Homework Answers
| Answer | ||
| Account Head & Description | Debit($) | Credit($) |
|
Martinez incorporated |
||
| Cash | $ 128,064 | |
| Due from Factor* | $ 6,960 | |
| Loss on sale of Receivable** | $ 4,176 | |
| Account Receivable | $ 139,200 | |
| Sandhill Factor Inc. | ||
| Account Receivables | $ 139,200 | |
| Due to customer | $ 6,960 | |
| Finance Revenue | $ 4,176 | |
| Cash | $ 128,064 | |
| *Due to factor= 5% of 139200 =6960 | ||
| ** loss= 3 % of 139200= 4176 | ||
| cash= 139200 - 6960 -4176=128064 | ||
| Please Like | ||
Add Answer to:
Martinez Incorporated factored $139,200 of accounts receivable with Sandhill Factors Inc, on a without-recourse basis. Sandhill...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Indigo Incorporated and Sweet Factors to record the factoring of the accounts receivable to Sweet. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis....
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis. Sunland retains an amount equal to 6% of accounts receivable for possible adjustments. e sa 2% finance charge of the amount of accounts receivable and Prepare the journal entry for Bramble incorporated and Sunland Factors to record the factoring of the accounts receivable to Sunland. Of no entry is required for the amounts. Credit account titles are automatically indented when the amount is entered....
KiYgbird Incorporated factored $150.700 of accounts receivable with Engram Factors inc on a with recourse basis...
KiYgbird Incorporated factored $150.700 of accounts receivable with Engram Factors inc on a with recourse basis Engram assesses a 2 an amount equal to 7% of accounts receivable for possible adjustments finance charge of the amount of accounts receivable and retains f 7680 Prepare the journal entry for Kingbird to record the sale, assuming that the recourse ability hasafar a Credit account t ortomatically indented when the amount ante. Do not inden man Account Titles and Explanation Debit Credit
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable...
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Flint Incorporated and Buffalo Factors to record the factoring of the accounts receivable to Buffalo. (if no entry is required, select "No Entry" for the account...
BLANK Corp. factors $440,000 of accounts receivable with BLANK Finance Corporation on a without recourse basis...
BLANK Corp. factors $440,000 of accounts receivable with BLANK
Finance Corporation on a without recourse basis on July 1, 2017.
The receivables records are transferred to BLANK Finance, which
will receive the collections. BLANK Finance assesses a finance
charge of 1.90% of the amount of accounts receivable and retains an
amount equal to 6% of accounts receivable to cover sales discounts,
returns, and allowances. The transaction is to be recorded as a
sale.
Prepare the journal entry on July 1,...
Brief Exercise 7-10 Sheridan Incorporated factored $163,900 of accounts receivable with Skysong Factors Inc. on a...
Brief Exercise 7-10
Sheridan Incorporated factored $163,900 of accounts receivable
with Skysong Factors Inc. on a without-recourse basis. Skysong
assesses a 2% finance charge of the amount of accounts receivable
and retains an amount equal to 6% of accounts receivable for
possible adjustments.
Prepare the journal entry for Sheridan Incorporated and Skysong
Factors to record the factoring of the accounts receivable to
Skysong. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis on July 1, 2020 The receivables records are transferred to Sheffield Finance, which will receive the collections. Sheffield Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 6 % of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale (a) Your answer is correct Prepare...
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head...
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head and Factors Inc. on without recourse basis Head and assesses a 2 finance charge of the amount of accounts receivable and retains an amount equal to 5 of accounts receivable for possible adjustments Prepare the journal entry for Marin Incorporated and Head and Factors to record the factoring of the accounts receivable to Head and the entry is required, select "No Entry for the...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Tamarisk Finance, which will receive the collections. Tamarisk Finance assesses a finance charge of 1.60% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your answer has been saved. See...
Flounder Woodcrafters sells $231,400 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial...
Flounder Woodcrafters sells $231,400 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 7% and retains an amount equal to 6% of accounts receivable. Flounder estimates the fair value of the recourse liability to be $8,010. Prepare the journal entry for Flounder to record the sale. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Indigo Incorporated and Sweet Factors to record the factoring of the accounts receivable to Sweet. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis. Sunland retains an amount equal to 6% of accounts receivable for possible adjustments. e sa 2% finance charge of the amount of accounts receivable and Prepare the journal entry for Bramble incorporated and Sunland Factors to record the factoring of the accounts receivable to Sunland. Of no entry is required for the amounts. Credit account titles are automatically indented when the amount is entered....
KiYgbird Incorporated factored $150.700 of accounts receivable with Engram Factors inc on a with recourse basis Engram assesses a 2 an amount equal to 7% of accounts receivable for possible adjustments finance charge of the amount of accounts receivable and retains f 7680 Prepare the journal entry for Kingbird to record the sale, assuming that the recourse ability hasafar a Credit account t ortomatically indented when the amount ante. Do not inden man Account Titles and Explanation Debit Credit
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Flint Incorporated and Buffalo Factors to record the factoring of the accounts receivable to Buffalo. (if no entry is required, select "No Entry" for the account...
BLANK Corp. factors $440,000 of accounts receivable with BLANK
Finance Corporation on a without recourse basis on July 1, 2017.
The receivables records are transferred to BLANK Finance, which
will receive the collections. BLANK Finance assesses a finance
charge of 1.90% of the amount of accounts receivable and retains an
amount equal to 6% of accounts receivable to cover sales discounts,
returns, and allowances. The transaction is to be recorded as a
sale.
Prepare the journal entry on July 1,...
Brief Exercise 7-10
Sheridan Incorporated factored $163,900 of accounts receivable
with Skysong Factors Inc. on a without-recourse basis. Skysong
assesses a 2% finance charge of the amount of accounts receivable
and retains an amount equal to 6% of accounts receivable for
possible adjustments.
Prepare the journal entry for Sheridan Incorporated and Skysong
Factors to record the factoring of the accounts receivable to
Skysong. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis on July 1, 2020 The receivables records are transferred to Sheffield Finance, which will receive the collections. Sheffield Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 6 % of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale (a) Your answer is correct Prepare...
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head and Factors Inc. on without recourse basis Head and assesses a 2 finance charge of the amount of accounts receivable and retains an amount equal to 5 of accounts receivable for possible adjustments Prepare the journal entry for Marin Incorporated and Head and Factors to record the factoring of the accounts receivable to Head and the entry is required, select "No Entry for the...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Tamarisk Finance, which will receive the collections. Tamarisk Finance assesses a finance charge of 1.60% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your answer has been saved. See...
Flounder Woodcrafters sells $231,400 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 7% and retains an amount equal to 6% of accounts receivable. Flounder estimates the fair value of the recourse liability to be $8,010. Prepare the journal entry for Flounder to record the sale. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago