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Trade credit creates accounts or debtors receivables. Trade credit is utilized as a marketing tool to expand competitive advantage over trade rivals. A firm's investment in accounts receivable would based upon the volume of collection period and credit sales. Such investment in receivables can be decreased or increased through altering the credit policy variables. The major variables of credit policy are cash discount and credit period. The collection efforts of the firm are intend at accelerating collection and reducing bad debt losses from slow players. Factoring includes sale of receivables to specialized firms termed as factors. Factoring is fundamentally used for the timely collection of debts and to improve liquidity. Factors charge commission and interest on advances for other services.
When a company sells a product for cash, it generally recognize the revenue. However, there are situations when it is not always clear when a company should recognize the revenue.
1 The entry establishing a $175 petty cash fund would include a: a) debit to cash for $175 b) credit to Petty cash for $175 c) debit to petty cash for $175 d) debit to miscellaneou
Ask questiThe pre - closing general ledger trial balances at December 31,2019, for Baltimore company and its Atlanta tranche are shown belowon #Minimum 100 words accepted#
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Q. What is Auditors report explain? Special Report - Special report is a term used for Auditors' reports issued in connection with various types of financial presentations, inc
Tally & Co. incurred a pretax operating loss of $100,000 in its first year of operations for both financial reporting and income tax purposes. However, it expects to be profitable
Analytical Procedures - Substantive tests of financial information that examine relationships among data as a means of obtaining evidence. Such procedures include: (1) comparison o
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Please use the information below to complete Form 1120S and the Schedule K-1%u2019s for Form 1120S. Blank forms can be found on the Hands-On Assignment page or in Doc Sharing. If y
A company's sales are 50% in cah and 50% on credit. 70% of the credit sales are colected in the month of the sale, 20% in the month following the sale, and 5% in the second month f
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