Business, 18.03.2021 01:20 DojaCat

Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. 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 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 $60,000. Required:
Prepare the journal entry for Samson Wholesale Beverage for the transfer of accounts receivable on April 30, assuming the sale criteria are met.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:00

How could brian, who doesn't want his car insurance premiums to increase, show he poses a low risk to his insurance company? a: drive safely to avoid accidents and traffic citations b: wash and wax his car regularly to keep it clean c: allow unlicensed drivers to drive carelessly in his car d: incur driver's license points from breaking driving laws

Answers: 1

Answer

Business, 22.06.2019 07:30

Net income and owner's equity for four businesses four different proprietorships, jupiter, mars, saturn, and venus, show the same balance sheet data at the beginning and end of a year. these data, exclusive of the amount of owner's equity, are summarized as follows: total assets total liabilities beginning of the year $550,000 $215,000 end of the year 844,000 320,000 on the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. (hint: first determine the amount of increase or decrease in owner's equity during the year.) jupiter: the owner had made no additional investments in the business and had made no withdrawals from the business. mars: the owner had made no additional investments in the business but had withdrawn $36,000. saturn: the owner had made an additional investment of $60,000 but had made no withdrawals. venus: the owner had made an additional investment of $60,000 and had withdrawn $36,000. jupiter net income $ mars net income $ saturn net income $ venus net income $

Answers: 3

Answer

Business, 22.06.2019 10:30

When sending a claim to an insurance company for services provided by the physician, why are both icd-10 and cpt codes required to be submitted? how are these codes dependent upon each other? what would be the result of not submitting both codes on a medical claim to an insurance company?

Answers: 2

Answer

Business, 22.06.2019 10:30

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. ( t or f)

Answers: 1

Answer

You know the right answer?

Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Financ...

Questions