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On October 1, 2014, Gator Inc assigns $1,600,000 of its accounts receivable to American Bank as collateral for a $1,200,000 loan. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%. On December 31, 2014 Gator inc collects $700,000 of the assigned receivables and remits those collections and the accrued interest to the bank.
Prepare the required journal entries for Gator Inc on October 1, 2014 and December 31, 2014.
q the cash account for santiago co. on 31st may 2009 indicated a balance of 15515.00. the march bank statement shown an
Examples of value-added activities include all of the except and which is chiefly concerned with products and services that have not yet been developed
Mitchell's usual billing rate is $720 per hour, and Fink's stock has a book value of $340 per share. Illustrate by what amount will Fink's Paid-in capital – excess of par increase for this transaction?
To prepare the project worthwhile in terms of his own time, Marbury would need a $7,200 profit for the first six months of the venture. What level of sales in units and dollars would be needed to attain this target net operating income?
What are the differences between an outlay for a capital project and a capital outlay from the General Fund or special revenue fund?
How will the U.S. company report the forward contract on its December 31, 2009, balance sheet and draft a memo to a client comparing the advantages and disadvantages of using forward contracts and options to hedge foreign exchange risk.
You can invest in a machine that costs $500,000. You can expect revenues net of any expense, except machine costs, of $150,000 at the end of each year for five years. You will subcontract the maintenance costs at a rate of $20,000 a year, to be paid ..
Kirkland Theater sells season tickets for six events at a price of $252. For the 2010 season, 1,200 season tickets were sold.
Lisa is in the 35% marginal tax bracket, what is maximum that she would be able to save in taxes in the current year as a result of these corporate losses?
In the payback method, depreciation is added back to net operating income when computing the net annual cash flows and net present value method and the internal rate of return method can be used as a screening tool in capital budgeting decisions.
Arg, Inc. developed the following information to help you prepare alternative production budgets for a new. product. For all scenarios, planned starting inventory for the first month s 8,000 units.
During the month, merchandise is sold for $23,500 cash and for $34,000 on account. The cost of merchandise sold is $41,500. Illustrate what is the amount of gross profit?
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