Arness Woodcrafters sells $300,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 6% and retains an amount equal to 3% of accounts receivable. Arness estimates the fair value of the recourse obligation to be $8,000. Prepare the journal entry for (a) Arness and (b) Commercial Factor

Answers

Answer 1

Answer:

(a)  Journal entry for Arness Woodcrafters

Dr Cash 273,000

Dr Receivable from factor 9,000

Dr Loss on sale of receivables 26,000

    Cr Accounts receivable 300,000

    Cr Recourse factor 8,000

the amount of cash received = $300,000 x (1 - 6% - 3%) = $273,000

receivable from factor = $300,000 x 3% = $9,000

loss on sale = accounts receivable + recourse factor - cash - receivable = $300,000 + $8,000 - $273,000 - $9,000 = $26,000

(b) Journal entry for Commercial Factors

Dr Accounts receivable 300,000

Dr Recourse receivable 18,000

    Cr Cash 273,000

    Cr Accounts payable 9,000

    Cr Recourse revenue 36,000


Related Questions

4. Describe and demonstrate some of the similarities and differences between principles and values.​

Answers

Answer:

Principles are defined as the traditions and philosophies found in societies that often mediate the behavior of people when interacting with others. In other words, principles represent the objective realities and expected norms that enable fairness, integrity, and honesty. For example, an apple that falls from a tree will also land on the ground as a result of gravity and represents an expected norm.

Values are defined as the subjective beliefs of individuals on issues and ideas. More specifically, values are an expression of opinions that people often adapt to different situations or may change over time.

Why can't DeBeer’s Operate in the USA?

Answers

Answer:

Got banned from directly

Explanation:

De Beers has been banned from directly distributing and selling diamonds in the U.S. since 1948.

what is different between profession and professional human resources?​

Answers

Answer:

hope this make u understand

what is different between profession and professional human resources?

importance of constitutional law to Ghana's development​

Answers

The importance of constitutional law to Ghana's development is it establishes the structure, procedures, powers and duties of the government, structure of the judiciary and legislature, and spells out the fundamental rights and duties of citizens.

What is constitutional law?

It is body of law based on a ratified constitution or similar formative charter dealing with the fundamental principles by which a government exercises its authority. The the body of rules, doctrines, and practices that govern the operation of political communities is known as constitutional law.

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LENGAGE |
1
MINDTAP
y It-Ch. 14 Assignment
2.
3.
O
Cindy Jo's Hair Salon is concerned about its rising costs of supplies, energy, and labor, so it is considering investing in better equipment, which
hopefully will reduce the time required to perform most hairstyles as well as result in better perceived quality by its customers. It predicts that
the added investment will increase output levels as well as reduce energy costs, since some of the new equipment (hair dryers) use less
electricity.
Inputs and Outputs
Hairstyles per week
Labor costs per week
Energy costs per week
Material costs week
Capital investment
Productivity
Current (this year)
Current (this year)
290
$950
$390
$360
50
Using the given information, determine the current and expected single-factor and total productivity measures. Do not round intermediate
calculations. Round your answers to three decimal places.
haircuts/dollar
haircuts/dollar
haircuts/dollar
haircuts/dollar
Q Search this course
>
Expected (next year)
360
$990
$335
$395
$13,000
Expected (next year)
haircuts/dollar
haircuts/dollar
haircuts/dollar
haircuts/dollar
Labor
Energy
Material
Total
What is the percentage change in total productivity? Do not round intermediate calculations. Round your answer to two decimal places.
Check My Work

LENGAGE |1MINDTAPy It-Ch. 14 Assignment2.3.OCindy Jo's Hair Salon is concerned about its rising costs

Answers

The percentage change in total productivity 1. %increase = 13.3%

2. a. Increase = 11.5%

b. Increase = 37%

c. Increase = 10.8%

How to calculate Current and Expected year?

