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Question - Mabuhay Inc. sold its accounts receivable (net realizable value, P260,000) for cash 230,000. Ten percent of the proceeds was withheld by the factor to allow possible customer returns and other account adjustments. The related allowance for bad debts is 40,000.
Required -
1. What amount of loss on factoring should be recognized?
2. What is the entry to record the factoring of accounts receivable?
Write a 700-word paper in which you address the following: What is the purpose of the statement of cash flows? What information does it provide?
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1.nbspnbspnbspnbspnbspnbsp bankston corporation forecasts that if all of its existing financial policies are followed
Describe the steps in a manual accounting cycle.
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Determine the effect of transaction on Minis financial position, The agreement met all three conditions to be considered an outright sale
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