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Question 1: ORANGE Co. factored ?3,000,000 of accounts receivable without recourse. The factor required an assessment fee of 10% of the accounts factored and a holdback of 15% of the accounts factored for possible sales returns and allowances. The accounts factored had a related allowance for doubtful accounts of ?200,000. What amount of loss on factoring should be recognized?
Option 1: ? 300,000
Option 2: ? 750,000
Option 3: ? 100,000
Option 4: ? 650,000
On April 1, 2016, Austere Corporation issued $320,000 of 10% bonds at 107. Each $1,000 bond was sold with 30 detachable stock warrants, each permitting the investor to purchase one share of common stock for $18. On that date, the market value of the ..
On January 1, 2012, P&P Products entered into an agreement to lease a piece of equipment from Beta Company, Inc. The lease term is for five years at 8% interest, and the useful life of the equipment is six years. The first lease payment is made Jan. ..
At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $760,000. During the year liabilities increased by $20,000, assets increased by $110,000, and paid-in capital increased by $40,000 to $330,000. Dividen..
Withdrawn at the end of 2 years and place in another bank at the rate of 5% compounded annually for 4 years. what is the new balance?
Leverage. A firm has a long-term debt-equity ratio of .4. Shareholders' equity is $1 million. Current assets are $200,000, and the current ratio is 2. The only current liabilities are notes payable. What is the total debt ratio?
Our Company, Paddle Away, began operations on 1-1-12 and the year ended on 12-31-12. We buy Kayaks and sell them in a retail store. These were our January 2012 transactions. Then use your account balances to create the Balance Sheet, Income Statement..
Push Company is a lawn mower manufacturer. What the sales invoice was back-dated to December 2019 in order to deceive the auditors that?
Prepare Rocky's August 5 journal entry to record any necessary adjustments to revenue and receipt of payment from Wilderness.
Tamarisk Corporation began operations in 2020 and reported pretax financial income of $234,000 for the year. Tamarisk's tax depreciation exceeded its book
Cash budget The monthly cash budgets for the second quarter of 2010 follow ($000 omitted) for Morrison Mfg. Co
Which describes the difference between mutual fund and ETF? Only mutual fund can be bought and sold throughout the trading day
Make an analysis of the two cars assuming they are mutually exclusive and can be repeated indefinitely. The NPV's of the two cars.
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