Business, 06.08.2021 23:00, fcccxx54311

Mountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowance. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,000) . Mountain High anticipayes a 3,000 recourse obligation. The bank charges a 2% fee (2% of 60,000). Required:
Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 11:00, littlesami105

Which ranks these careers that employers are most likely to hire from the least to the greatest?

Answers: 2

continue

Business, 22.06.2019 14:30, Hannahdavy5434

Stella company sells only two products, product a and product b. product a product b total selling price $50 $30 variable cost per unit $20 $10 total fixed costs $2,110,000 stella sells two units of product a for each unit it sells of product b. stella faces a tax rate of 40%. stella desires a net afterminustax income of $54,000. the breakeven point in units would be

Answers: 3

continue

Business, 22.06.2019 14:40, robert7248

Which of the following statements about revision is most accurate? (a) you must compose first drafts quickly (sprint writing) and return later for editing. (b) careful writers always revise as they write. (c) revision is required for only long and complex business documents. (d) some business writers prefer to compose first drafts quickly and revise later; others prefer to revise as they go.

Answers: 3

continue

Business, 22.06.2019 16:40, adreyan3479

Job 456 was recently completed. the following data have been recorded on its job cost sheet: direct materials $ 2,418 direct labor-hours 74 labor-hours direct labor wage rate $ 13 per labor-hour machine-hours 137 machine-hours the corporation applies manufacturing overhead on the basis of machine-hours. the predetermined overhead rate is $14 per machine-hour. the total cost that would be recorded on the job cost sheet for job 456 would be: multiple choice $3,380 $5,298 $6,138 $2,622

Answers: 1

continue

Do you know the correct answer?

Mountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank. T...