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Gringo Corporation factors $250,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler Financing will collect the receivables. The receivables records are transferred to Winkler Financing on August 15, 2010. Winkler Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.
Prepare the journal entry on August 15, 2010, for Gringo to record the sale of receivables, assuming the recourse obligation has a fair value of $3,000. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Prepare Dold's journal entries for the initial transaction, recognition of interest each year, and the collection of $35,843 at maturity. (Round answers to 0 decimal places, e.g. $6,538. Credit account titles are automatically indented when the am..
Assuming that the cost method of accounting for treasury stock transaction is used, what is time effect of the subsequent reissuance of the treasury stock on each of the following?
Assume that a U. S. company makes a purchase from a British company and agrees to pay a price of 2 million pounds. How will the U.S. company determine the cost of this purchase for the purpose of recording it in its accounting records? Briefly exp..
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, the direct labor cost was:
The remainder is uncollectible. The following are budgeted sales data: January $60,000-February $70,000-March 50,000-April 30,000 - What would April's total cash receipts be ??
Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an amount is zero, enter in "0".
The "audit failure" issue is one that we should all be concerned about, but in doing so, we need to separate reality from urban myth while we still have the time (Pat McDonnell)
A government accounts for a municipal landfill in an enterprise fund. How will it determine how much to charge as an expense (and add to a liability) each year that the landfill is in use? Suppose, instead, that it accounts for the landfill in a g..
Streak Merchandising Company expects to purchase $ 60,000 of materials in July and $70,000 of materials in August. Three-quarters of all purchases are paid for in the month of purchase,
Sergo Games produces a variety of action games which sold more than 800,000copies. In 2011, the production plant prepared 3,000,000 CDs and incurred the following cost:
Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. Make sure all columns and rows are properly labeled. (Round to the nearest..
The board of directors of BLACK Pearl, Inc., a private foundation, consists of Alice, Beth, and Carlos. They vote unanimously to provide a $250000 grant to Mark, their business associate.
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