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Gringo Corporation factors $250,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler Financing will collect the receivables. The receivables records are transferred to Winkler Financing on August 15, 2010. 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 adjustments.
Prepare the journal entry on August 15, 2010, for Gringo to record the sale of receivables, assuming the recourse obligation has a fair value of $3,000. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Which of the following will have no effect on an employee's take-home pay?
Dubois inc wishes to accumulate $1,300,000 by dec 31, 2020 to retire bonds outstanding. the company deposits $200,000 on december 31, 2010, which will earn interest 10% compounded quarterly, to help in the retirement of this debt.
Describe weaknesses in internal control over information and data flows and the procedures for processing shipping notices and customer invoices, and recommend improvements in these controls and processing procedures.
Evaluate the effectiveness of the PCAOB's oversight related to both corporate management's and a certified public accountant for addressing a material weakness in internal controls
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years.
A toy company has been marketing souvenir toys in conjunction with various professional sports teams in a number of cities. Over the past few years, this experience has provided some data on the effect of advertising on sales revenues because the ..
The gross margin for a manufacturing company is the excess of sales over:
It declared and paid a dividend of $21,000 as a cash dividend. In 2010, the company recorded and adjustment of $10,000 due to the understatement (from a math error) of 2009 depreciation. Prepare a retained earnings statement for the year ending De..
During 2010, Ace Company had sales of $376,000, operating expenses of $66,000, gross margin of 30%, cash dividends $30,000, other expenses/losses $15,000 and corporation income taxes of 30%. What was the income tax expense for 2010?
Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply
National expects the market for the new compound variant to be 57,000 gallons initially and determines that processing costs to refine the basic compound into the variant would be $72,800.
Vertical analysis is used to compare a balance sheet number from a previous period with an income statement number for the current period.
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