Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs (1) $155,800 $198,100 $212,600 Insurance expense (2) 880 880 880 Depreciation expense 1,890 1,890 1,890 Property tax expense (3) 450 450 450 (1) Of the manufacturing costs, three-fourths are paid for in the month they are incurred and one-fourth is paid for in the following month. (2) Insurance expense is $880 a month; however, the insurance is paid four times yearly, in the first month of the quarter (i. e., January, April, July, and October). (3) Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of April are a.$119,490 b.$137,645 c.$116,850 d.$155,800

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse. b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this. c. explain the difference between sale of receivables with recourse as oppose to without recourse.