Sun Inc. factors $2,000,000 of its Accounts receivable without recourse for a finance charge of 5%. The finance company...
Sun Inc. factors $2,000,000 of its Accounts receivable without recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of Accounts receivable for possible adjustments. An external appraiser expects $75,000 of Accounts receivable to be uncollectible. What would be recorded as a gain (loss) on the sale of receivables?
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Sun Inc. factors $2,000,000 of its Accounts receivable without recourse for a finance charge of 5%. The finance company...
Marigold Corp. factors $5200000 of its accounts receivables without recourse for a finance charge of 6%....
Marigold Corp. factors $5200000 of its accounts receivables without recourse for a finance charge of 6%. The finance company retains an amount equal to 11% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables? Loss of $312000 O Loss of $1086000. O Loss of $202000 Gain of $514000.
Swifty Corporation factors $5100000 of its accounts receivables with recourse for a finance charge of 2%....
Swifty Corporation factors $5100000 of its accounts receivables with recourse for a finance charge of 2%. The finance company retains an amount equal to 11% of the accounts receivable for possible adjustments. Swifty estimates the fair value of the recourse liability at $214000. What would be recorded as a gain (loss) on the transfer of receivables? Loss of $316000. Loss of $214000. Gain of $102000. Gain of $877000.
Ming Company factors without recourse $6,000,000 of its accounts receivable for a finance charge of 6%....
Ming Company factors without recourse $6,000,000 of its accounts receivable for a finance charge of 6%. The finance company retains an amount equal to 8% of the accounts receivable for possible adjustments. What amount of cash would Ming receive as a result of this initial transaction? A. $5,520,000 B. $5,160,000 C. $5,640,000 D. $6,000,000
X Your answer is incorrect. Swifty Corporation factors $6500000 of its accounts receivables with recourse for...
X Your answer is incorrect. Swifty Corporation factors $6500000 of its accounts receivables with recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Swifty estimates the fair value of the recourse liability at $224000. What would be recorded as a gain (loss) on the transfer of receivables? Loss of $549000. Loss of $224000. Gain of $325000. Gain of $1199000.
6. (7 points)Wood Incorporated factored $300,000 of accounts receivable with Engram Factors Inc. on a without...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
6. (7 points)Wood Incorporated factored $300,000 of accounts receivable with Engram Factors Inc. on a without...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
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...
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...
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,...
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....
Marigold Corp. factors $5200000 of its accounts receivables without recourse for a finance charge of 6%. The finance company retains an amount equal to 11% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables? Loss of $312000 O Loss of $1086000. O Loss of $202000 Gain of $514000.
Swifty Corporation factors $5100000 of its accounts receivables with recourse for a finance charge of 2%. The finance company retains an amount equal to 11% of the accounts receivable for possible adjustments. Swifty estimates the fair value of the recourse liability at $214000. What would be recorded as a gain (loss) on the transfer of receivables? Loss of $316000. Loss of $214000. Gain of $102000. Gain of $877000.
X Your answer is incorrect. Swifty Corporation factors $6500000 of its accounts receivables with recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Swifty estimates the fair value of the recourse liability at $224000. What would be recorded as a gain (loss) on the transfer of receivables? Loss of $549000. Loss of $224000. Gain of $325000. Gain of $1199000.
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
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...
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...
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,...
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....
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