Homework Answers
Answer:
Loss on transfer of Receivable = Accounts Receivable Finance Charges + Recourse Liability
Loss on transfer of Receivable = ($5,100,000 * 2%) + $214,000
Loss on transfer of Receivable = $102,000 + $214,000
Loss on transfer of Receivable = $316,000
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Swifty Corporation factors $5100000 of its accounts receivables with recourse for a finance charge of 2%....
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.
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.
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?
Task #3 (Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors S262,500 of accounts...
Task #3 (Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors S262,500 of accounts receivable with Sultanali Financing, Inc. on with basis. Sultanali Financing will collect the receivables. The receivables records are transferred to Sultanali Financial on August 15, 2019. Sultanali Financing assesses a finance charge of 3% of the amount of accounts receivable also reserves an amount equal to 5% of accounts receivable to cover probable adjustments Instructions A Prepare the journal entry on August 15, 2019....
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
Task #3 ( Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors $262,500 of...
Task #3 ( Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors $262,500 of accounts receivable with Sultanali Financing, Inc. on a with recourse basis. Sultanali Financing will collect the receivables. The receivables records are transferred to Sultanali Financing on August 15, 2019. Sultanali Financing assesses a finance charge of 3 % of the amount of accounts receivable and also reserves an amount equal to 5% of accounts receivable to cover probable adjustments. Instructions A. Prepare the journal...
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...
Whispering Corporation factors $252,500 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Whispering Corporation factors $252,500 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2017. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for the transfer of receivables with...
Task Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factor $262.500 of accounts...
Task Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factor $262.500 of accounts receivable with Sultanali Financing Inc. on a with recor basis. Sultanal Financing will collect the receivables. The ab s ords are transferred to Sultanal Financing on August 15, 2019. Sultanali Financing assesses a finance charge of 19 of the amount of accounts receivable and also reserves an amount equal to 596 of accounts receivable to cover probable adjustments. Instructions A Prepare the journal entry on...
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...
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.
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.
Task #3 (Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors S262,500 of accounts receivable with Sultanali Financing, Inc. on with basis. Sultanali Financing will collect the receivables. The receivables records are transferred to Sultanali Financial on August 15, 2019. Sultanali Financing assesses a finance charge of 3% of the amount of accounts receivable also reserves an amount equal to 5% of accounts receivable to cover probable adjustments Instructions A Prepare the journal entry on August 15, 2019....
Task #3 ( Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors $262,500 of accounts receivable with Sultanali Financing, Inc. on a with recourse basis. Sultanali Financing will collect the receivables. The receivables records are transferred to Sultanali Financing on August 15, 2019. Sultanali Financing assesses a finance charge of 3 % of the amount of accounts receivable and also reserves an amount equal to 5% of accounts receivable to cover probable adjustments. Instructions A. Prepare the journal...
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...
Task Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factor $262.500 of accounts receivable with Sultanali Financing Inc. on a with recor basis. Sultanal Financing will collect the receivables. The ab s ords are transferred to Sultanal Financing on August 15, 2019. Sultanali Financing assesses a finance charge of 19 of the amount of accounts receivable and also reserves an amount equal to 596 of accounts receivable to cover probable adjustments. Instructions A Prepare the journal entry on...
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...
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