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Presented below is information related to Waterway Corp., which sells merchandise with terms 2/10, net/60. Waterway Corp. records its sales and receivables net. July 1 Waterway Corp. sold to Warren Harding Co. merchandise having a sales price of $17,000. 5 Accounts receivable of $13,700 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) 9 Specific accounts receivable of $13,700 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,900 at a finance charge of 6% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.) Dec. 29 Warren Harding Co. notifies Waterway that it is bankrupt and will pay only 10% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.) Prepare all necessary entries in general journal form for Waterway Corp.
Simpson Auto Body Repair purchased $20,000 of Machinery. The company paid $8,000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in four monthly installments. How will this transaction affect the accou..
Evaluation of cost per equivalent unit for conversion costs for the month and What would be the cost per equivalent unit for conversion costs for the month?
You are the forensic accountant for Jamestown Electric. What are the accounting issues in this case? What are the damages in this case? What documents and other information do you intend to seek? Illustrate what is the basis for your opinion?
With the recent changes in healthcare, hospitals have been under increasing pressure to reduce costs. You have been hired by Best Care Hospital to assist in negotiating the 2016contract with the nurses. Total patient-days are the number of patients m..
Trescott Company had the following results of operations for the past year: A foreign company (whose sales will not affect Trescott's market) offers to buy 3,000 units at $17.00 per unit. In addition to the variable manufacturing costs, selling these..
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Explain how much will net income change if sales increase by 5,000 units.
Assume that the three patient services departments are adult services, pediatric services, and other services. What is the dollar allocation to each patient services department if patient services revenue is used as the cost driver? What is the diffe..
Hancock Corporation is a Publishing Company. The Hancock Family formed this corporation in colonial times more than 200 years ago. The stock (400 shares of $1 par common stock) has remained in the hands of the Hancock Family for all of that time. Is ..
Does the company have capital leases? If so, what are the amounts and terms of the leases? What are the four criteria for a lease to be considered a capital lease? What are the additional criteria for the lessor?
Myron Gordon and John Lintner believe that the required return on equity increases as the dividend payout ratio is decreased. Their argument is based on the assumption
Create Journal Entries for the Following Petty Cash Transactions
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