Productivity = total output/ total input

Productivity = weekly hairstyle/ (weekly labor cost + weekly energy cost + weekly material cost)

1. Current productivity:

Productivity = $0.15 per hairstyle

Expected productivity:

Productivity = 300/(1010+350+325)

Productivity = $0.17 per hairstyle

% increase = ($0.17/0.15) -1

%increase = 13.3%

2. a. labor productivity

productivity =total output/total input

current productivity = 250/960

current productivity = $0.26 per hair style

Expected productivity = 300/1010

Expected productivity = $0.29 per hair style

Increase = (0.29/0.26) -1

Increase = 11.5%

b. energy productivity

current productivity = 250/400

current productivity = $ 0.62 per hairstyle

expected productivity = 300/$350

Expected productivity = $0.85 per hairstyle

Increase =(0.85/0.62)-1

Increase = 37%

c. material productivity

current productivity = 250/300

current productivity = $0.83 per hair style

expected productivity = 300/$325

Expected productivity = $0.92 per hairstyle

Increase = (0.92/0.83)-1

Increase = 10.8%

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The Selayang Municipal Council (MPS) reported the following information for a sample of 250 customers
on the number of hours their cars are parked and the amount they are charged:
Number of hours Frequency Amount charged
(RM)
1 20 3.00
2 38 6.00
3 53 9.00
4 45 12.00
5 40 14.00
6 13 16.00
7 5 18.00
8 36 20.00

250

a. Convert this information on the number of hours parked to a probability distribution. Is this a
discrete or continuous probability distribution?
b. Find the mean and the standard deviation of the number of hours cars are parked. How long is a
typical customer parked?
c. Find the mean and standard deviation of the amount charged.

Answers

A. According to the question, this is a discrete probability distribution is given below:

What is discrete probability?

Discrete probability is a type of probability theory that deals with discrete events. These events are distinct and separate from one another, meaning that the outcome of one event has no effect on the outcome of another event. Discrete probability focuses on outcomes that are countable, such as the number of heads when flipping a coin.

Number of hours Frequency Probability

             1                      20             0.08

             2                     38             0.152

             3               53             0.212

             4               45              0.18

             5               40              0.16

             6                13             0.052

             7                 5              0.02

             8                36              0.144

Total 250 1.00

b. Mean = 4.2 hours

Standard Deviation = 2.15 hours

A typical customer is parked for 4.2 hours.

c. Mean = RM 10.56

Standard Deviation = RM 5.47

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This activity is important because we will all be faced with difficult choices and don't want to make an unethical choice. It helps to ask
yourself the three questions created by Blanchard and Peale to make sure you don't make a mistake and do something unethical,
The goal of this activity is to demonstrate your understanding of how to use the three questions to ask yourself when faced with an
ethical dilemma.
Instructions: Read the descriptions and then determine which question is appropriate for each situation.
1. Your boss is always asking you to lie to your coworkers about why he is never in his office to cover for him.
How will it make me feel about myself? ✓
2. Your boss asks you to accept cash payments for wages and not report them to the government.
Is my proposed action legal?
3. You call in sick to work to go out with friends. It is the busiest night of the season at your job.
Is it balanced?
4. Your boss asks you to post lies about his competitor on social media.
Is it balanced?
5. A friend asked for the answers to the ethics test the employment office gives all applicants.
Is it balanced?
(Click to select)
How will it make me feel about myself?
Is my proposed action legal?
Is it balanced?

Answers

The correct questions to ask in the above-stated ethical dilemmas are:

How will it make me feel about myself?Is my proposed action legal?Is my proposed action legal?Is my proposed action legal?Is my proposed action legal?

What is an ethical dilemma?

In philosophy, ethical dilemmas, also known as ethical paradoxes or moral dilemmas, are circumstances in which an agent is confronted with two competing moral criteria, neither of which takes precedence over the other.

It is to be noted that a similar notion classifies ethical quandaries as circumstances in which every viable option is incorrect.

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How are technology and technical profession related ? use example to write answer

Answers

Answer:

Technician and technologist are two different terms. However, these two terms are interrelated. ... A technician has a good knowledge of the general principles of the field he is in, whereas, a technologist is a person who is completely aware of various technologies. A technician works under a technologist.

