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On April 1, 2014, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2014. The assignment agreement calls for Rasheed Company to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Prepare the April 1, 2014, journal entry for Rasheed Company. (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.)
58 Nicole, a calendar year individual, owns 30%of Creole Cravings,inc,. a C corporation that was formed on February 1,2011. She receives a $5000 monthly salary from the corporation, and Creole cravings generates $200000 of taxable income (after ac..
veronica company allocates overhead costs to jobs on the basis of direct labor-hours. its estimated average monthly
West Valley Corporation issues $800,000 of 20 year, 9 percent bonds at 95. Interest is paid semiannually, and the effective interest method is used for amortization.
Income statement, Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40 percent.
What are 4 examples of international Risks and Benefits.
a. What is the amount of his adjusted gross income?
on january 1 2012 palmer company leased equipment to woods corporation. the following information pertains to this
Skipper, Inc., earns pretax book net income of $500,000 in 2011. Skipper acquires a depreciable asset in 2011, and first-year tax depreciation exceeds book depreciation by $80,000.
brubacher service company sells for cash and on account. by selling on credit brubacher cannot expect to collect 100 of
abc earned a net profit margin of 5 last year and had an equity multiplier of 3.5. if its total assets are 93 million
Which of the following is the primary factor in determining the functional currency of a foreign subsidiary?
managerial acct 2 ulrich framing is well known for the quality of its picture framing. lucinda ulrich ceo believes that
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