Homework Answers
Solution: $656,600
Explanation: At the time of transfer the cash received to Tamara from Rayan:
[$670,000 - (670,000*2%)] = (670,000 - $13,400) = $656,600
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Tamara Co, assigned $800,000 of accounts receivable to Rayan Finance Co. as security for a loan of $670,000. Rayan...
Geary Co. assigned $1,600,000 of accounts receivable to Kwik Finance Co. as security for a loan...
Geary Co. assigned $1,600,000 of accounts receivable to Kwik Finance Co. as security for a loan of $1,340,000. Kwik charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Geary collected $440,000 on assigned accounts after deducting $1,520 of discounts. Geary accepted returns worth $5,400 and wrote off assigned accounts totaling $11,920. Entries during the first month would include a A. debit to Cash of $441,520. B. debit...
0 QUESTION 5 Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co....
0 QUESTION 5 Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as security for a loan. Mariucci withheld $75,000 of the A/R balance and loaned the rest of collectibles of $425,000 less a finance charge. Mariucci charged a 3% commission on a certain balance of A/R; the interest rate on the note is 12%. If the net proceeds of the loan were $410,000 then on what dollar amount of A/R was the commission...
Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as...
Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as security for a loan. Mariucci withheld $75,000 of the A/R balance and loaned the rest of collectibles of $425,000 less a finance charge. Mariucci charged a 3% commission on a certain balance of A/R; the interest rate on the note is 12%. If the net proceeds of the loan were $410,000 then on what dollar amount of A/R was the commission charged?
can someone explain how i got this answer pleas, i could not understand pleas explain ,,...
can someone explain how i got this answer pleas, i could
not understand pleas explain ,, thank you
Pr. 7-161-Accounts receivable assigned Prepare journal entries for Mars Co. for: (a) Accounts receivable in the amount of $500,000 were assigned to Utley Finance Co. by Mars as security for a loan of $425,000. Utley charged a 3% commission on the accounts, the interest rate on the note is 12% (b) During the first month, Mars collected $200,000 on assigned accounts after...
Part Three: Problem (8 points) On January 1, 2019, Jason Company assigned $1,000,000 of accounts receivable...
Part Three: Problem (8 points) On January 1, 2019, Jason Company assigned $1,000,000 of accounts receivable to Easy Finance Corporation as security for a loan of $840,000. Easy Finance Corporation charged a 2% finance charge on the amount of the loan; the interest rate on the loan was 10%. During the month of January, Jason collected $220,000 on assigned accounts receivable. Jason Company made the first partial payment of the loan on January 31, 2019. A. Required: Prepare the required...
Liability Financing = N ince Charge Iggy Co assigns $800,000 of its accounts receivable to LMU...
Liability Financing = N ince Charge Iggy Co assigns $800,000 of its accounts receivable to LMU Bank as collateral fora AR: $600,000 note. Iggy Co continues to collect the accounts receivable; the account debtors <X1% are not notified of the arrangement. LMU Bank assesses a finance charge of 1% of the accounts receivable assigned and an interest on the note of 12%. Iggy Co makes monthly 000 - Notes payments to LMU Bank for all cash it collects on the...
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $800,000. On July 1, 2021, the company borrowed $650,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $800,000. On July 1, 2021, the company borrowed $650,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $800,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.2% of the accounts receivable assigned.Required:Prepare the journal entry to record the borrowing on the books of High Five Surfboard. (If...
Tt problem 8-14 (IAA) necember 1, 2019, Solvent Company assignea on 0n nt receivable totaling P5,000,000 as collati...
Tt problem 8-14 (IAA) necember 1, 2019, Solvent Company assignea on 0n nt receivable totaling P5,000,000 as collatity will accoun 000 12% note from a certain bank. The en d specific Puosinue to collect the assigned accounts receiva tity continue ivable. edition to the interest on the note, the bank also chargea In 5% finance fee deducted in advance on the assigne also charged accounts. December collections of assigned acounts receiva gmounted to P2,000,000 less cash discount of P200,000. December...
