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CD has annual sales revenue of $2,007,500 and trade receivables of $330,000 which represent 60 days' sales based on a 365 day year. Sales and trade receivables are expected to continue at the same level for the next year. CD pays interest on its overdraft at a rate of 10% per annum.
CD is considering the use of non-recourse factoring to manage its trade receivables. The factor will pay 80% of the trade receivable when a credit sale is made and the remaining 20% when the cash is received from the customer. It is estimated that, as a result of the factor's expertise, cash will be received from customers in 50 days. The factor will charge interest at a rate of 12% per annum on cash advanced and a fee of 2% of annual sales revenue. CD estimates that credit control costs will be reduced by $30,000 each year if the factor is used. Calculate whether it is financially beneficial for the company to use the factor.
Roberts entertains four key clients and their spouses at a nightclub. Expenses were $200 (limo charge), $120 (cover charge). $700 (drinks and dinner), and $140 (tips to servers). If Roberts is self-employed, how much can he deduct for his event?
BBAC502 - Assignment Identify a current controversy in Accounting in Australia and demonstrate your understanding of the issue
The following information is available for the current year for Pike company. Number of units in beginning WIP Inventory 12,000 (30% complete) Number of units started in the current period 160,000 Number of units in the ending WIP Inventory 18,000 (7..
Prepare a statement of cash flows-indirect method The financial statements of Pouchie Co. included the following information for the year ended December 31, 2010
Harbor (lessee) signs a five-year capital lease for office equipment with a $10,000 annual lease payment. The present value of the five annual lease payments is $41,000, based on a 7% interest rate. Prepare the journal entry Harbor will record at inc..
calculation of material and labor variances and setting revised standards.maui muumuus manufactures traditional
Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. This schedule should include columns for beginning balance, increase, decrease, and ending balance for each of the plants asset accounts.
Assuming that Jaymes has excess operating capacity, indicate the net income (loss) Jaymes would realize by accepting the special order.
prepare a flexible budgetpuget sound divers is a company that provides diving services such as underwater ship repairs
Prepare a classified balance sheet for Tricam Engineering at December 31, 2013 using the post-closing trial balance and the additional information provided.
Calculate each ratio using the information from the balance sheet and income statement. Write a 2-3-page paper that reports your findings. Apply APA standards to citation of sources.
Expenditures for research and development intended to lead to new products of commercial value
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