Answer:

techonology is a term wher technical profession are the jobs in which a person is technically and professionally expert . for eg:an bank network is a techonolgy but the seat for the controller of this network is technical profession.

Case Description
Tablets have become an ubiquitos part of our lives. The first models were launched in US in the year 2010.
Sales data is available for the first seven years (See below). As part of your analysis on the outlook for this industry:
a) How would you characterize the future for tablets? Are consumers crazy about this technology or are luke warm?
b) Prepare a five year forecast for this industry; has the market reached its peak (please identify the demand peak).

Please use the Bass Model Estimator provided. Use the spreadsheet tab called "Analysis Report"
Please clearly provide market size assumptions and justifications.
Year Annual Sales (Units Sold)
2010 3,000,000
2011 10,000,000
2012 25,000,000
2013 34,000,000
2014 39,000,000
2015 45,000,000
2016 51,000,000

Answers

Answer:

a) According to the published sales statistics, it appears that the initial release of tablets in 2010 was warmly accepted by customers, since sales increased quickly in the years that followed. With only a 13% rise in revenue from 2015 to 2016, the rate of growth has slowed recently. This shows that customer enthusiasm for the technology may be waning.

b) We will utilize the Bass Model Estimator available on the "Analysis Report" page to project sales over the following five years. The "coefficient of innovation" (p) of this model accounts for the number of customers who have embraced the technology as well as the number of potential consumers who have not yet adopted the technology but may be persuaded to do so.

Explanation:

Which of the following markets is an example of monopolistic competition?​

Answers

Answer: The restaurant industry

Explanation:

Answer:A new pizza shop promotes a unique new flavor of ice cream

Types of controls used to assess the effectiveness of marketing operations ​

Answers

Analysis of a competitor and strategies

Existing customer analysis

Testing research with a focus group

Customer opinions and feedback



Your welcome if this helps

Which is an example of a diversified portfolio?
A. A variety of stocks, bonds, and bank accounts
B. A variety of high-risk stocks
C. High-yield bonds and growth stocks
D. Multiple bank accounts with high interest

Answers

A variety of stocks, bonds, and bank accounts.

What Is Diversification?

A portfolio's investments are mixed together in a broad variety as part of the risk management approach known as diversification. To reduce exposure to any one asset or risk, a diversified portfolio combines a variety of different asset classes and investment vehicles.

This strategy is justified by the idea that a portfolio made up of many asset classes would, on average, produce superior long-term returns and reduce the risk of any one holding or security.

In order for the beneficial performance of certain assets to offset the bad performance of others, diversification aims to smooth out unsystematic risk occurrences in a portfolio. The benefits of diversity only apply if the assets in the portfolio are not fully linked; in other words, if they react to market factors differently, frequently in opposite directions.

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A Market share is usually stated as a

Answers

Answer:

stock

Explanation:

a stock is a a share of a company

What is your diagnosis of the situation at FAVI?

Answers

Answer:

Explanation:

FAvI is a small automotive parts manufacturer in Hallencourt, France. In addition to other products, it is the European leader in the production of key components for gearboxes (manual transmissions) in such cars as Renault, Peugeot, Citroen, Fiat, Opel, Audi, volvo, and volkswagen. Employing about 400 people, this société anonyme

operations management course concept​

Answers

The operations management course concept refers to the systematic design, direction, and control of the processes that transform inputs such as raw materials, energy, and labor into outputs such as goods and services that satisfy customer needs.

This management process includes inventory management, scheduling, supply chain management, quality control, and more. The goal of operations management is to create efficient processes that maximize productivity while minimizing costs.

Students taking an operations management course learn about these concepts and how to apply them to real-world situations in various industries. They also study topics like process design, project management, lean principles, and decision-making models.

The course is usually offered as a part of business administration, engineering, or industrial technology programs. Graduates of the course may go on to careers as operations managers, logistics managers, supply chain analysts, process improvement specialists, or manufacturing engineers, depending on their areas of focus and interests.

