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Question - On 7/1/20 XYZ Merchandising assigns $500,000 of receivables as collateral for a $400,000 loan. The bank that provides the loan assesses a finance charge of 1.5% of the assigned receivables. The note has an annual interest rate of 9%. What effect (if any) does borrowing the money on 7/1/20 have on the assets, liabilities, and equity of XYZ Merchandising (do not provide the journal entry in your answer)?
Determine The tolerable deviation rate varies inversely with sample size. Inspection of signatures on time cards is an example of attribute sampling.
1. Which of the following is not an objective of internal control:
on may 31 2010 james logan company had a cash balance per books of 6781.50. the bank statement from farmers state bank
affinity toasters produces top-quality bagel and bun toasters. the jessie princess production process requires four
In Mills' 2009 consolidated income statement, how much should have been reported as a foreign exchange gain
Net salary (after $18,000 PAYG tax withheld) $55,000. Determine Selina's net tax payable/refundable (including Medicare Levy) for the 2017/18 tax years
1. which of the following is true regarding proprietary fund accounting the economic resources measurement focus and
The bonds are sold on november 1, 2011 at 13 plus accrued interest. amortization was recorded when interest was received by the straight-line method. prepare all entries required to properly record the sale.
shannon polymers uses straight-line depreciation for financial reporting purposes for equipment costing 800000 and with
Discussed various aspects of accounting and how it relates to the world around us. how could this knowledge be used in your everyday life
The equipment has an expected useful life of five years. Prepare an income statement and a statement of owner's equity, and a classified balance sheet
Gemini Advertising Services reported a net income of $92,330. Prepare a statement of owner's equity for the year ended December 31, 2018
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