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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.
Define Case Study of A Company that exports goods? A company exports goods to country K. Your work as an international cash manager needs you to estimate the value of country K
Q. A case study on TIMBERTOPS? Cost of capital Use Ke = Do (1 + g)/ Po + g where g = br Retention rate b = 245 ÷ 442 = 55% Return on capital r = 442 ÷ (1,932 -
Ademption If property which has been specifically bequeathed does not belong to the testator at the time of his death, or has been converted into property of a different kind,
USING PROPER ILLUSTRARTION,ELLOBORATE ON THE REGULATORY FRAMEWORK THAT SUPPORTS FINANCIAL REPORTING IN NON PROFIT ORGANISATIONS.
What is accounting? Accounting is concerned with analysing, collecting as well as communicating financial information. Purpose is to help people who use this info to make more
1. You (Exchange) have just filled an order and notified involved traders of their fills. Next you must tell the world about this trade. Suppose you flip a coin. You flip a coin
The company pays its employees at the end of the day Friday for work done during that five-day work-week. Total wages for a week are $16,000. In the current year, December 31 occur
SECURED CREDITORS A secured creditor may: Rely on his security and not prove at all. Surrender his security and prove for the full amount of the debt. Realise his s
Fully secret trusts This is where neither the existence nor the terms of the trust are disclosed in the will. The trust will be enforced only if the following conditions are
In the NPV analysis, sunk cost is not relevant whereas opportunity cost is for project evaluation. Requirements: Describe and justify the above statement about sunk cost an
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