Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2010, it assigned, under guarantee, specific accounts amounting to $150,000. the finance company advanced to Salen 80% of the accounts assigned (20% of the total to be withheld until the finance company has made its full recovery), less a finance charge of 1/2% of the total accounts assigned.
On July 31 Salen Company received a statement that the finance company had collected $80,000 of these accounts and had made an additional charge of 1/2% of the total accounts outstanding as of July 31. This charge is to be deducted at the time of the first remittance due Salen Company from the finance company. (Hint: make entries at this time.) On August 31, 2010, Salen Company received a second statement from the finance company, together with a check for the amount due. The statement indicated that the finance company had collected an additional $50,000 and had made a further charge of 1/2% of the balance outstanding as of August 31.
Make all the journal entries on the books of Salen Company that are involved in the transactions above.
Journalizing corporate transactions and preparing the stockholders' equitysection of the balance sheet [20-25 min]B-Mobile Wireless needed additional capital to expand, so the business incorporated.
Tracy co. owns 4,000 of the 10,000 outstanding shares of penn corp. common stock. during 2010, penn earns 120,000 and pays cash dividends of 40,000. if the beginning balance in the investment account was 240,000 the balance at december 31, 2010 sh..
In the current year, Orion Corporation (E & P of $2 million) distributes all of its property in complete liquidation. Allie, a shareholder, receives land having a market value of $300,000.
The following production and total cost information relates to a single product organisation for the last three months: Month Production Total cost units £ 1 1,200 66,600 2 1,900 58,200 3 1,400 68,200
Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2010.
The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been:
The current credit balance in allowance for uncollectible accounts is $200. Management estimates that 2.5% of net credit sales of $115,000 will be uncollectible. Based on the foregoing data, what is the bad debt expense balance on the income state..
What is the difference between pretax financial income and taxable income? Explain the meaning of temporary and permanent differences. Give at least two unique examples of each (please do not repeat what other students have posted)
Beebe Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.
Assume that a bank faces a balance sheet illustrated below, and the required reserve ratio is 20 percent.
Class, let's begin by discussing the internal control issues that are related to cash. What makes cash control different than control over any other asset?
So what is the effect of a bargain purchase option on accounting for a capital-lease transaction by a lessee?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd