Cynthia company factored 750 000
WebPaisley Corporation sells $75,000 of receivables to a factor without recourse, receives 95% of the value of the factored accounts, and is charged a 10% commission based on the gross amount of the factored receivables. What journal entry does Paisley record for the sale? Cash 63,750 Receivable from Factor3,750 Factoring Expense7,500 WebParent Company acquired 100% of Subsidiary Company prior to 2024. During 2024, the individual entities included in their financial statements the following: Parent Subsidiary Key officers’ salaries 750,000 500,000 Officers’ expenses 250,000 100,000 Loans to officers 1,250,000 500,000 Intercompany sales 1,500,000 0
Cynthia company factored 750 000
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WebCynthia Company factored P750,000 of accounts receivable at year-end. Control was surrendered. The factor accepted the accounts receivable subject to recourse for … WebProblem 21-5 (AICPA Adapted) Cynthia Company factored P750,000 of accounts receivable at year-end. Control was surrendered. The factor accepted the accounts …
WebQuestion: 1) On April 1 of the current year, Troubled Company factored receivables with a carrying value of $85,000 for $60,000 in cash from Scrooge Lenders. The transfer was made without recourse. On April 1, Troubled would A) Credit deferred interest expense for $25,000 B) Credit factored accounts receivable for $85,000. WebMazda company sold P5,800,000 in accounts receivable for cash of P5,000,000. The factor withheld 10% of the cash proceeds to allow for possible customer returns and …
WebSynthia Corp. factored $750,000 of accounts receivable to Thomas Company on December 3, year 2. Control was surrendered by Synthia. Thomas accepted the … http://www.accountingmcqs.com/synthia-corp-factored-750000-of-accounts-receivabl-mcq-3241
WebControl was surrendered by Zeus Company. The factor accepted the accounts receivable subject to recourse for nonpayment. The fair value of the recourse obligation is P100,000. The factor assessed a fee of 3% and retained This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts.
WebTranscribed image text: Problem 8-17 (AICPA Adapted) Cynthia Company factored P750,000 of accounts receivable at year-end. Control was surrendered. The factor … high ira interest rateshigh iq progressiveWebFeb 10, 2024 · Two Virginia Church Leaders Buy $3.2 Million Florida Beach House. Steve Rabey February 10, 2024. Charlie Whitlow, lead pastor of Community Church in … high iq sperm bankWebOn June 30, Purple Company factored P200,000 of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. ... P3,700,685 c. P3,750, b. P3,700,000 d. P4,700, Assuming all receivables are collected, Binalonan Company’s cost of factoring … high iq progressive metalWebJay Company provided the following data relating to accounts receivable for the current year: Accounts receivable, January 1 650,000 Credit sales 2,700,000 Sales return 75,000 Accounts written off 40,000 Collections from customers 2,150,000 Estimated future sales return at December 31 50,000 how is a person net worth determinedWebCynthia Company factored 750.docx. Ramon Magsaysay Technological University - Main Campus, Iba, Zambales. ... The company pledged P500,000. Q&A. The inventory on hand at December 31, 2024 for Conrad Company is valued at a cost of P 947,800. The following items were not included in this inventory amount: Purchased goods in transit, shipped … high irf blood testWebOn December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin. arrow_forward On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. how is a person eligible for medicaid