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Gringo Corporation factors $175,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler Financing will collect the receivable. The receivables records are transferred to Winkler Financing on August 15,20X0. Winkler Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustment.
a) What conditions must be met for a transfer of receivables with recourse to be accounted for as a sales?
b) Assume the conditions from part (a) are met. Prepare the Journal entry on August 15,20X0, for Gringo to record the sale of receivable, assuming the recourse obligation has a fair value of $2,000.
Your required a rate of return is 4%. What is the value of a contract that pays the buyer $100 a year forever (the first payment is made exactly one year after purchase) plus an additional $1000 a year for the first 10 years
During the year, Best Pictures reports net income of $350,000 and pays $90,000 of cash dividends. At the end of the year, the market value of Berlin's investment is $3.7 million. What is the year-end balance of the equity investment in Best Pictur..
Record the Journal Entries: The President informs you that Beverly's Building Products agrees to convert the $14,000 overdue accounts receivable (invoice No. 1119) balance to a 12% note due six months from today.
ABC company pays a sales commission of 5% on each unit sold. If a graph is prepared with the vertical axis representing per-unit cost and the horizontal axis represented units sold how would a line that depicts sales commission be drawn?
Journalize the entry to record the payroll for the week of December 10. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?
Prepare an absorption costing income statement for the quarter ending March 31 as shown in Schedule 9 in the chapter. Prepare a balance sheet as of March 31
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
If you require a 7 percent nominal yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond?
What is the minimum transfer price Division A should charge for internal transfers? What is the maximum price Division B would be willing to pay? Why should Division A reduce its price to Division B?
The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000. In addition, the Shoe Market received $5,000 of corporate bond interest and $6,000 of interest on State of California bonds.
Discuss the accounting treatment of the depletion and depreciation on the mine and mining equipment.
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