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Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2011, the company transferred $800,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $60,000.
Required:Prepare journal entries for Samson Wholesale Beverage for the transfer of accounts receivable on April 30 assuming the sale criteria are met.
Determine (1) the company's most profitable sales mix and (2) the contribution margin that results from that sales mix.
According to US GAAP, what should be the basis for reporting the assets and liabilities of Small within consolidated financial statements created on the date of acquisition?
Using information from the latest financial statement, compute operating leverage, ROI, EVA and another performance measure for SIRI (SiriusXM)
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Rollie Company is launching a new cleaning product for ceramic vases. The company invests $1,200,000 in operating assets, such as production equipment,and plans to produce and sell 400,000 units per year. Rollie wants to make a return on investmen..
Which of the following is true regarding the efficient market hypothesis?
The FCPA requires that a system of internal accounting control:
What journal entry should be made at the beginning of the fiscal year to reestablish the Encumbrances account of a capital projects fund for a multi-year capital project?
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Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..
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