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On April 1, 2017, Bridgeport Company assigns $536,700 of its accounts receivable to the Third National Bank as collateral for a $304,800 loan due July 1, 2017. The assignment agreement calls for Bridgeport 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, Bridgeport paid Third National all that was due from the loan it secured on April 1, 2017. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Woody Light year is considering the purchase of a toy store from Andy Enterprises. Woody expects the store will generate net cash flows (cash inflows less cash outflows) of $50,000 per year for 10 years. What is the maximum amount Woody should offer ..
Alex Industries manufacturers a famous brand of skateboard. The model is #1 in the market and Alex has a backlog of orders. The company's production capacity is 1,250 skateboards per month but the company has been maintaining 80% of full capacity, i...
The following income statement applies to Stuart Company fo the current year. Use the contribution margin approach to calculate the magnitude of operating leverge. Calculate the percentage change in net income for the two income statements.
The Bradford Company issued 12% bonds, dated January 1, with a face amount of $83 million on January 1, 2016. The bonds mature on December 31, 2025 (10 years). For bonds of similar risk and maturity, the market yield is 14%. Determine the price of th..
An expense should be recorded when: The financial statement that shows business results in terms of revenue and expenses is: James purchased a new computer for the company on account. The transaction will:
What is the fiscal year end of Apple? - How many shares were issued and outstanding as of the fiscal year end of 2014?- What is the monetary amounts for Apple's financial statements?
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. If needed, use the minus sign to indicate cash outflows, negative amounts or a decrease in cash.
The primary reason organizations train new employees is to:
What features are likely to make a balance sheet helpful to users? Could a statement of cash flows be presented as the only financial statement reported by a company? Explain your view.
Calculate bor rate variance, by labor class, Labor variance from use of substandard material, by labor class and Labor efficiency variance associated with use of regular materials, by labor class.
questionvalstar is a mid-sized paint manufacturer that has experienced substantial growing in the past three years.
The material has a standard price of $10 per pound. During November the company purchased and used 15,000 pounds of material
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