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Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2014. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b)Assume that the conditions are met for the transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2014, for Beyoncé to record the sale of receivables, assuming the recourse liability has a fair value of $2,000.
Carolina Mills purchased $270,000 in supplies this year. The supplies account increased by $10,000 during the year to an ending balance of $66,000. What was supplies expense for Carolina Mills during the year?
On December 31st, 2003, the Merchant Bank enters into a debt restructuring agreement with Shrek Company, which is now experiencing financial trouble. The bank agrees to restructure a 10%, issued at par, $1,000,000 note receivable by the following ..
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
Can you think of an instance when a capital project projection might satisfy the hurdle-rate requirements, but the project would be rejected anyway? What other criteria impact the decision?
What is the difference between using the percentage of sales and percentage of receivables method for calculating doubtful accounts? Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculat..
Wares is a division of a major corp. The following data are for the latest year of operations: division's return on investment
Journalize the entry Escape used to write off customer Ken Ford for $50. (the $50 is included in the 1700 total written off). The balance in Accounts Receivable on December 31, 2011, is. Journalize Escape's adjusting entry to record bad debt expense ..
Horatio Ltd. uses job order costing to measure and track product costs. Horatio has determined that machine hours drive its manufacturing overhead costs. During the month of June, the following data were available for Product #80:
Computer the non-controlling interest in Smith at the date of acquisition
The following information pertains to Family Video Company. Prepare a bank reconciliation at July 31. (Round answers to 2 decimal places, e.g. 10.50.)
Answer the following questions based on the 2011 annual report of Proctor & Gamble Corporation (P&G). A link to the annual report is provided below. The financial statements are on pp. 31-74 of the annual report, and all questions can be answered ..
Suppose, revenue shown on the accrual basis income statement was $200,000. Accounts receivable were $5,000 on January 1, 2008 and $3,000 on December 31, 2008.
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