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On December 1, 2013, Colonel Wilder borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, Colonel Wilder was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned receivables were collected and remitted to the lender along with accrued interest.
Required:
Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables, and the recognition of interest expense.
Natalie cashes in her U.S savings Bonds and receives % 520, which she deposits in her personal bank account. Journalize it
An investment project requires a net investment of $100,000. The project is expected to generate annual net cash inflows of $28,000 for the next 5 years. The firm's cost of capital
The following information is available for Mehring Corporation for the year ended December 31, 2012: Collection of principal on long-term loan to a supplier
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a) The actual risk-free rate is 3%, and inflation is usual to be 2% for the next 2 years. A 2-year Treasury security yields 6.7%. What is the maturity risk premium for the 2-year s
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The following data has been taken from the management accounting reports from Spinnaker Sales. Div A -Income from operations $1,800,000 Total service department charges $1,600,000.
Create a Trial Balance and Income Statement Cash $18,470 A/R 14,333 A
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