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The employers who physically move inventory items for storage or shipment are called _____.
A.) Shipping clerks
B.) Receiving clerks
C.) Logisticians
D.) Materials Handlers

Answers

Answer:

Materials Handlers

The employers who physically move items for storage or shipment are known as the materials handlers. The materials handlers are those who have worked almost on their own. Hence, option D is appropriate.

Who are the Material handlers?

The material handlers are tasked with the job to look after the materials or the commodities which are going to be supplied. These materials need to be taken into custody.

The task of the material handlers is to pull and check the products of the customers as well as the clients. Thus, by allowing the Quality Assurance of the product.

The Materials handlers also verify the productsby pulling up the inventory. Hence, option D is correct.

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___________ is a way of saving a file so it can be used by a different program. A. Selecting B. Exporting C. Citing D. Formatting Please select the best answer from the choices provided A B C D Mark this and return

Answers

Answer:

B. Exporting

Explanation:

Which form of business is the easiest to start?
a. sole proprietorship
b. partnership
c. corporation
d. S-corporation

Which form of business is the easiest to start? a. sole proprietorshipb. partnership c. corporationd.

Answers

Answer:

The answer is A. sole proprietorship

Explanation:

Hope this helps!!

A 6-column table has 4 rows. The first column is labeled number or code with entries blank, 100, blank, blank. The second column is labeled date with entries 10/15, 10/23, 10/30, blank. The third column is labeled description with entries opening deposit, jeans r us, paycheck, blank. The fourth column is labeled payment amount with entries blank, 25 dollars, blank, blank. The fifth column is labeled deposit amount with entries 50 dollars, blank, 50 dollars, blank. The sixth column is labeled balance with entries 50 dollars, 20 dollars, blank, blank. How much money does lupe now have in her checking account? $.

Answers

Based on the information given in the table, we can see that: Lupe now has $75 in her checking account.

Lupe made an opening deposit of $50 on 10/15, which appears in the Deposit Amount column and the Balance column.Lupe made a payment of $25 to "jeans r us" on 10/23, which appears in the Payment Amount column and reduces her balance to $25.Lupe received a paycheck of $50 on 10/30, which appears in the Deposit Amount column and increases her balance to $75.

Therefore, Lupe now has $75 in her checking account.

A type of bank account made for regular transactions is a checking account. You can use a debit card or checks to pay bills, deposit and withdraw money, and make purchases. Checking accounts are practical for people who need to access their money frequently because there is typically no cap on the number of transactions you can make each month.

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What are the 3 levels of access that can be granted to Team users of QuickBooks Online Accountant

Answers

Answer:

In QuickBooks Online Accountant, users with admin access and Firm Owners and have the authority to access of other users in the firm. The 3 levels of access that can be granted to Team users of QuickBooks Online Accountant are:

Full : these users have access to accounting features, and books such as edit, remove and add users.Basic : These users have access to create and read accounting.Custom: These users can access administrative functions for the firm , access to manage clients  and  access to client QuickBooks .

The three levels of access that can be granted to the team users of QuickBooks Online includes the Basic access, Full access and Custom access.

QuickBooks Online Accountant is an accounting based software which allows companies to controls all the financial side of their business

Only the users with administrator access and Firm Owners have the authority to access information on the accounting software.

The 3 levels of access granted to team users on the QuickBooks Online Accountant includes:

Basic access users: These are users who have access have access to create and read accounting information.Full access users: These are users who have access to accounting features such as edit, remove and add users as well as privilege enjoyed by basic access users. Custom access users: These are users who can access administrative functions for the firm.

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Beginning inventory, purchases, and sales for WCS12 are as follows:

Oct. 1 Inventory 300 units at $9
13 Sale 180 units
22 Purchase 380 units at $11
29 Sale 400 units
a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.
$ per unit

b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.
$
c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
$

Answers

Answer:

WCS12

a. Assuming a perpetual inventory system and using the weighted average method, the weighted-average unit cost after the October 22 Purchase is:

= $10.52.

b. Assuming a perpetual inventory system and using the weighted average method, the cost of goods sold on October 29 is:

= $4,208.

c. Assuming a perpetual inventory system and using the weighted average method, the inventory on October 31 is:

= $1,052.

