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On April 1, 2017, Indigo Company assigns $520,500 of its accounts receivable to the Third National Bank as collateral for a $340,400 loan due July 1, 2017. The assignment agreement calls for Indigo to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).
On July 1, 2017, Indigo paid Third National all that was due from the loan it secured on April 1, 2017. Prepare the journal entry to record this payment.
Prepare the journal entries to record the following. The payment of interest and the related amortization on July 1, 2017
using the percentage of receivables method for recording bad debts expense estimated uncollectible accounts are 15000.
Assuming the partnership is liquidated on an installment basis and Other Assets with ahbook value of $50,000 are sold for $70,000,which one of the following amounts may be paid to Bauer at that time?
Assume the following comments were recently overheard at an international management accounting conference. For each group of comments below, state whether or not you agree with each set of comments, and provide a 2- to 3-paragraph rational for yo..
Uncorrected Misstatements and Performance Materiality. Pat Colt is auditing the financial statements of Manning Company.
In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow:
on january 1 2010 shaw co. sold land that cost 210000 for 280000 receiving a note bearing interest at 10. the note will
Prepare a schedule of budgeted cash collections from sales for January
the following costs result from the production of 24000 dvd sets manufactured by astra company for the year ended
What amount of unrelaized gross profit must Panner defer in reporting this investment using the equity method
Why do you think more companies do not recapitalize their balance sheets by adding more debt in order to replicate the returns achieved by private equity fund portfolio companies?
What is the Sarbanes-Oxley Act? How does act affect the audits for the accounting firm and for the organization? Has the Sarbanes-Oxley Act improved the quality of the audit? Answer in 150-200 words.
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