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Adjusting Entries: On April 1, 2010, Prince Company assigns $500,000 of its Accounts Receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2010. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank asses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this Type:). Prepare the journal entry for Prince%u2019s collection of $350,000 of the accounts receivable during the period from April 1, 2010 through June 30, 2010. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.
star city is considering an investment in the community center that is expected to return the following cash
How should cost versus usage percentages be assessed and Analyzed? This area will need to address actual costs compared to edible portion costs. It should also include how waste affects costs. 100-150 words
dutson company manufactures running shoes and tennis shoes. the projected income statments for the two products are as
the following information is available for sappys surgical shears for the fiscal year ending december 31 20xx.
Determine the present value of the lease payments at June 30, 2009 (to the nearest $000) that Blue uses to record the leased asset and lease liability.
Discuss how to calculate how much Marbury Bank loaned to the maker of the note and how must Marbury would receive when the note was rediscounted.
the following events occurred during the first month of operations for xyz ltd. a company specialised in providing
n january 30 lift time corporation a wholesaler of hydralic lifts acquired land in exchange for 18000 shares of 10 par
What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary and what accounts are debited and credited to record the division of net income among partners?
Ceder Products is a division of a major corporation. Last year the division had total sales of $21,520,000 net operating income of $538,000 and average operating of $8,000,000. The company's minimum required rate of return is 18% a) What is the di..
nick and jolene are married. nick is 61 and retired in 2011 from his job with amalgamated company. jolene is 56 and
Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.
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