User Account

All Pages

Prepare the journal entry to record the borrowing on book

Assignment Help Accounting Basics
Reference no: EM13882916

1.On June 30, 2013, the High Five Surfboard Company had outstanding accounts receivable of $600,000. OnJuly 1, 2013, the company borrowed $450,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $600,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.8% of the accounts receivable assigned.

Required:
Prepare the journal entry to record the borrowing on the books of High Five Surfboard.

Reference no: EM13882916

Questions Cloud

What is the purpose of a dealer reserve in indirect lending : What is the purpose of a dealer reserve in indirect lending? When is a bank at risk with indirect loans?
What benefits to providing diversity training in workplace : Should Companies have a zero tolerance policy when it come to offensive workplace terminology and symbol usage like nooses (reference to slavery) and swastikas (infamous Nazi symbol)? What are the benefits to providing diversity training in the wor..
Create an artistic masterpiece of social or political protes : If you were to create an artistic masterpiece of social or political protest, what would it look like?In this assignment, you will pick a social, environmental, or political theme. Keeping the theme in mind, imagine what medium and style of art you w..
Financial management for profit and non profit organisations : Prepare a report of 7 to 8 pages on Financial Management For Profit and Non Profit Organisations.Financial Management in Non-Profit versus Financial Management in for Profit Organisation.Certain Issues in Financial Management in Non-Profit Organisati..
Prepare the journal entry to record the borrowing on book : 1.On June 30, 2013, the High Five Surfboard Company had outstanding accounts receivable of $600,000.
What is the goal of the cra : What is the goal of the CRA? How do regulators enforce its provisions?
What are the tax advantages of qualified private pension : What are the tax advantages of qualified private pension plans?
Pertaining to the case study alabama''s confederate flag : Pertaining to the case study Alabama's Confederate Flag Controversy (The Electronic Hallway), I believe the central problem is that there is a social and political controversy surrounding the fact that the confederate flag is flying over the capital...
Forgive the interest accrued for the year just ended : Clayton was experiencing severe financial difficulties and asked Third BancCorp to modify the terms of the debt agreement. After negotiation Third BancCorp agreed to:

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