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The Company sells its accounts receivable to a nonconsolidated multi-seller securitization vehicle and receives proceeds that consist of cash and a beneficial interest in the transferred receivables (which the Company classified as an available-for-sale security). The Company uses securitization as a “financing technique” (e.g., to reduce more expensive bank debt — the interest cost on the securitization financing is less than the Company could get on its own bank debt). The Company services, administers, and collects the receivables on behalf of the purchaser. The agreement includes certain covenants and provides for various events of termination. The agreement also requires that the Company use the proceeds from securitization to pay down debt. During the current year, the Company sold $11 million of receivables under the agreement that it generated from sales of inventory. Assume that the sale of receivables qualifies for derecognition under ASC 860, Transfers and Servicing (formerly FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, as amended by Statement 166); therefore, the Company did not report sold receivables are in the accounts receivable balance on the Company’s balance sheet.
The auditor traced the payment through the entry records of May 11 and found that the payment had been made with cash instead of a check. What type of embezzlement scheme does this appear to be, and how does that scheme operate?
What gain or loss is recognized by the corporation when it issues its shares to Dave? What is the basis to the corporation of the property it received from Dave?
Explain how should the $200 nonrefundable fee for the Power Startrpack be allocated between the activation card and the prepaid voucher?
How should this transaction be reported on the statement of cash flows
Georgia Company purchased equipment in 2001 for $90,000 and estimated a $6,000 salvage value at the end of the equipment's 10-year useful life. Create the appropriate journal entries to remove the equipment from the books of Georgia Company on Ma..
Which of the subsequent statements is accurate with respect to this transaction
Purpose a summary journal entry to record raw materials used
The market expected rate of return is 8% and the risk-free rate is 5%. Determine alpha of the stock
Create a contribution margin format income statement
Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts For distinct types of intangibles. Make the entries as of December 31, 2007,
Finding out the oppurtunity cost and Which of the following is an example of a variable cost
Compare resultsfor the three cost flow assumptions. What cost flow resultsin the lowest inventory value.
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