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On May 1, Dexter, Inc. factored $800,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Dexter was to handle disputes concerning service, and quick finance was to make the collections, handle the sales discounts and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts.
1. Prepare a journal entry required on Dexter's books on May 1.
2. Prepare the journal entry required on quick's finance books on may 1.
3. Assume dexter factors the $800,000 of accounts receivable with quick finance on a with recourse basis instead. The recourse provision has a fair value of $14,000. prepare the journal entry required on dexter's books on may 1.
The directors declare a 10% stock dividend when the market value is $15. The reduction of retained earnings as a result of the declaration will be:
You are a Branch Manager and your office saw 2,500 patients in January 2012. From historical data, you know each month you add exactly 160 new patients and this trend will continue indefinitely.
What are management's incentives for establishing and maintaining strong internal controls?
Faith inherited an undivided interest in a parcel of land from her father on February 15, 2005. Her father had purchased the land on August 25, 1965, and his basis for the land was $325,000.
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Andrea, who is 28 and single, has adjusted gross income of $50,000 and itemized deductions of $5,500. In 2013, Andrea will have a taxable income of:
complete the following 5 exercises below in either Excel or a word document (but must be single document).
Corporate Law Case Studies, case for Designco Pty ltd designs, manufactures and distributes craft kits for children, case for Andrew and Belinda are the only shareholders and directors of Sailors Pty Ltd
Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial statements:
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