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!
Presented below is information related to Waterway Corp., which sells merchandise with terms 2/10, net/60. Waterway Corp. records its sales and receivables net. July 1 Waterway Corp. sold to Warren Harding Co. merchandise having a sales price of $17,000. 5 Accounts receivable of $13,700 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) 9 Specific accounts receivable of $13,700 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,900 at a finance charge of 6% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.) Dec. 29 Warren Harding Co. notifies Waterway that it is bankrupt and will pay only 10% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.) Prepare all necessary entries in general journal form for Waterway Corp.
Prepare a schedule for each of the three years (2014-2016) in which you summarize the transactions as they affect permanently restricted, temporarily restricted, and unrestricted net assets.
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company’s capital stock for $592,000 in cash and other assets. Nephew had a book value of $714,000 and the 20 percent noncontrolling interest fair value was $148,000 on that date. What ..
Compute the company's total asset turnover ratio for three years reported. What does the trend suggest to you about American Eagle Outfitters?
Calculate the change in net working capital for 2016. Calculate the cash flow from assets for 2016. (Hint: Taxes = Earnings before taxes x Tax rate). Calculate the cash flow to creditors for 2016.
Barry creates a trust with property valued at $7 million. Under the terms of the trust instrument, Michelle (age 48) receives a life estate, while Terry (age 24) receives the remainder interest. In the month the trust is created, the interest rate is..
Prepare journal entries to record each of these events. Use the straight-line method of amortization where applicable.
What is Tootsie Roll's percent of the cost of sales to sales? Round to one decimal place.
Decision on closure of one of the units with the help of decrease in net income - Evaluate the overall increase or decrease in Kennaman's net operating income if Store I is closed.
Prepare a CVP income statement for 2014 based on management's estimates. Compute the break-even point in (1) units and (2) dollars. Compute the contribution margin ratio and the margin of safety ratio.
Adjustment data: 1. Accrued salaries payable $700. 2. Depreciation $202 per month. 3. Supplies on hand $1,540. 4. Income tax due and unpaid at December 31 is $180. Journalize the adjusting entries
JKL Co. acquired 25% of the 500,000 shares of outstanding common stock of XYZ Inc. on December 31, 2014. The purchase price was $3,600,000. XYZ declared and paid $1.20 per share cash dividends on June 18, 2015, and on November 29, 2015. At what amoun..
What would be the cumulative effect on 2010 net income of all adjustments - determine the basic type of adjustment, if any, that is needed on December 31, 2010
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