Chapter 7 Quick Studies
QS 7-14 Factoring receivables LO C3
Record the sale by Balus Company of $125,000 in accounts receivable on May 1. Balus is charged a 2.5% factoring fee.
Homework Answers
Cash-121,875(debit)
Factoring fee expense-3,125(debit)
Accounts receivable- 125,000(credit)
Chapter 7- Problem 4, 6,7, 8 Due 5-1-19 t References Mailings Review View Help Tell me what you want to do ,A--. ||1Norrmall1NoSpac ρ. 스, Heading 1 Heading 2 Title Paragraph Styles P 7-7 Fact...
Chapter 7- Problem 4, 6,7, 8 Due 5-1-19 t References Mailings Review View Help Tell me what you want to do ,A--. ||1Norrmall1NoSpac ρ. 스, Heading 1 Heading 2 Title Paragraph Styles P 7-7 Factoring versus assigning of accounts receivable (2 Points) Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2018, the company had accounts receivable of $780,ooo. Lonergan needs approximately $500,000 to capitalize on a unique investment opportunity. On July 1,...
BE 7-19 Factoring of accounts receivable Q107-8 Logitech Corporation transferred $100,000 of accounts receivable to a l...
BE 7-19 Factoring of accounts receivable Q107-8 Logitech Corporation transferred $100,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%. When the bank collects the receivables, it will remit to Logitech the retained amount less a fee equal to 3% of the total amount factored. Logitech estimates a fair value of its 15% interest in the receivables of $11,000 (not...
P6-10 LO 6.6 Factoring Accounts Receivable Faeber Textile Company frequently factors its accounts receivable. During 20...
P6-10 LO 6.6 Factoring Accounts Receivable Faeber Textile Company frequently factors its accounts receivable. During 2019, Faeber made credit sales of $100,000 to customers, under terms of 2/10, n/30. Faeber records its credit sales using gross price. In 2019, Faeber sold $70,000 of these receivables to a factor. The factor remitted 90% of the accounts receivable factored and charged a 12% commission on the gross amount of the factored receivables. The factoring agreement also requires Faeber to be responsible for...
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%...
#4 After noting that its receivables turnover ratio had declined, Imperative Company decided for the first...
#4 After noting that its receivables turnover ratio had declined, Imperative Company decided for the first time in the company's history to sell $580,000 of receivables to a factoring company. The factor charges a factoring fee of 4 percent of the receivables sold. 1. How much cash does Imperative receive on the sale? 2. Calculate the factoring fee. 3. How is the factoring fee reported by Imperative Company? Other expense Allowance for Doubtful Accounts Cost of good solds Bad debts...
ACCOUNTS RECEIVABLE—UNCOLLECTIBLE ACCOUNTS Instructions: Present the journal entries specified below; show supporting calculations. The trial balance...
ACCOUNTS RECEIVABLE—UNCOLLECTIBLE ACCOUNTS Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Sophia Company at December 31, 2014 includes the following: Debits Credits Accounts Receivable .................................................................. 100,000 Allowance for Doubtful Accounts ............................................... 500 Sales (all on credit) ..................................................................... 700,000 Sales Returns and Allowances .................................................. 30,000 (1) If Sophia uses the aging method and estimates that $6,000 of receivables will be uncollectible, prepare the adjusting entry. (2) If Sophia estimates uncollectibles at 1% of net credit sales, prepare the appropriate adjusting entry. (3) Assume...
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....
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...
Check my work Exercise 7-16 Selling and pledging accounts receiva ble LO C3 On November 30, Petrov Co. has $13...
Check my work Exercise 7-16 Selling and pledging accounts receiva ble LO C3 On November 30, Petrov Co. has $130,600 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $7,695 of merchandise (that had cost $4,925) to customers on credit, terns n/30. 9 Sold $18,284 of accounts receivable to Main Bank. Main charges a 6% factoring fee. 17 Received $4, 232 cash from customers in payment on their accounts. 27 Borrowed $10,448 cash from Main Bank, pledging...
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)....
Chapter 7- Problem 4, 6,7, 8 Due 5-1-19 t References Mailings Review View Help Tell me what you want to do ,A--. ||1Norrmall1NoSpac ρ. 스, Heading 1 Heading 2 Title Paragraph Styles P 7-7 Factoring versus assigning of accounts receivable (2 Points) Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2018, the company had accounts receivable of $780,ooo. Lonergan needs approximately $500,000 to capitalize on a unique investment opportunity. On July 1,...
BE 7-19 Factoring of accounts receivable Q107-8 Logitech Corporation transferred $100,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%. When the bank collects the receivables, it will remit to Logitech the retained amount less a fee equal to 3% of the total amount factored. Logitech estimates a fair value of its 15% interest in the receivables of $11,000 (not...
P6-10 LO 6.6 Factoring Accounts Receivable Faeber Textile Company frequently factors its accounts receivable. During 2019, Faeber made credit sales of $100,000 to customers, under terms of 2/10, n/30. Faeber records its credit sales using gross price. In 2019, Faeber sold $70,000 of these receivables to a factor. The factor remitted 90% of the accounts receivable factored and charged a 12% commission on the gross amount of the factored receivables. The factoring agreement also requires Faeber to be responsible for...
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%...
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....
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...
Check my work Exercise 7-16 Selling and pledging accounts receiva ble LO C3 On November 30, Petrov Co. has $130,600 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $7,695 of merchandise (that had cost $4,925) to customers on credit, terns n/30. 9 Sold $18,284 of accounts receivable to Main Bank. Main charges a 6% factoring fee. 17 Received $4, 232 cash from customers in payment on their accounts. 27 Borrowed $10,448 cash from Main Bank, pledging...
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)....
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