Explanation:

a) Data and Calculations:

Date        Description         Units  Unit Cost   Total Cost

Oct. 1       Inventory             300         $9            $2,700

Oct. 13    Sale                      (180)

Oct. 22   Purchase             380         $11               4,180

Oct. 29  Sale                     (400)

Weighted-average unit cost after the October 22 Purchase:

Date        Description         Units  Unit Cost   Total Cost

Oct. 1       Inventory             120         $9            $1,080

Oct. 22   Purchase             380        $11               4,180

Total inventory and cost   500                         $5,260

Unit cost = $10.52 ($5,260/500)

Cost of goods sold on October 29 = $4,208 (400 * $10.52)

Ending inventory = $1,052 (100 * $10.52)

What is the primary objective for a for-profit business

Answers

Answer:

the primary objective, or purpose of a for-profit business is to maximize profits for the owners while maintaining corporate social responsibility.

can i have brainliest

Someone help soon please!

Someone help soon please!

Answers

Answer:

i'd go with some time in colage with ne degree. ;)

Explanation:

Kraft Heinz fired many older, more experienced employees and hired younger, less experienced ones who may not have developed a problem-solving approach for accomplishing the goals, called

a. self-set goals.

b. specific goals.
Incorrect

c. task strategies.

c. intensity.

e. direction.

Answers

Kraft Heinz fired many older, more experienced employees and hired younger, less experienced ones who may not have developed a problem-solving approach for accomplishing the goals, called specific goals.

Employees utilise a problem-solving approach as a tool to better comprehend their difficulties and provide the best answers possible. By assisting people in overcoming outdated or binary ways of thinking, they enable them to come up with more creative ideas.

Approaches to problem-solving are necessary for productive employees since they enable people to address any challenge effectively and methodically. Employees that use problem-solving techniques are more likely to come up with original solutions that go to the source of the issue so they can do previously challenging activities more readily in the future. The time that has been saved can then be used by employees to complete more tasks during the workday.

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Business losses can’t be deducted from your personal tax returns with which of the following business structures?

A) S corporations
B) Limited partnerships
C) Sole Proprietorships
D) Corporations

Answers

The answer is : D) corporations

please give me brainliest!!

Question Content Area
Journalize the entries to record the following selected transactions:

a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510.
b. Paid $436 to the state sales tax department for taxes collected.
If an amount box does not require an entry, leave it blank.

a.


- Select -
- Select -
blank
- Select -
- Select -

- Select -
- Select -
b.

Answers

b bc it’s the right answer i just did it in my test

When the final sale in the supply chain is made, the retailer is responsible for collecting sales tax. The required journalized entries for the selected transactions involving sales tax are attached below.

The state levies a consumption tax, the so-called sales tax, on the purchase of goods and services. A standard sales tax is collected at the point of sale, collected at the store and remitted to the government.

Depending on the regulations in that country, a business may be responsible for sales taxes in that jurisdiction if it has a presence there, which can be a physical site, an employee, or an associate. The calculation of sales tax for (a) is:

Sales Tax Payable = Amount of sales× Sales Tax

                                = $900 × 7%

                                = $63

Therefore, all the selected transactions are explained with the help of the journal entries.

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Your question is incomplete, but most probably the full question was,

Question Content Area

Journalize the entries to record the following selected transactions:

a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510.

b. Paid $436 to the state sales tax department for taxes collected.

If an amount box does not require an entry, leave it blank.

a.

- Select -

- Select -

blank

- Select -

- Select -

- Select -

- Select -

b.

