User Account

All Pages

Prepare marathon journal entry for the purchase

Assignment Help Accounting Basics
Reference no: EM132728680

Marathon Financial Services has agreed to purchase Tulip Corporation's outstanding accounts receivable, on a with recourse basis. Following are details regarding this arrangement:

Amount of accounts receivable sold $ 449,800
Fair value of the estimated uncollectible accounts $ 22,500
Financing fee (as a percentage of accounts receivable balance) 8%
Amount withheld for sales returns and allowances (as a percentage
of accounts receivable balance 17%

Tulip and Marathon both follow ASPE.

Problem 1: Prepare Tulip's journal entry for the sale.

Problem 2: Prepare Marathon's journal entry for the purchase of the receivables.

Reference no: EM132728680

Questions Cloud

What bearing does the age and religious requests have : What bearing does the age and religious requests have on the patient's case? Are there medical and ethical laws that supersede the parent's requests?
Which is not an advantage of the relational database : Which is not an advantage of the relational database? Data is easily accessed for reporting and cross-functional analysis. / Enhances data redundancy
Define ethical implications of social media in healthcare : Develop a 5-6 slide PowerPoint presentation that covers the ethical implications of social media in healthcare. Be sure to address email communication.
How much is the first year depreciation expense : Central Supply purchased a new printer for $67,500. How much is the first year's depreciation expense if the company uses the double-declining-balance method?
Prepare marathon journal entry for the purchase : Prepare Marathon's journal entry for the purchase of the receivables. Marathon Financial Services has agreed to purchase Tulip Corporation's outstanding
Describe ethical issues involved in serving your population : Ethics are important in any area but particularly in healthcare. Every patient population has their own specific ethical considerations.
Identify supply chain network of the hello fresh meal kit : Identify supply chain network of the hello fresh meal kit.
Are the difficulties inherent in present us health system : Are the difficulties inherent in the present U.S. health system caused by the private insurance companies or by too much government involvement?
Discuss regulatory requirements and various factors : Discuss regulatory requirements and various factors that accountants should consider when setting up accounting policy relating to inventory

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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