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On April 1, 2017, Indigo Company assigns $520,500 of its accounts receivable to the Third National Bank as collateral for a $340,400 loan due July 1, 2017. The assignment agreement calls for Indigo to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).
On July 1, 2017, Indigo paid Third National all that was due from the loan it secured on April 1, 2017. Prepare the journal entry to record this payment.
Was NGS more profitable in 2016 or 2015? Use the gross profit percentage, return on equity, and fixed asset turnover ratio to help in making a decision. Was NGS more liquid in 2016 or 2015? Use the current ratio to help in making a decision.
The first installment payment of $18,360 was received on Dec. 31. How much gross profit from this sale should Pacer recognize on the December 31 income statement?
What is Rita's net miscellaneous itemized deduction for the year after application of all relevant limitations
Flexible budgets provide different information than static budgets. Discuss some of these differences. Is a flexible budget always better? Are there times when you'd recommend using a static budget over a flexible budget?
Read Transaction list and complete the Excel file. Complete each of the following transactions in accordance with the seven-step process of the Instructions, Flowcharts, and Ledgers book
Let's say that you work in the budgeting office at a university and you have in front of you the expected student enrollment for the upcoming academic year. Discuss a few financial and operational plans that would be dictated by the enrolment bud..
Assuming the perpetual method is used, the company sold 3,200 units at $18 each on account, Calculate the cost of goods sold using the FIFO method
miller has asked managers to submit an estimate of the production space occupied by their respective product lines.
The amount of expenses including membership fees and annual fees incurred by the employee on credit card and which are paid by the employer shall be added as the perquisites unless the said expenses are incurred wholly and exclusively for official..
saul cervantes has just purchased some equipment for his landscaping business. for this equipment he must pay the
For each of the following items indicate, whether the individual taxpayer must include any amount in gross income.
the empire hotel is a full-service hotel in a large city. empire is organized into three departments that are treated
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