User Account

All Pages

Prepare the journal entry on August

Assignment Help Accounting Basics
Reference no: EM132738897

Question - Flint Corporation factors $254,500 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2017. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.

Assume that the conditions are met for the transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2017, for Flint to record the sale of receivables, assuming the recourse liability has a fair value of $3,060.

Reference no: EM132738897

Questions Cloud

Communications landscape on cross-cultural level : This media project is designed to reflect your skills in assessing the communications landscape on a cross-cultural level.
What is the net present value for the investment jupiter ltd : What is the accrual accounting rate of return for the investment Jupiter Ltd. is considering? What is the net present value for the investment Jupiter Ltd
Good or bad communication regarding covid protocols : Do you believe your governing bodies that control "return to play" have provided good or bad communication regarding covid protocols
Calculate the direct materials input rate variance : Cayman Designs makes chair cushions. Calculate the direct materials input rate variance and the direct materials efficiency variance
Prepare the journal entry on August : Prepare the journal entry on August 15, 2017, for Flint to record the sale of receivables, assuming the recourse liability has a fair value of $3,060
About education and first amendment rights : Summarize an article about education and first amendment rights, looking specifically for cases or scenarios involving religious rights.
What is the max amount yu are willingly to pay : Simony inc just paid their annual dividend, what is the max amount yu are willingly to pay for oneshare of this stock if your required return is 10%
Why sufficient appropriate audit evidence not obtained : Explain why sufficient appropriate audit evidence has not been obtained to support the conclusion reached by Jim Short
How much does the investor gain or loose : US dollars at an exchange rate of 1.70 US dollars per pound. How much does the investor gain or loose if the exchange rate at the end of the contract is

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