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Question - Pina Corp. factors $370,000 of accounts receivable with Grouper Finance Corporation on a without recourse basis on July 1, 2017. The receivables records are transferred to Grouper Finance, which will receive the collections. Grouper Finance assesses a finance charge of 1.70% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.
(a) Prepare the journal entry on July 1, 2017, for Pina Corp. to record the sale of receivables without recourse.
(b) Prepare the journal entry on July 1, 2017, for Grouper Finance Corporation to record the purchase of receivables without recourse.
Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city's ten separate special revenue funds.
lyons company consists of two divisions a and b. lyons company reported a contribution margin of 50000 for division a
on january 1 2008 jose company purchased a building for 200000 and a delivery truck for 20000. the following expenses
Using the following data, complete the balance sheet. Blue Co.'s records show that current and former customers owe the firm a total of $4,000; $600 of this amount has been due for more than a year from two customers who are now bankrupt
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Prepare the statement of cash flows using the indirect method
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A winning investment strategy? One student in the class of Exercise 19 claims to have found a winning strategy. He watches a cable news show about investing and during the show throws his darts at the pages of the Journal. He claims that of 200 st..
If $15 000 of fixed costs allocated to Painted rocking chairs are avoidable $ company drops Painted rockers from its product line what will the impact on profit
A, ? and C were three companies engaged in the same trade and all preparing accounts annually to 31st March; the following statement summarises.
Nunez Company accumulates the following adjustment data at December 31. Indicate
to evaluate the financial operation and health of a business ratio analysis is used. 1 provide the formula for the
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