Prepare any footnotes to the financial statements

Assignment Help Accounting Basics
Reference no: EM131533764

Question: On June 30, Roman Co. has $125,900 of accounts receivable. Prepare journal entries to record the following selected July transactions. Also prepare any footnotes to the July 31 financial statements that result from these transactions. (The company uses the perpetual inventory system.) July 4 Sold $6,295 of merchandise (that had cost $4,000) to customers on credit. 9 Sold $18,000 of accounts receivable to Center Bank. Center charges a 4% factoring fee. 17 Received $3,436 cash from customers in payment on their accounts. 27 Borrowed $10,000 cash from Center Bank, pledging $13,000 of accounts receivable as security for the loan.

Reference no: EM131533764

Questions Cloud

Discuss how the factors of production have changed : Discuss how the factors of production (natural resources, capital, human resources and entrepreneurship) have changed throughout the four eras of business.
Right parenthesis equals nothing : Upper P left parenthesis being frequently involved or being occasionally involved right parenthesis equals nothing
Prepare journal entries to record these selected transaction : Prepare journal entries to record these selected transactions for Eduardo Company. Nov. 1 Accepted a $5,000, 180-day, 6% note dated November 1 from Melosa.
Organize the references in alphabetical order : Organize the references in alphabetical order. Evaluate the relevance and applicability of each reference to your chosen topic
Prepare any footnotes to the financial statements : On June 30, Roman Co. has $125,900 of accounts receivable. Prepare journal entries to record the following selected July transactions.
Discuss about the posttest with comparison group : What are the strengths and weaknesses of each of the following designs: posttest-only, pretest/posttest with comparison group, and pretest/posttest only?What ar
Analyze the value of the innovation and branding approach : Critically analyze the value of the innovation and branding approach suggested by Barone and Jewell. Be sure to provide your inputs on the pros and cons.
Discuss the adjusting entry : Prepare the adjusting entry to record Bad Debts Expense assuming uncollectible are estimated to be 1.5% of credit sales.
Units and standard deviation : Let X be a normal random variable with mean 194 units and standard deviation 6 units. Answer the following questions, rounding your answers to two decimal.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd