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Presented below are two independent situations.
(a) On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the receivables.
(b) On May 10, Cody Company sold merchandise for $3,800 and accepted the customer's Allstar Bank MasterCard. At the end of the day, the Allstar Bank MasterCard receipts were deposited in the company's bank account. Allstar Bank charges a 4% service charge for credit card sales. Prepare the entry on Cody Company's books to record the sale of merchandise.
Compute the total amount of goodwill of International Co. based on the price paid by Melissa Co. Prepare all journal entries in Melissa's accounting records relating to the investment for year ended December 31 under the cost method of accounting, ..
Build up an income statement in good form for Sanford Company for the first three months of 20x3. Provide journal entries for each of the transactions. The numbers in the journal entries can be rounded to the nearest dollar.
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the financial performance reporting by business enterprises.
What is the service design matrix? Find a peer-reviewed journal article which addresses this concept. Provide a brief summary of the article.
On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:
Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories. Compute the cost of (a) products transferred from production to finished goods ..
Discuss main objectives of non- profit-making organisations
If operating lease commitments are considered equivalent to debt, what percentage of the American's debt is represented by the lease liabilities?
Write a strategy on how GM should operate its financial aspect of the company to improve sales.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Compa..
Please indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.
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