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On April 1, the AIM Inc. assigned 800,000 of accounts receivable to a bank under a nonnotifcation arrangement. The bank advances 80% less a service charge of 5,000. AIM Inc. signed a promissory note that provides for interest of 1% per month on the unpaid balance. On April 5, AIM Inc. issued a credit memo for sales return to a customer whose account was assigned for 50,000. On April 10, the company collected 300,000 of the assigned accounts less 2% discount. On April 30, AIM Inc. remitted the total collections to the bank plus interest for 1 month. On May 7, 30,000 worth of assigned accounts proved to be worthless. On May 20, AIM Inc. collected 300,000 of the assigned accounts. On May 30, the company remitted the total amount due the bank to pay off the loan balance plus interest for one month.
Problem 1: What is the remaining balance of assigned accounts receivable to be transferred back to unassigned accounts receivables?
I have completed what I can I am having a very difficult time with inventory if you could break down the equation to inventory it would be greatly appreciated.
Analyzing and Recording Entries Related to a Change in Estimated Life and Residual Value Reader's Digest is a global publisher of magazines.
After the events just described, and before trading starts, he has £400 cash in hand and £1,100 cash at bank. Calculate the amount of his capital
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on june 30 2008 raminc. borrowed 25000 from good bank. in connection with the transaction ram executed an 8 two-year
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