User Account

All Pages

Prepare the journal entry for Wood to record the sale

Assignment Help Accounting Basics
Reference no: EM133074475

Question - Wood Incorporated factored $500,000 of accounts receivable with Engram Factors Inc. on a without recourse basis. Engram assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 10% of accounts receivable for possible adjustments. Prepare the journal entry for Wood to record the sale. Also, record the journal entry for Engram Factors, Inc. to record the purchase of the receivables.

Reference no: EM133074475

Questions Cloud

Calculate and insert the book or carrying value of building : Calculate and insert the book or carrying value of the building in the company's financial statements at December 31, 2021
Expected future exchange rate increase : Consider the FX market between Malaysia and Thailand. The current spot exchange rate is 7 Malaysian ringgits per Thai baht, Eringgit/baht = 7.
Determine jane equivalent annual cost : Use these costs to determine Jane's equivalent annual cost for years 1 through 10 at i = 8% per year.
What is the payback period on investment : If you insulate your office for $20,000, you will save $2,000 a year in heating expenses. These savings will last forever.
Prepare the journal entry for Wood to record the sale : Engram assesses a 3% finance charge of the amount of accounts receivable. Prepare the journal entry for Wood to record the sale
Projects on the basis of npv analysis : You are considering two projects: Project 1 has an initial cost of $700,000, an annual operating cost of $80,000, salvage value of $40,000, and a life of 3 year
Calculate gino basic tax payable : Calculate Gino's basic tax payable to 2 decimal (number only; no $ or comma).
Risk analysis and project evaluation : What are the financial concepts you have learnt in the session? Briefly explain the concepts? (please note that only list the financial concepts
What are the amount and character of gain or loss : What are the amount and character of gain or loss Matt recognizes upon selling the newly acquired common? shares

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