User Account

All Pages

What amount should be recorded as gain

Assignment Help Accounting Basics
Reference no: EM132702677

Problem 1: Star Company assigned a P4,000,000.00 of accounts receivable as collateral for a P2,000,000 6% loan with a bank. The entity also paid a finance fee of 5% on the transaction upfront. What amount should be recorded as gain or loss on the transfer of accounts receivable?

Reference no: EM132702677

Questions Cloud

How activity based costing model differs from conventional : How an Activity Based Costing (ABC) model differs from a conventional costing system when goods are manufactured with differing batch sizes.
Find the amount of depreciation expense to be shown : ABC Corp. has been depreciating production equipment on straight-line basis. Determine the amount of depreciation expense to be shown for 2013, 2014 and 2015?
Write description of the symptomatic behavior : Description: A detailed description of the symptomatic behavior (includes at least 1 APA styled citation). Diagnosis: A diagnostic label from the DSM-5 with.
Compute the overtime hourly rate : Bruce Eaton is paid 10 cents per unit under the piece-rate system. Eaton worked 46 hours and produced 5,520 units. Compute the overtime hourly rate
What amount should be recorded as gain : The entity also paid a finance fee of 5% on the transaction upfront. What amount should be recorded as gain or loss on the transfer of accounts receivable?
Four-day workweek is beneficial : Which one of the following appeals would you focus on in order to convince your CEO that a four-day workweek is beneficial?
Define the concept of secondary small group : Teach the class: In your own words, based on the required reading and a scholarly source that you select, define the concept of secondary small group.
Which is not a general characteristic of year-end published : Which is not a general characteristic of year-end published accounts? The financial information they contain is the bare minimum required by the companies act
Most organizations claim to value diversity : Define some characteristics of surface-level diversity and deep-level diversity. Analyze the diversity practices at your job or school.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Record the sale of the bonds on january

Record the sale of the bonds on January 1 and the payment of interest on June 30 of this year, without the use of a discount account

  Information about risk aversion

Risk aversion implies which some securities will go unpurchased in market even if a large risk premium is paid to investors.

  Compute amounts of any liability for compensated absences

Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2010, and 2011

  How can a cpa demonstrate independence

What do we mean by independence and how can a CPA demonstrate independence

  Determine what the income before taxes

The 2018 year-end inventory was understand by $17,000. Determine what income before taxes for 2018, 2019, should have been after correcting for the errors

  What amount of revenue should be shown on income statement

During first year of operations, Williams Company bills credit customers $17,200. What amount of revenue should be shown on the income statement for the year?

  How are the effects of these transactions reported

The company sold land with a book value of $217,500 for $165,000. How are the effects of these transactions reported on the statement of cash flows

  What is the corrected amount for total assets

Swifty Inc. reported total assets of $6397000 and net income of $510000 for the current year. What is the corrected amount for total assets

  What is the balance in the investment in harrison account

On January 1, Pucket company paid 1.6 million for 50,000 shares of Harrison's voting common stock, which represents a 40 percent investment.

  Evita corporation prepares its statement of cash flows

evita corporation prepares its statement of cash flows using the indirect method. evitas statement showed net cash

  Provide the journal entry for the period payroll

Journalize period payroll - Federal withholding for the period totaled $59,400. Provide the journal entry for the period's payroll

  Compute cash-basis net income

Primo Industries collected $104,000 from customers in 2017. Compute 2017 cash-basis net income. Compute 2017 accrual-basis net income.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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