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1. Transfer of Receivables Use the information for Grant Company as presented in E7-20. Grant is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,000 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of the balances for probable adjustments and assesses a finance charge of 4%. The fair value of the recourse obligation is $1,000.
(a) Prepare the journal entry to record the sale of the receivables.
(b) Compute Grant's accounts receivables turnover ratio for the year, assuming the receivables are sold, and discuss how factoring of receivables affects the turnover ratio.
on january 2 20x1 bruce greene invested 10000 in the stock market and purchased 500 shares of heartland development
During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are
Post the effects to the appropriate T-accounts and determine ending account balances
Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2011. (Ignore income taxes.)
Yale requires a modification of the design that will allow a $4 reduction in direct-material cost.
Include a discussion about problem areas that could arise, assuming that you will eventually have many more clients and several more employees.
the expected average rate of return for a proposed investment of 600000 in a fixed asset with a useful life of four
the wyckoff company specializes in decorative fruit baskets. currently the company is analyzing purchase alternatives
Sold 280 shares of sohn corporation common stock for $28.00 per share. the shares were originally purchased on july 11, 2013 for $22.00 per share plus a commission of $62. Central brokerage retained a commission of $72 on the sale and forwarde..
when we considered the cost of capital and the cost of financing we spoke of several types of accounts. consider these
on march 1 2004 tucker corporation purchased a new machine for 355000. at the time of acquisition the machine was
How would you measure technology diffusion and infusion?
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