User Account

All Pages

Prepare the journal entry that calico corners record

Assignment Help Accounting Basics
Reference no: EM13512094

Calico Corners decides to sell $400,000 of its accounts receivable to First Central Factors Inc. First Central Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Calico Corners makes to record this sale.

Reference no: EM13512094

Questions Cloud

Find frequency of is heard by the driver of the other car : Two cars are each traveling at 27.0 m/s, and they are approaching each other. What frequency of is heard by the driver of the other car
How should these two tracts of land be reported : One tract will be the site of its new manufacturing plant, while the other is being purchased with the hope that it will be sold in the next year at a profit. How should these two tracts of land be reported in the balance sheet?
What is the rate of return of this opportunity : You have an investment opportunity that requires an initial investment of $5000 today and will pay $6000 in one year. What is the rate of return of this opportunity?
Explain the total energy and the molecular partition : Derive the relationship between the total energy and the molecular partition function for indistinguishable particles
Prepare the journal entry that calico corners record : First Central Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Calico Corners makes to record this sale.
State chemist decided to analyze the mixture by dehydrating : A sample is composed of a mixture of CaCO3 and CuSO4*5H2O. A chemist decided to analyze the mixture by dehydrating it by heating it to 120 degrees Celsius for 12 hours. If a 5.327 g sample weighed 4.281 g after dehydration
Age discrimination in employment act : The field of ________ examines the biological, physical and social aspects of the aging process. The Age Discrimination in Employment Act was passed in _____ to protect workers age _____ and above from unfair employment practices based on age.
How the width and height of the bands are inversely related : Find the Fourier transform of the function exp(-πx2/ σ2). Explain how the width and height of the bands are inversely related in the two domains. Why should this be so
Determine the intensity level of the louder sound : The intensity (in W/m2) of one sound is 2.97 times as great as the intensity of another sound. Relative to the quieter sound, what is the intensity level of the louder sound

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the contribution margin per unit

Laquesha Enterprises. sells its only product for $9 per unit, variable production costs are $3 per unit, and selling and administrative costs are $1.50 per unit. Fixed costs for 10,000 units are $5,000. Calculate the contribution margin per unit a..

  Better risk adjusted return

You are analysts comparing the performance of two portfolio managers using the Sharpe Ratio measurement. Manager A shows a return of 16% with a standard deviation of 10%. Manager B shows a return of 11% with a standard deviation of 6%. If the risk..

  Preparing journal entries-issuance of the bonds

Swanson's fiscal year ends on December 31. Prepare the following journal entries: a. April 1, 2009, to record the issuance of the bonds.

  Investment income-related expenses

Investment income and related expenses amount to 7,000 and 500 respectively. What is Mike and Sallys interest deduction for the 2010 tax year?

  Applying course concepts and enterting

Discuss how the concepts of this course can be applied to your current or future work position. Discuss whether or not you feel adequately prepared to enter the accounting profession as a Certified Public Accountant.

  Internal auditors for a federal agency

Assume that the client company, which handled some government contracts, had no internal auditors for a federal agency spent three weeks auditing the records and were just completing their work at this time.

  Which of the following is not true of an effective

which of the following is not true of an effective accounting system? the system must accommodate changes in the

  Prepare a schedule for january and february showing budgeted

Denard has a desired ending balance of shoes on hand equal to 10% of the following month's expected shoe sales. On December 31, Denard had 5,000 shoes in stock.

  Identify the challenges one face in becoming more creative

What are the characteristics of an effective business model?

  Calculate the equity owing to the retiring partner

What is the equity of each of the remaining partners and of the business after settlement to the retiring partner?

  Overapplied overhead to work in process

Suppose Malcolm chooses to prorate the under or overapplied overhead to work in process, finished goods, and cost of goods sold in proportion to their ending balances. Would Malcolm's reported income be higher or lower than the answer you computed..

  Analysis of alternatives for an acat id program

Designating an independent activity to perform the Economic Analysis for an ACAT IA program and preparing the Analysis of Alternatives for an ACAT ID program

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