- Select -

- Select -

blank

Question Content AreaJournalize the entries to record the following selected transactions:a. Sold $900

The next three annual dividends paid by XYZ stock are expected to be $2.79 in one year, $7.43 in two years, and $3.05 in three years. The price of the stock is expected to be $54.78 in two years. The expected annual return for the stock is 15.20 percent. What is the current price of one share of XYZ stock?
a. $49.83 (+ or - $0.05).
b. $51.82 (+ or - $0.05).
c. $46.38 (+ or - $0.05).
d. $49.30 (+ or - $0.05).
e. none of the above is within $0.05 of the correct answer.

Answers

Answer:

a. $49.83 (+ or - $0.05).

Explanation:

Given that :

Dividend of the first three years and the terminal value at the end of the year 2, that is the price at the end of year 2.

We know that the price of the share is the preset value of all the future dividends.

So we have to present price at the year 2 which is at present value for the end of the year 2 of the dividends beyond year 2.

To calculate the price of the stocks at present, we  :

1. The present value for the price of the year 2 that is pv at the end of the year 2 of the dividend to be received beyond the year 2.

2. The present value of the dividend of the year 1 as well as year 2.

3. Then we add the steps 1 and 2 to get the present value of all the dividends.

Therefore,

The present value of the price at nth year with r rate of return is given by :

\($\frac{\text{price at nth year }}{(1+r)^n}$\)

Hence, the present value of the price at the year 2 with 15.20% rate of return is = \($\frac{54.78}{(1+0.1520)^2}$\)

             \($=\frac{54.78}{1.327104}$\)

            = $ 41.28

Now present value of dividend of the first 2 years :

Dividend received at the end of the nth year with rate of return r is

  = \($\frac{\text{dividend}}{(1+r)^r}$\)

  Therefore the present value of the dividend of the first two years is

 = \($\frac{2.79}{(1+0.1520)^1}+\frac{7.43}{(1+0.1520)^2}$\)

 = 2.10 + 6.45

 = $ 8.55

Now , $ 41.45 + $ 8.55

       = $ 49.83

Thus, the current price of one share of the XYZ stock is $ 49.83

why it is necessary for you to communicate your decision after making it?​

Answers

Answer: Because is important that the others know what you choose

Explanation: In the business area, when you are making a decision is important to tell others in order they know what is going on and how to act. Communication is an important skill and people at work, especially the boss, need to be able to communicate their decision.

If  I am in charge of any type of business and It to make a change and made a decision, is important for the people that work with me to know what I am going to do.  

Use the following information to answer next three questions: IO PI IRR LIFEProject 1 $300,000 1.12 14.38% 15 yearsProject 2 $150,000 1.08 13.32% 6 yearsProject 3 $100,000 1.20 16.46% 3 yearsAssume that the cost of capital is 12%.If the firm has a maximum capital expenditures budget of $450,000, and if the projects are independent and mutually exclusive but not repeatable, which project(s) should be accepted?Projects 1 and 2Projects 1 and 3Projects 2 and 3Projects 1, 2, and 3Project 1

Answers

Answer:

Project 1

Explanation:

                    IO          PI    IRR       LIFE

Project 1 $300,000 1.12 14.38% 15 years

Project 2 $150,000 1.08 13.32% 6 years

Project 3 $100,000 1.20 16.46% 3 years

Assume that the cost of capital is 12%.

We should invest in  the projects that have the highest profitability index (PI) first.

PI = present value of project's cash flows / initial outlay

Projects with a high PI should also have high IRRs and this applies to this situation:

Project 3 has a PI of 1.2 and an IRR of 16.46%Project 1 has a PI of 1.12 and an IRR of 14.38%Project 2 has a PI of 1.08 and an IRR of 13.32%

If the protects weren't mutually exclusive and the company had enough money for the 3 of them, then it should invest in all of them. But that is not the case, here, since the company has to decide in which project it will invest (only 1 project). The first option should be project 3, but since it cannot be repeated, and its life is short, I would go for project 1.

Besides, it is the only possible answer since you have to choose only 1 project (remember projects are mutually exclusive).

What accounts are closed at the end of a fiscal period

Answers

Answer:

Only revenue, expense, and dividend accounts are closed

Explanation:

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Other Questions
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