User Account

All Pages

Prepare the journal entry for arness to record the sale

Assignment Help Accounting Basics
Reference no: EM131571255

Question - Arness Woodcrafters sells $242,500 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 6% and retains an amount equal to 5% of accounts receivable. Arness estimates the fair value of the recourse liability to be $9,770.

Prepare the journal entry for Arness to record the sale.

Reference no: EM131571255

Questions Cloud

Was the partnership correct in its determination : A subsidiary of Corporation A, an electrical utility located in Springfield, Was the partnership correct in its determination of the type of gain recognized
Purpose of the simplified acquisition procedure : What is the purpose of the Simplified Acquisition Procedure, Small Purchase and Micro Purchases?
What factors influence a firm''s business risk : Assume you have just been hired as a business manager of PizzaPalace. What is business risk? What factors influence a firm's business risk?
Compromising quality or causing burnout among employees : Describe the essential systems necessary to facilitate continuous change without compromising quality or causing burnout among employees.
Prepare the journal entry for arness to record the sale : Arness Woodcrafters sells $242,500 of receivables to Commercial Factors, Inc. on a with recourse basis. Prepare the journal entry for Arness to record the sale
Employee posts on social media sites : The NLRB has made findings regarding the use of employee posts on social media sites to discipline or terminate those employees.
Return of combined stock and stock index futures contract : If you sell $10,000,000 nominal value of S&P 500 futures contracts, what is the return of the combined stock and stock index futures contract?
Network eavesdropping on personal conversations : Network Eavesdropping on Personal Conversations - what to do when you find out about the practice?
Determine the pump economic life : The pump's end of year salvage values over the next 5 years are $42K, $40K, $38K, $32K, and $26K. Determine the pump's economic life

Reviews

Write a Review

Accounting Basics Questions & Answers

  Noncash financing and investing activities

The accounting principle that requires important noncash financing and investing activities be reported on the statement of cash flows or in a footnote is the:

  Provide a detailed plan of how you would proceed

Based on the information provided in Module 6 regarding how to determine whether or not to investigate, please provide a detailed plan of how you would proceed.

  In harley company it costs 30 per unit 19 variable and 11

in harley company it costs 30 per unit 19 variable and 11 fixed to make a product that normally sells for 41. a foreign

  Prepare the journal entries for both the lessee and lessor

winston industries and ewing inc. enter into an agreement that requires ewing inc. ton build three diesel-electric

  The marketing manager believes the higher-quality product

data for hermann corporation are shown below per unitpercent of salesnbspnbspselling price90 nbspnbspnbsp100

  Veltri corporation is working on its direct labor budget

veltri corporation is working on its direct labor budget for the next two months. each unit of output requires 0.77

  Problem 3-2a preparing adjusting and subsequent journal

problem 3-2a preparing adjusting and subsequent journal entries l.o. c1 a1 p1.hormel co. follows the practice of

  Examples of statistical sampling

What are some benefits of an auditor using statistical sampling? What are some examples of statistical sampling? Does anyone have any experience they are willing to share with the class on statistical sampling - answer 150-200 words.

  Need to keep track of to improve its efficiency

Based on Quinn et al. (1991) Winter Riggers handles approximately $400 million in telephone orders per year Winter Riggers' system works as follows. Callers are connected to an agent if one is available.

  Prepare journal entries to record the facts in the case

Prepare journal entries to record the facts in the case, assuming that Rossow considers the shares to be available- for- sale securities. Prepare journal entries to record the facts in the case, assuming that Rossow considers the shares to be trading..

  Discuss what you''ve learned about these items

Focus company stockholders equity disclosures In Exercise 1.1, you were asked to obtain the most recent annual report of a company that you were interested in reviewing throughout this term.

  Assume that the company uses absorption costing compute the

shastri bicycle of bombay india produces an inexpensive yet rugged bicycle for use on the citys crowded streets that it

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd