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Synthia Corp. factored $750,000 of accounts receivable to Thomas Company on December 3, year 2. Control was surrendered by Synthia. Thomas accepted the receivables subject to recourse for nonpayment. Thomas assessed a fee of 2% and retains a hold back equal to 4% of the accounts receivable.
In addition, Thomas charged 12% interest computed on a weighted-average time to maturity of the receivables of fifty-one days. The fair value of the recourse obligation is $15,000. Assuming all receivables are collected, what would be Synthia's cost of factoring the receivables?
What was the amount of net income reported by Chipo Corp. in 2012 - A small stock dividend was declared and issued in 2012. The market value of the shares was $11,100.
ACT204 FINANCIAL ACCOUNTING Assignment. In accordance with AASB 121, prepare the entries of Tenant Creek Exploration Ltd to record the borrowing transaction, the borrowing costs expense, the borrowings costs paid and the re-measurement of the borr..
identification of several factors of materiality.materialityanbspidentify several factors considered by an accountant
Which inventory costing method assigns the cost of the most recent items purchased to the ending inventory balance?
3. Repeat requirement 1 applying the cost recovery method.
conversion costs included in ending work in process are $12,500-conversion costs included in ending work in process are $25,000.
Determine the following measures for 2014, rounding to one decimal place, except for dollar amounts
During May, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Compute the number of units transferred to finished goods.
Upland Company borrowed $132,000 on November 1, 2014, by signing a $132,000, 7%, 3-month note. Prepare Upland’s November 1, 2014, entry; the December 31, 2014, annual adjusting entry; and the February 1, 2015, entry. (If no entry is required, select ..
Western Outfilters Mountain Sports projected 2008 sales of 75000 units at a unit sale price of $12.00. Actual 2008 sales were 72000 units at $14.00 per unit. Actual variable costs, budgeted at $ 4.00 per unit, totaled $4.75 per unit. budgeted fixe..
After the partnership has been operation for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. Sonia buys a one-fourth interest in the partnership by investing cash of $5,000. What will be the Capital account balances..
Prepare the Journal entry for American purchase of the machine on January 1, 2011 and prepare an amortization schedule for the four-year of the term installment note.
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