Finman company designated Jill Holland as pretty cash custodian and established a pretty cash fund of...
Finman company designated Jill Holland as pretty cash custodian and
established a pretty cash fund of 200$.
Problem 1 (25 points): The following transactions occurred in Mars Co. in 2019 1. Accounts receivable in the amount of $1,000,000 were assigned to Utley Finance Co. by Mars as security for a loan of $850,000. Utley charged a 3% commission on the accounts; the interest rate on the note is 12%. 2. During the first month, Mars collected $400,000 on assigned accounts...
Geary Co. assigned $1,600,000 of accounts receivable to Kwik Finance Co. as security for a loan of $1,340,000. Kwik charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Geary collected $440,000 on assigned accounts after deducting $1,520 of discounts. Geary accepted returns worth $5,400 and wrote off assigned accounts totaling $11,920. Entries during the first month would include a A. debit to Cash of $441,520. B. debit...
0 QUESTION 5 Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as security for a loan. Mariucci withheld $75,000 of the A/R balance and loaned the rest of collectibles of $425,000 less a finance charge. Mariucci charged a 3% commission on a certain balance of A/R; the interest rate on the note is 12%. If the net proceeds of the loan were $410,000 then on what dollar amount of A/R was the commission...
Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as security for a loan. Mariucci withheld $75,000 of the A/R balance and loaned the rest of collectibles of $425,000 less a finance charge. Mariucci charged a 3% commission on a certain balance of A/R; the interest rate on the note is 12%. If the net proceeds of the loan were $410,000 then on what dollar amount of A/R was the commission charged?
can someone explain how i got this answer pleas, i could
not understand pleas explain ,, thank you
Pr. 7-161-Accounts receivable assigned Prepare journal entries for Mars Co. for: (a) Accounts receivable in the amount of $500,000 were assigned to Utley Finance Co. by Mars as security for a loan of $425,000. Utley charged a 3% commission on the accounts, the interest rate on the note is 12% (b) During the first month, Mars collected $200,000 on assigned accounts after...
Part Three: Problem (8 points) On January 1, 2019, Jason Company assigned $1,000,000 of accounts receivable to Easy Finance Corporation as security for a loan of $840,000. Easy Finance Corporation charged a 2% finance charge on the amount of the loan; the interest rate on the loan was 10%. During the month of January, Jason collected $220,000 on assigned accounts receivable. Jason Company made the first partial payment of the loan on January 31, 2019. A. Required: Prepare the required...
Liability Financing = N ince Charge Iggy Co assigns $800,000 of its accounts receivable to LMU Bank as collateral fora AR: $600,000 note. Iggy Co continues to collect the accounts receivable; the account debtors <X1% are not notified of the arrangement. LMU Bank assesses a finance charge of 1% of the accounts receivable assigned and an interest on the note of 12%. Iggy Co makes monthly 000 - Notes payments to LMU Bank for all cash it collects on the...
Tt problem 8-14 (IAA) necember 1, 2019, Solvent Company assignea on 0n nt receivable totaling P5,000,000 as collatity will accoun 000 12% note from a certain bank. The en d specific Puosinue to collect the assigned accounts receiva tity continue ivable. edition to the interest on the note, the bank also chargea In 5% finance fee deducted in advance on the assigne also charged accounts. December collections of assigned acounts receiva gmounted to P2,000,000 less cash discount of P200,000. December...
Finman company designated Jill Holland as pretty cash custodian and
established a pretty cash fund of 200$.
Problem 1 (25 points): The following transactions occurred in Mars Co. in 2019 1. Accounts receivable in the amount of $1,000,000 were assigned to Utley Finance Co. by Mars as security for a loan of $850,000. Utley charged a 3% commission on the accounts; the interest rate on the note is 12%. 2. During the first month, Mars collected $400,000 on assigned accounts...
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