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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.
Which plant operating at capacity would suggest that most likely? every machine and person in the plant is working at the maximum possible rate.
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Techgear is an electronics company in the United States. It uses the LIFO inventory method. You plan to compare its ratios to Eurotext, but you are concerned because Eurotext uses IFRS. What accounting policy difference is certain to exist between th..
Roskoff subsequently paid this balance. At December 31, 2009, an analysis of the accounts receivable aging schedule indicated the need for an allowance for uncollectible accounts of $14,900.
Ricardo is a professional football player. In negotiating his contract for the upcoming season, Ricardo is given two options. He can receive (1) 12 monthly checks of $325,000 with no deferred payments or (2) $250,000 monthly with the $900,000 balance..
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Prepare an adjusted trial balance from the following adjusted account balances - Accounts Payable $6,100 and Accounts Receivable 13,200
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