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Question ห(of 5) 10.00 points Samson Wholesale Beverage Company regularly factors its accounts receivable with the...
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April...
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2021, the company transferred $950,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $75,000....
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April...
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2021, the company transferred $810,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 5% fee (5% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $61,000....
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April...
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2018, the company transferred $860,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 3% fee (3% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $66,000....
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April...
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2021, the company transferred $860,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 3% fee (3% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $66,000....
P7-8 Factoring of accounts receivable; without recourse • L07-8 Samson Wholesale Beverage Company regularly factors its...
P7-8 Factoring of accounts receivable; without recourse • L07-8 Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas pany. On April 30, 2021, the company transferred $800,000 of accounts receivable to Milpitas. The made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitasse receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount) s estimates the fair value of the last 10% of its...
Samson Wholesale everage Company regularly factors its accounts receivable with the Milpitas Finance Company. On A...
Samson Wholesale everage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2018, the company transf red $920,0 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 85% of the factored amount nd retains 1 When Milpitas collects the receivables, it remits to Samson the retained amount less a 2% fee (2% of the total factor amount) mson estimates the fair value of the last 15% of its receivables to be...
help chapter 7 accounting homework!! jork Saved Help Save & Exit Submi Check my work Samson...
help chapter 7 accounting homework!!
jork Saved Help Save & Exit Submi Check my work Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2021, the company transferred $890,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount)....
Please show all calculations (if any) and explain your reasoning. Thank you! P 7-8 Factoring of...
Please show all calculations (if any) and explain your reasoning.
Thank you!
P 7-8 Factoring of accounts receivable; without recourse • LO7-8 Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Com- pany. On April 30, 2021, the company transferred $800,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collect receivables, it remits to Samson the retained amount less a 4%...
Mountain High Ice Cream Company transferred $67,000 of accounts receivable to the Prudential Bank. The transfer...
Mountain High Ice Cream Company transferred $67,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,700) less a 3% fee (3% of the total factored amount) Required: Prepare the journal entry to record the transfer on the books of...
please complete all required parts of the question. added extra photos so its not too confusuing....
please complete all required parts of the question. added extra
photos so its not too confusuing. also please find the loss on sale
recievables for the other problem.
Problem 7-7 (Algo) Factoring versus assigning of accounts receivable [LO7-8) Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $840,000. Lonergan needs approximately $560,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank...
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2021, the company transferred $950,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $75,000....
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2021, the company transferred $860,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 3% fee (3% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $66,000....
P7-8 Factoring of accounts receivable; without recourse • L07-8 Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas pany. On April 30, 2021, the company transferred $800,000 of accounts receivable to Milpitas. The made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitasse receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount) s estimates the fair value of the last 10% of its...
Samson Wholesale everage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2018, the company transf red $920,0 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 85% of the factored amount nd retains 1 When Milpitas collects the receivables, it remits to Samson the retained amount less a 2% fee (2% of the total factor amount) mson estimates the fair value of the last 15% of its receivables to be...
help chapter 7 accounting homework!!
jork Saved Help Save & Exit Submi Check my work Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2021, the company transferred $890,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount)....
Please show all calculations (if any) and explain your reasoning.
Thank you!
P 7-8 Factoring of accounts receivable; without recourse • LO7-8 Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Com- pany. On April 30, 2021, the company transferred $800,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collect receivables, it remits to Samson the retained amount less a 4%...
Mountain High Ice Cream Company transferred $67,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,700) less a 3% fee (3% of the total factored amount) Required: Prepare the journal entry to record the transfer on the books of...
please complete all required parts of the question. added extra
photos so its not too confusuing. also please find the loss on sale
recievables for the other problem.
Problem 7-7 (Algo) Factoring versus assigning of accounts receivable [LO7-8) Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $840,000. Lonergan needs approximately $560,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank...
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