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Problem 1: Sun Inc. factors P 2,000,000 of its accounts receivables without guarantee (recourse) for a finance charge of 5%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables?
a. Loss of P100,000
b. Gain of P100,000
c. Loss of P300,000
d. Loss of P200,000
Make a classified multi-step income statement in good form for Hoskins Co. Merchandise Inventory 95,000.Sales Discounts 3,000
Actual overhead for June was $15,800 variable and $9,100 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is:
Note that Ermler Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2014
The accounting department provides SDL's year-to-date statement of income at each board meeting. Provide an analysis of SDL board of directors
The chocolates cost $50 a box not including $4 for gift wrapping and shipping. How much can Andrew deduct
What is the purpose of cash forecasting and how does it assist in the smooth functioning of a government?
These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record this requisition would include a debit to Manufacturing Overhead of
Lequin's total manufacturing cost was $543,000. What was Lequin's cost of goods sold
The Playa Company uses a periodic inventory system. The following information is taken from Playa's records. Certain data have been intentionally omitted. ($ in thousands)
A business estimates depreciation on equipment used during the first year of operations to be $13,900. Journalize the adjusting entry required as of December 31
Analyzing and Interpreting Retirement Benefit Footnote. How does Abercrombie report its obligation for its retirement plan on the balance sheet
How quickly is our company able to sell its inventory? Will our company be able to make interest payments as they become due
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