User Account

All Pages

What journal entry does novak make when factoring receivable

Assignment Help Managerial Accounting
Reference no: EM132960101

Problem 1: Novak Furniture factors $730000 of receivables to Bridgeport Factors, Inc. Bridgeport Factors assesses a 2% service charge on the amount of receivables sold. Novak Furniture factors its receivables regularly with Bridgeport Factors. What journal entry does Novak make when factoring these receivables?

Reference no: EM132960101

Questions Cloud

Calculate the periodic lease payment : Ping Ltd.'s incremental borrowing rate is 12%. According to the above lease term, calculate the periodic lease payment from the lessee to the lessor
What amount will be recognized as accounts receivable : Blossom has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of Nov
What the adjustment to record bad debts for the period : An aging of a company's accounts receivable indicates that $9600 are estimated, the adjustment to record bad debts for the period will require a
What was the accounts receivable turnover for concord corp : Concord Corporation had net credit sales during the year of $1116550 and cost of goods sold. What was the accounts receivable turnover?
What journal entry does novak make when factoring receivable : What journal entry does Novak make when factoring these receivables?
What is its levered beta : The firm currently has 30% debt, but is considering changing its capital structure to be 20% debt and 80% equity. What is its levered beta at 20% debt level
What is the journal entry for the above transaction : Espenses include $1,625,061 for life insurance on key executives. What is the journal entry for the above transaction
Would there be any opportunity costs : Kevco currently produces and sells 100,000 mugs per year. Would there be any opportunity costs
Roles of regular managers : Discuss how the HR department has taken over some of the roles of regular managers and now performs most of these functions. Has this helped or hurt most of the

Reviews

Write a Review

Managerial Accounting Questions & Answers

  How much equity does tiggies have on the balance sheet

$32 million, how much equity does Tiggie's have on its balance sheet? (Enter your answer in millions of dollars rounded to 2 decimal places.)

  What difference is recorded in the statement of financial

Statement of financial performance under the accrual accounting approach, the difference is recorded in the statement of financial position as

  Calculate charltons operating income

Use the time saved to increase revenues proportionately. Assume travel costs will remain at $21,000. Calculate Charlton's operating income for 2013.

  How much should the company charge riley sales for the month

Mira adds a 25% markup on its costs to calculate the amount billed to the customer. How much should the company charge Riley Sales for the month of July

  Find what price were the updated versions sold

If Hi-Tech updates the computers and sells them, net income will increase by $9,000. At what price were the updated versions sold?

  Write brief statement regarding suggestion of budgeting

Write brief statement regarding his/her suggestion of budgeting as a "linear process." Pondering this, you decide to engage in a conversation with this person.

  Decrease in the rate of nominal money growth

The effects of a permanent decrease in the rate of nominal money growth

  Compute the missing amounts and prepare firms july report

a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.b. The company uses weighted-average process costing.c. The July 1 work in process was 30 percent complete as to c..

  What is the overhead application process

What are the results to the decision making and financial statements for each of the situations? what is the overhead application process?

  What is the budgeted sales price for excursion backpacks

If budgeted revenue for the period is $250,000 and the sales price for Daytripper backpacks is $50, what is the budgeted sales price for Excursion backpacks?

  How abis corporation uses the weighted-average method

The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs.

  What the business event would

Banton Company paid $8,000 cash for wages of production workers. This business event would. increase one asset account and decrease another asset account.

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