Prepare the journal entry for wood incorporated

Assignment Help Financial Management

Reference no: EM132059677

Wood Incorporated factored $161, 400 of accounts receivable with Engram Factors Inc. on a without recourse basis.

Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments.

Prepare the journal entry for Wood Incorporated and Engram Factors to record the factoring of the accounts receivable to Engram.

(if no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM132059677

Questions Cloud

Determine cost of the land to be reported on balance sheet : Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, Determine the cost of the land to be reported on the balance sheet

Calculate the project internal rate of return : A project has an initial requirement of $300,000 for fixed assets and $30,000 for net working capital. The fixed assets will be depreciated to a zero book value

What is jeremy tax liability including tax on capital gain : Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy's tax liability including the tax on capital gain

Approximate the height of the cathedral : The hill rises at angle of 32 degrees. Approximate the height of the cathedral. (the answer is 350ft)

Prepare the journal entry for wood incorporated : Wood Incorporated factored $161, 400 of accounts receivable with Engram Factors Inc. on a without recourse basis.

Design principle for neighborhoods and airports : A commuter exits her neighborhood by driving y miles at r1 mph, then turning onto a central road to drive x miles at r2 mph.

Explain why the project will fail : If a project manager insists in following a purely sequential lifecycle, the project will almost always fail. Explain why the project will fail.

Estimate the population of the county in 2023 : If the population of a certain county was 100,000 in 1998 and 110,477 in 2008, and if the formula y = P0eht applies to the growth of the county's population

Estimate the required rate of return of the common stock : Problem : Assume capital structure as above. What is the total market value of the firm if the bonds sell for $975 each?

User Account

All Pages