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BPI Inc. provides financing to other companies by purchasing their accounts receivable on a non-recourse basis. BPI Inc. charges its clients a commission of 15% on all receivables factored. In addition, BPI withholds 10% of receivables factored as protection against sales return and other adjustments. BPI Inc. credits the 10% withheld to Clients Retainer Account and makes payments to clients at the end of each month so that the balance in the retainer is equal to 10% of unpaid receivables at the end of the month. Experience has led BPI Inc. to establish an allowance for bad debts accounts of 4% of all unpaid receivables purchased. On December 31, 2014, BPI purchased receivables from DLSL Inc. totaling 5,000,000. DLSL Inc. had previously established an allowance for bad debts for these receivables at P200,000. By December 31, BPI Inc. had collected 4,000,000 on these receivables.
Problem 1: What is the amount of cash received by DLSL Inc. as a result of factoring?
Problem 2: What is the gain/(loss) on factoring to be recognized by DLSL Inc.?
which of the following is a characteristic of an efficient market?a. small number of individuals.b.
Imperial Jewelers manufactures and sells a gold bracelet for $402.00. What is the financial advantage of accepting special order
You have $2,200 in savings for retirement. If your investments earn 4% annually, how much will you have in your retirement account in 6 years?
Identify an additional procedure the auditor should perform based on the responses from the lawyers
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Why are reversing entries optional?
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Prepare single-step income statement for 2018, including EPS disclosures. Prepare multiple-step income statement for 2018, including EPS disclosures
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a vintage restaurant on captiva island near fort myersflorida is owned and operated by karen payne. the restaurant
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