Review problem of swifty company

Assignment Help Accounting Basics
Reference no: EM132092493

Question: Swifty Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2017, it assigned, under guarantee, specific accounts amounting to $435,000. The finance company advanced to Swifty 80% of the accounts assigned (20% of the total to be withheld until the finance company has made its full recovery), less a finance charge of 0.50% of the total accounts assigned.

Reference no: EM132092493

Questions Cloud

How does nostalgia shape schema : How does Nostalgia shape Schema? Describe with some detail the schema surrounding the brand.
By how much will angie blooms increase its van account : Annual insurance on the van is $500. As a result of the purchase, by how much will Angie's Blooms increase its van account
Discuss the usefulness of telehealth : Discuss the usefulness of telehealth. Provide two examples of monitoring a patient and the reasons that telehealth reduces the cost of care.
Determine alexis labor rate variance : On the basis of this information, determine Alexis's labor rate variance and labor efficiency variance
Review problem of swifty company : Swifty Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2017, it assigned, under guarantee.
Discuss some of the common pitfalls associated : Discuss some of the common pitfalls associated with the system acquisition process and how those issues can be avoided.
Influence on diversity and inclusion of the bhopal disaster : Discuss the cause, impact, and influence on diversity and inclusion of the Bhopal Disaster in December 1984?
What is the book value of the plant asset : What is the book value of the plant asset on the December 31, 2014, statement of financial position assuming that Holt Company uses
Determine which party is in the best position to prevail : Discuss the rights of each party and determine which party is in the best position to prevail.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Record the adjusting entry related to company insurance

Arnez Company's annual accounting period ends on December 31, 2017. Record the adjusting entry related to the company's insurance

  Discuss scenarios best describes historical cost principle

Which of the following scenarios best describes the historical cost principle

  Making a cash distribution plan

Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.

  How much must be invested

The ABC Company wished to invest a sum of money today in an investment that grows at the rate of 12% per year, so that it may withdraw $1,000 at the end of every year for the next ten years

  Prepare general journal entry to record interest payment

Interest is payable each June 30 and December 31. Prepare the general journal entry to record the first interest payment on June 30, 2009

  Demonstrate an awareness of sight

The characters of the various readings demonstrate an awareness of sight and mind through their responses to their worlds they are living in, their feelings of what is good and true, and which allows them to be a person according to the rules they..

  What amount of cash dividends payable to common stockholders

Mozart & Company paid cash dividends totaling $150,000 in 2013 and $75,000 in 2014. What is the amount of cash dividends payable to common stockholders in 2015?

  What amount of intercompany inventory profit must deferred

Rome Inc. owns 30% of Amber Co. and applies the equity method. What amount of intercompany inventory profit must be deferred by Rome

  What does an lbo analysis include what does it solve

What does an LBO analysis include, what does it solve for, and what question is answered by the analysis?

  How much overhead should be applied to that job

Benjamin Products uses job order costing and assigns overhead to specific jobs using direct labor hours. During the month of June, a total of 5,000 direct labor hours at a cost of $16 per hour were incurred for all jobs. Actual overhead costs f..

  Calculate each of the predetermined overhead rates

Global Measurement Solutions (GMS) specialises in manufacturing precision measuring. Calculate each of the predetermined overhead rates for the GMS departments.

  What is planet return on investment

Planet Company had operating income of $12,000, average operating assets of $125,000, and sales of $45,000. What is Planet's return on investment

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd