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Vaughn Incorporated factored $135,100 of accounts receivable with Bramble Factors Inc. on a without-recourse basis. Bramble assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments.
Problem 1: Prepare the journal entry for Vaughn Incorporated and Bramble Factors to record the factoring of the accounts receivable to Bramble. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
how can personal net worth can effect not only personal finances but also finances of the business for small business
In 2016 the Moore Company, a tractor manufacturer purchased equipment at a cost of $9, 500,000. The sales tax rate was 6% on the purchase price.
Martin Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor
What are some business decisions that managers could make? What tools will they use to make recommendations regarding these business decisions? Why? How will they measure the success of their recommendations?
Explain the implications for the auditor's report on the financial statements for the year ended 31 March 2020 of your firm
Shaun's policy is to declare and pay a $1 per share cash dividend every April 1 and October 1. Shaun's income , earned evenly throughout each year, was $598,000 in 2013, $639,000 in 2014, and $692,400 in 2015.
The methodology used to determine deferred taxes The procedures for reporting accounting changes and error corrections
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a) Calculate the employer's payroll taxes, using the following rates state unemployment, 4.3%: federal unemployment, 0.8% b) Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.
Research topic: Historical cost versus fair value accounting for non-financial assets, The choice between fair value and historical cost accounting has been a widely debated issue in the accounting literature (Christensen & Nikolaev, 2013).
Required - For each of the following cost flow assumptions, calculate (1) cost of goods sold, (ii) ending inventory, and (iii) gross profit
Tax Treaties. Answer the following questions: What is the purpose of a bilateral tax treaty?
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