Homework Answers
| Debit | Credit | ||
| Cash | 782000 | =920000*85% | |
| Loss on sale of receivables | 84400 | ||
| Receivable from factor | 53600 | =72000-(920000*2%) | |
| Accounts receivable | 920000 |
Add Answer to:
Samson Wholesale everage Company regularly factors its accounts receivable with the Milpitas Finance Company. On A...
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 $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 $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....
Question ห(of 5) 10.00 points Samson Wholesale Beverage Company regularly factors its accounts receivable with the...
Question ห(of 5) 10.00 points Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2016, the company transferred $900,000 of accounts receivable to Milpitas. The transfer was made without recourse Milpitas remits 85% of the tactored amount and retans 15%, when Milpitas collects the recevables. it remits to Samson the retained amount less a 2% fee (2% of the total factored amount). Samson estimates the far value or the last 15% of...
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...
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%...
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...
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...
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....
Question ห(of 5) 10.00 points Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2016, the company transferred $900,000 of accounts receivable to Milpitas. The transfer was made without recourse Milpitas remits 85% of the tactored amount and retans 15%, when Milpitas collects the recevables. it remits to Samson the retained amount less a 2% fee (2% of the total factored amount). Samson estimates the far value or the last 15% of...
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...
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%...
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...
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...
Most questions answered within 3 hours.
-
Prince Equipment has to decide whether to obtain $1,000,000 of
financing by: (1) selling common stock...
asked 1 hour ago -
(Sort ArrayList) Write the following method that sorts an
ArrayList: public static > void sort(ArrayList list)...
asked 38 minutes ago -
The terms electrical and electronic have similar but
different meanings which of the following statement is...
asked 1 hour ago -
You wish to test the claim that the mean GPA of night students
is than 2.5...
asked 1 hour ago -
A soft drink machine outputs a mean of 25 ounces per cup. The
machine's output is...
asked 2 hours ago -
Ross Co., Westerfield, Inc., and Jordan Company announced a new
agreement to market their respective products...
asked 2 hours ago -
What is the distance run by a runner 50m/hr and
60m/hr?
asked 3 hours ago -
Write a descendant selector rule that affects the <em>
element that is contained within the
<p>...
asked 3 hours ago -
The management of an electrical manufacturing plant determined
that the mean life of their 10 watt...
asked 3 hours ago -
On January 1, Year 1, Prairie Enterprises purchased a parcel of
land for $13,100 cash. At...
asked 3 hours ago -
Question 4: (3 marks)
On a recent PE-sponsored adventure education program, students
went hiking at Devil's...
asked 3 hours ago -
Programming in C#
Create a Money class that has as data members dollars and cents.
Include...
asked 4 hours ago