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Gringo Corporation factors $175,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler Financing will collect the receivable. The receivables records are transferred to Winkler Financing on August 15,20X0. 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 adjustment.
a) What conditions must be met for a transfer of receivables with recourse to be accounted for as a sales?
b) Assume the conditions from part (a) are met. Prepare the Journal entry on August 15,20X0, for Gringo to record the sale of receivable, assuming the recourse obligation has a fair value of $2,000.
A check drawn by a depositor for $180 in payment of a liability was recorded in the journal as $810? This item would be included on the bank reconciliation as?
Maude exchanges a business machine for a new business machine. The adjusted basis of the old machine is $70,000 and the fair market value of the new machine is $62,000. The recognized gain or loss and the basis of the new machine is:
Consider the solving of applied interest problems that you read about this week. Now, apply your knowledge of these models to a practical problem.
The firm's ability to accelerate or delay investment projects, A strong preference by most shareholders in the economy for current cash income versus capital gains, constraints imposed by the firm's bond indenture
An asset purchased by A Corporation for $15,000 ON 01/01/1997 also incurred freight charges of $200 and installation cost of $1,000.The asset had a life expectancy of eight years and a salvage value of $2,800.
If the standards are set in a process that often results in compromise between different parties, do the qualities of accounting information provide much value? How?
The Director of Golf for the Links Group wishes to study the number of rounds of golf played by members on week days. He gathered the following sample information for 520 rounds.
Stacey and Andrew each own one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from Parakeet are: $350,000 to Stacey on April 1 and $150,000 to Andrew on May 1.
Compute the balance in retained earnings at the end of the year if Frances Corporation pays a dividend of $2 per share on its common stock this year.
Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following..
Consider your health care organization or another health care organization with which you are familiar. What are the steps to develop a budget in that organization?
Joyce Rescho is self-employed and uses the calendar year and the accrual method of accounting. She reports the following activities for December:
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