to Requirements 1 and 2 change?
Prepare a contribution margin income statement for the base case - What would the operating profit be if the unit variable cost increases 5 percent?
Melissa receives $1.80 per copy of the magazine and $0.45 per brochure. Prepare an income statement for the first month of operations
How uncertainties and Joe's potential biases might affect interpretation of the breakeven analysis results. Calculate the contribution margin per unit
Determine how many days per year he would have to operate the earth mover to make it a worthwhile purchase. Sketch the breakeven chart for this situation.
How many phones must be sold to achieve the breakeven point? U.S. Telephone Cellular sells phones for $100. The unit variable cost per phone is $50 plus.
Explain the similarities and differences between job order costing and process costing. In your explanation, provide examples of when job order costing and process costing would be most appropriate.
During the current year, merchandise is sold for $615,000 cash and $4,110,000 on account. What is the amount of the gross profit
What would the manufacturing cost per unit be under absorption costing for each alternative? The Colin Division of Mochrie Company sells its product for $38
If Fritz performs incremental analysis using the correct cost estimates, it will find that. Fritz Furniture sells unfinished wood bookshelves.
You recently sold an antique car and owned and value greatly. What is annual interest rate did you charge for financing the sale.
Additionally, Howdy is depreciating their equipment using straight-line depreciation over a 10-year life (no salvage value).
Based on the information provided above, calculate the period costs. Direct material used Selling costs,Depreciation on factory equipment
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