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Homework Answers
14) Answer:- $9,000
Explanation:-
| $300,000 ×3% = $9,000 |
15) Answer:- $10,500
Explanation:-
| ($300,000 ×3%) + $1,500 = $9,000 + $1,500 = $10,500 |
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On February 1, 2007, Norton Company factored receivables...
Part Two: Problem (10 points) On February 1, 2019, Norton Company factored accounts receivables with a...
Part Two: Problem (10 points) On February 1, 2019, Norton Company factored accounts receivables with a carrying amount of $500,000 to Koch Bank. Koch Bank assesses a finance charge of 3% of the receivables and reserve 5% of the receivables. A. Assume the Norton factors the receivable on a without recourse basis. What is the loss on sale to be reported in the income statement of Norton Company for February? B. Assume the Norton factors the receivable on a with...
PLEASE, INCLUDE ALL THE MATHEMATICAL PROCEDURE. THANKS! Part Two: Problem On February 1, 2019, Norton Company...
PLEASE, INCLUDE ALL THE MATHEMATICAL PROCEDURE. THANKS!
Part Two: Problem On February 1, 2019, Norton Company factored accounts receivables with a carrying amount of $500,000 to Koch Bank. Koch Bank assesses a finance charge of 3% of the receivables and reserve 5% of the receivables. A. Assume the Norton factors the receivable on a without recourse basis. What is the loss on sale to be reported in the income statement of Norton Company for February? B. Assume the Norton factors...
17) On February 1, 2014. Henson Agee Company. Agee Company assesses a fee of 3% of...
17) On February 1, 2014. Henson Agee Company. Agee Company assesses a fee of 3% of the receivable son Company factored receivables with a face value of $500 receivables as protection against sales returns and allowance assesses a fee of 39% of the receivables and retains Sy of receivables on a without recourse basis. The amount of loss to be repon th a face value of $500,000 to returns and allowances. Assume that Henson factors the b. c. d. $0....
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...
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram Factors Inc. on a...
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 Wood Inc.'s Journal Entry Accounts Debit Debit Credit Engram Factor...
help me asap please On September 1, X8, Jack Company sells $400,000 of receivables to Nancy...
help me asap please
On September 1, X8, Jack Company sells $400,000 of receivables to Nancy Factors, Inc. Nancy Factors assesses a finance charge of 5% and retains an amount equal to 4% of accounts receivable for possible sales allowance and return. Instructions: A. If the accounts receivables are sold without guarantee basis, prepare the journal entry for Jack Company and Nancy Factors, Inc on September 1, X8. (6%) B. If the accounts receivables are sold with a full guarantee...
Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control...
Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbrough. Duff accepted the receivables subject to recourse for nonpayment. Duff assessed a fee of 3% and retains a holdback equal to 5% of the accounts receivable. In addition, Duff charged 15% interest computed on a weighted-average time to maturity of the receivables of fifty-four days. The fair value of the recourse obligation is $9,000. Scarbrough will receive and record cash...
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...
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...
Part Two: Problem (10 points) On February 1, 2019, Norton Company factored accounts receivables with a carrying amount of $500,000 to Koch Bank. Koch Bank assesses a finance charge of 3% of the receivables and reserve 5% of the receivables. A. Assume the Norton factors the receivable on a without recourse basis. What is the loss on sale to be reported in the income statement of Norton Company for February? B. Assume the Norton factors the receivable on a with...
PLEASE, INCLUDE ALL THE MATHEMATICAL PROCEDURE. THANKS!
Part Two: Problem On February 1, 2019, Norton Company factored accounts receivables with a carrying amount of $500,000 to Koch Bank. Koch Bank assesses a finance charge of 3% of the receivables and reserve 5% of the receivables. A. Assume the Norton factors the receivable on a without recourse basis. What is the loss on sale to be reported in the income statement of Norton Company for February? B. Assume the Norton factors...
17) On February 1, 2014. Henson Agee Company. Agee Company assesses a fee of 3% of the receivable son Company factored receivables with a face value of $500 receivables as protection against sales returns and allowance assesses a fee of 39% of the receivables and retains Sy of receivables on a without recourse basis. The amount of loss to be repon th a face value of $500,000 to returns and allowances. Assume that Henson factors the b. c. d. $0....
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...
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 Wood Inc.'s Journal Entry Accounts Debit Debit Credit Engram Factor...
help me asap please
On September 1, X8, Jack Company sells $400,000 of receivables to Nancy Factors, Inc. Nancy Factors assesses a finance charge of 5% and retains an amount equal to 4% of accounts receivable for possible sales allowance and return. Instructions: A. If the accounts receivables are sold without guarantee basis, prepare the journal entry for Jack Company and Nancy Factors, Inc on September 1, X8. (6%) B. If the accounts receivables are sold with a full guarantee...
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...
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...
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