Homework Answers
| Factoring Fees | Dr | 3200 | |
| Bank | Dr | 64000 | |
| Due from factor | Dr | 12800 | |
| Loss on receivables | Dr | 6000 | |
| To Accounts receivable | Cr | 80000 | |
| To Recourse Liability | Cr | 6000 |
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0,000 of accounts...
Pimento & Cheese Sandwich Shoppe transferred $80,000 of accounts receivable to the Augusta Bank. The transfer...
Pimento & Cheese Sandwich Shoppe transferred $80,000 of accounts receivable to the Augusta Bank. The transfer was made with recourse. Augusta remits 80% of the factored amount to Pimento & Cheese and retains 20% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Pimento & Cheese the retained amount (which Pimento & Cheese estimates has a fair value of $12.000). Pimento & Cheese anticipates a $6,000 recourse obligation. The bank charges a 4%...
2. The Post, Inc. transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was...
2. The Post, Inc. transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to The Post, Inc. and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to The Post, Inc. the retained amount (which The Post, Inc. estimate has a fair value of $5,000). The Post, Inc. anticipates a $3,000 recourse obligation. The bank charges a 2% fee...
Mountain High Ice Cream Company transferred $78,000 of accounts receivable to the Prudential Bank. The transfer...
Mountain High Ice Cream Company transferred $78,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,800). Mountain High anticipates a $4,800 recourse obligation. The bank charges a 2% fee (2% of $78,000), and...
Mountain High Ice Cream Company transferred $71,000 of accounts receivable to the Prudential Bank. The transfer...
Mountain High Ice Cream Company transferred $71,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,100). Mountain High anticipates a $4,100 recourse obligation. The bank charges a 3% fee (3% of $71,000), and...
Mountain High Ice Cream Company transferred $74.000 of accounts receivable to the Prudential Bank. The transfer...
Mountain High Ice Cream Company transferred $74.000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain Hiah and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,400). Mountain High anticipates a $4,400 recourse obligation. The bank charges a 2% fee (2% of $74,000), and...
Mountain High Ice Cream Company transferred $71,000 of accounts receivable to the Prudential Bank. The transfer...
Mountain High Ice Cream Company transferred $71,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,100). Mountain High anticipates a $4,100 recourse obligation. The bank charges a 3% fee (3% of $71,000), and...
5 Mountain High Ice Cream Company reports under IFRS. Mountain High transferred $60,000 of accounts receivable...
5 Mountain High Ice Cream Company reports under IFRS. Mountain High transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,000). Mountain High anticipates a $3,000 recourse obligation. The bank charges a...
11-8 Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a...
11-8 Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $17,430 at the beginning of 2018 and a $22,710 credit balance at the end of 2018 (after adjusting entries). If the direct write-off method had been used to account for uncollectible accounts (bad debt expense equals actual write-offs), the income statements for 2018 would have included bad debt expense of $17,400 and revenue of $2,500 from the collection of previously written...
BE 7-19 Factoring of accounts receivable Q107-8 Logitech Corporation transferred $100,000 of accounts receivable to a l...
BE 7-19 Factoring of accounts receivable Q107-8 Logitech Corporation transferred $100,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%. When the bank collects the receivables, it will remit to Logitech the retained amount less a fee equal to 3% of the total amount factored. Logitech estimates a fair value of its 15% interest in the receivables of $11,000 (not...
1. Sales Discounts (6 points) Your company provides sales discounts to customers that pay sooner, and...
1. Sales Discounts (6 points) Your company provides sales discounts to customers that pay sooner, and they typically do. You make a sale of $1,000 on 9/1/2020 to your favorite customer and provide terms 2/10, n/30. a) Provide the journal entry to record this sale on 9/1/2020 under the net method. b) Assume the customer pays in full in 8 days. Provide the journal entry to record the cash receipt. c) Instead, assume the customer pays in full in 29...
Pimento & Cheese Sandwich Shoppe transferred $80,000 of accounts receivable to the Augusta Bank. The transfer was made with recourse. Augusta remits 80% of the factored amount to Pimento & Cheese and retains 20% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Pimento & Cheese the retained amount (which Pimento & Cheese estimates has a fair value of $12.000). Pimento & Cheese anticipates a $6,000 recourse obligation. The bank charges a 4%...
2. The Post, Inc. transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to The Post, Inc. and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to The Post, Inc. the retained amount (which The Post, Inc. estimate has a fair value of $5,000). The Post, Inc. anticipates a $3,000 recourse obligation. The bank charges a 2% fee...
Mountain High Ice Cream Company transferred $71,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,100). Mountain High anticipates a $4,100 recourse obligation. The bank charges a 3% fee (3% of $71,000), and...
Mountain High Ice Cream Company transferred $74.000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain Hiah and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,400). Mountain High anticipates a $4,400 recourse obligation. The bank charges a 2% fee (2% of $74,000), and...
Mountain High Ice Cream Company transferred $71,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,100). Mountain High anticipates a $4,100 recourse obligation. The bank charges a 3% fee (3% of $71,000), and...
5 Mountain High Ice Cream Company reports under IFRS. Mountain High transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,000). Mountain High anticipates a $3,000 recourse obligation. The bank charges a...
BE 7-19 Factoring of accounts receivable Q107-8 Logitech Corporation transferred $100,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%. When the bank collects the receivables, it will remit to Logitech the retained amount less a fee equal to 3% of the total amount factored. Logitech estimates a fair value of its 15% interest in the receivables of $11,000 (not...
1. Sales Discounts (6 points) Your company provides sales discounts to customers that pay sooner, and they typically do. You make a sale of $1,000 on 9/1/2020 to your favorite customer and provide terms 2/10, n/30. a) Provide the journal entry to record this sale on 9/1/2020 under the net method. b) Assume the customer pays in full in 8 days. Provide the journal entry to record the cash receipt. c) Instead, assume the customer pays in full in 29...
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