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On december 1, 2013, Colonel Wilder borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, Colonel Wilder was charged a finace fee equals to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned receivables were collected and remitted to the lender along with accured interest.
Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables, and the recognition of interest expense.
write a 350-word response regarding the differences between the direct and indirect presentation of cash flows. why
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the financial condition of greyco inc. is expressed in the following accounting
Do you agree with the legal principle of "Innkeepers Strict Liability" rule in relation to lost or stolen property?
During the current year, merchandise is sold for $275,000 cash and $990,000 on account. The cost of the merchandise sold is $950,000. What is the amount of the gross profit?
rondello company is considering a capital investment of 150000 in additional productive facilities. the new machinery
Calculate the ROI for Hercules. Use operating income and net book value of assets as the measures for income and investment respectively.
Prepare the entry on P Company's books to record the effect of the issuance assuming the cost method.
morello inc. manufactures basketballs for the national basketball association nba. for the first 6 months of 2014 the
He subdivides the land and installs streets and sewers at a cost of $100,000. What is Levi's basis for the land and the improvements?
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