User Account

All Pages

Prepare the general journal entry to reflect transaction

Assignment Help Accounting Basics
Reference no: EM132788379

Problem 1: Sparwood Manufacturing factored $240,000 of their accounts receivable to General Factor Corp., on a without recourse basis. The receivables are transferred to General Factor, who takes over the full responsibility of collection. General Factor charged a finance charge of 4% of the dollar value of the receivables, and withheld 5% of the receivable value. Prepare the general journal entry to reflect this transaction on Sparwood's books. Prepare the general journal entry to reflect this transaction on General Factor's books.

Reference no: EM132788379

Questions Cloud

Give the rules on reclassification of an equity securities : What are the initial cost of the following equity security (a) fair value through profit or loss and (b) fair value through other comprehensive income.
What is the difference of a biological asset from inventory : What is the difference of a biological asset from an inventory? Give at least 5 biological assets and identify their agricultural produce.
Determine the adjusted balance of the land : Determine the adjusted balance of the land.Brave Company carried out a number of transactions involving the acquisition of several assets.
Calculate the company debt to total assets : Kahluha Manufacturers Inc. reported the following information in its financial statements - Calculate the company debt to total assets
Prepare the general journal entry to reflect transaction : Prepare the general journal entry to reflect this transaction on Sparwood's books. Prepare the general journal entry to reflect this transaction on General
Make martins sale budget for the fourth quarter : Make Martins sale budget for the fourth quarter 2014.Martin sells the product at the following prices. Toasted Pastillas 120/pack: Yema Balls 100/pack
Determine the selling price for bond b : Determine the selling price for bond B, both bonds will yield j12=9%? Two bond has face values of $12000 and are redeemable at par in n-years.
Major responsibilities of the office of inspector general : What are the major responsibilities of the Office of Inspector General as they relate to coded healthcare data?
Explain the five accounting principles and give an example : Explain the five accounting principles and give an example. Conflicts of Interest Cause Agency Problems. Market Prices Are Generally Right

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