Business, 28.11.2019 18:31, querline87
The trial balance before adjustment for shamrock company shows the following balances. dr. cr. accounts receivable $82,300 allowance for doubtful accounts 3,700 sales revenue $467,700
using the data above, give the journal entries required to record each of the following cases. (each situation is independent.)
1. to obtain additional cash, shamrock 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, shamrock assigns $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.
4. based on an aging analysis, an allowance of $5,318 should be reported. assume the allowance has a credit balance of $1,175.
Answers: 2
Business, 21.06.2019 12:30, xdoran
Trinity trucking signs a contract with olsen oil to purchase all of the fuel for its fleet of trucks for the next year from olsen at a price of $3.00 per gallon. at the time trinity and olsen sign the contract, the market price for gasoline was $3.25 per gallon, and trinity had an expert report predicting that the price would rise to at least $4.25 per gallon in the upcoming six months. instead, the price dropped to $2.00 per gallon. may trinity rescind the contract with olsen due to its mistaken belief about the future of the price of gasoline?
Answers: 2
Business, 22.06.2019 02:00, mckinley2006
What is an example of a good stock to buy in a recession? a) cyclical stock b) defensive stock c) income stock d) bond
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Business, 22.06.2019 15:00, AldecuaF10
Beagle autos is known for its affordable and reliable brand of consumer vehicles. because its shareholders expect to see an improved rate of growth in the coming years, beagle's executives have decided to diversify the company's range of products so that at least 40 percent of the firm's revenue is generated by new business units. however, the company's resources, capabilities, and competencies are limited to producing other forms of motorized vehicles, such as motorcycles and all-terrain vehicles (atvs). which type of corporate diversification strategy should beagle pursue?
Answers: 1
The trial balance before adjustment for shamrock company shows the following balances. dr. cr. accou...
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