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Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2014. Kathleen Battle 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 adjustments. (b)Assume that the conditions are met for the transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2014, for Beyoncé to record the sale of receivables, assuming the recourse liability has a fair value of $2,000.
Financial statement users often liken accounting standard setting to a political process. One user asserted that: My view is that the setting of accounting standards is as much a product of political action as of flawless logic or empirical findin..
A company believes it can sell 5,000,000 of its proposed new optical mouse at a price of $11.00 each. There will be $8,000,000 in fixed costs associated with the mouse. If the company desires to make a profit $2,000,000 on the mouse, what is the t..
The company actually worked 6,480 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 6,370 machine-hours. What was the overall fixed overhead budget variance for the month?
Summarize the four phases (in order of their occurrence) in the product life cycle. For each of the four phases, explain the impact of the cycle on a company's cash flow.
Mr. James runs a retail shop. Calculate the net income or net loss in reference to the following transactions that occurred during the month of January. Solve this problem using an electronic spreadsheet.
How are stock issuance costs and direct combination costs treated in a business combination which is accounted for as an acquisition when the subsidiary will retain its incorporation?
Which of the following is not an expense recognition approach recognized by the FASB as an expense recognition principle to properly match expenses against revenues?
The drive to incorporate sustainability into every corporation's operations is a growing trend in the global economy. In fact, it can be said that for sustainability to become an integral part of a company's business strategy
Prepare Dimsum Corporation's income statement for 20x3, including earnings per share, assuming a weighted average of 200,000 shares of common stock outstanding for 20x3.
Sales are 40% cashand 60% credit. All credit sales are collected in the monthfollowing the sale. What are the expected collections for July?
If fixed costs are $561,000 and the unit contribution margin is $8.00, what is the break-even point in units if variable costs are decreased by $.50 a unit?
The net accounts receivable balance includes. Prepare a balance sheet in good form stockholders' equity details can be omitted.
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