Business, 19.10.2021 01:00 GamerGirl15
The trial balance before adjustment for Phil Collins Company shows the following balances.
Dr. Cr.
Accounts Receivable $82,000
Allowance for Doubtful Accounts 2,120
Sales Revenue $430,000
Using the data above, give the journal entries required to record each of the following cases.
1. To obtain additional cash, Sheffield factors without recourse $21,500 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored.
2. To obtain a 1-year loan of $64,600, Sheffield pledges $67,200 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial.
3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable.
Answers: 2
Business, 21.06.2019 20:30
Northington, inc. is preparing the company's statement of cash flows for the fiscal year just ended. using the following information, determine the amount of cash flows from operating activities using the indirect method: net income$182,000gain on the sale of equipment12,300proceeds from the sale of equipment92,300depreciation expense—equipment50,000payment of bonds at maturity100,000purchase of land200,000issuance of common stock300,000increase in merchandise inventory35,400decrease in accounts receivable28,800increase in accounts payable23,700payment of cash dividends32,000 $189,400.$332,200.$236,800.$261,400.$186,800.
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Which alternative accounting method allows farmers to record expenses and incomes in the year in which they sell their yield? gaap allows for the method, which permits farmers to subtract the expenses of producing the crop in the year in which they sell the yield and earn the revenue.
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Business, 22.06.2019 09:00
Afood worker has just rinsed a dish after cleaning it.what should he do next?
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The trial balance before adjustment for Phil Collins Company shows the following balances.
Dr. Cr....
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