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Prepare journal entries for Marcey Co. for:
(a) Accounts receivable in the amount of $1,000,000 were assigned to Utley Finance Co. by Mars as security for a loan of $850,000. Utley charged a 3% commission on the accounts; the interest rate on the note is 12%.
(b) During the first month, Mars collected $400,000 on assigned accounts after deducting $900 of discounts. Mars wrote off a $1,060 assigned account.
(c) Mars paid to Utley the amount collected plus one month's interest on the note.
The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies.
mondesto company has the subsequentunsecured creditors 243000liabilities with priority 123000secured liabilitiesdebt 1
The cost of equipment purchased by Charleston, Inc., on June 1, 2010 is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of its service life - Compute depreciation expense on the machine for the year ending Dec..
If the dollar is devalued against gold and the pegged rate is changed to $40 per ounce, what does this imply for the exchange value of the pound? Explain your answer.
The payment of interest and the related amortization on July 1, 2012, the accrual of interest and the related amortization on December 31, 2012.
Prepare a 2 page newsletter that identifies and summarises developments and changes in the financial reporting environment for the period 24 July 2014 - 22 August 2014, inclusive.
Activity Based Costing - Theory which cost method would you use to manage this business and why
At the end of the year, the firm's records revealed the following actual cost and operating data for all cases handled during the year.
What can BITE do, if anything, to ameliorate the deleterious effect of reporting a dishonest number (e.g., 5.10%)?
on january 1 2007 barkly company sold property for 200000. the note will be collected as follows 100000 in 2007 60000
Briefly explain why each of these stakeholder groups needs skill in financial statement analysis and Trent's income statements for 2006 and 2007
Patti and Pam are forming a partnership. Patti will invest a piece of equipment with a book value of $6,068 and a fair market value of $11,522. Pam will invest a building with a book value of $39,286 and a fair market value of $75,432. Illustrate ..
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