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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."
Review the annual reports for PepsiCo, Inc. and The Coca-Cola Company in Appendixes A & B, especially the Consolidated Statements of Income and the Balance Sheets on pp. A4, A6, B1, & B2 of Financial Accounting.
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The information below relates to Milton Company's trading securities in 2010 and 2011. (a) Prepare the journal entries for the following transactions.
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Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
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The sensitivity and importance of payroll and payroll information cannot be overstated. The managing and protecting of this information deserves and has the attention of any number of managers within an organization.
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