Give me answer within 30 min please I will give you upvotes immediately its very urgent ...thankyou... Tamara Co. assigned $800,000 of accounts receivable to Rayan Finance Co. as security for aloan of $670.000. Rayan charged a 2% commission on the amount of the loan; the interest rateon the note was 10%. During the first month, Tamara collected $220,000 on assigned accountsafter deducting $760 of discounts. Tamara accepted returns worth $2.700 and wrote offassigned accounts totaling $5,960. 9.Give the entries during the first month to remit the collection

Solution:- Journal entries To record receiving cash from accounts receivable Cash account…

Answered: was 107o. uring the first month, Tamara…

was 107o. uring the first month, Tamara collected $220 Rer deducting $760 of discounts. Tamara accepted returns worth signed accounts totaling $5.960.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 15Q: March each term with its description.

See similar textbooks

Related questions

Q: Required: Calculate the dollar amount of the total direct labor variance for July for Matthews &…

A: (a)1 Direct Labor Price Variance = Actual Hours Worked * ( Standard Price per hour - actual price…

Q: The following financial information was provided by Anya Company: Net Income 8,255,000.00 NOPAT…

A: Formulas: Sales = Net income / Net Profit Margin Earnings before tax = Net income / (1 - tax rate)…

Q: Weighted Average Cost of Capital Rust, Inc. plans to finance its expansion by raising the needed…

A: The weighted average cost of capital indicates the overall cost of capital from all the sources. It…

Q: The average carrying value (or average investment) of an asset with no salvage value is equal to:…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Calculate the contribution margin for one cone. $ contribution margin/cone (do not include the $…

A: Daily break-even number of units is the units which a company have to sold on the daily basis so…

Q: .) Net income for 2020 was P1,825,600. In 2021, it decreased by 53%. Still using the 2020 net income…

A: The net income of the company can be calculated by deducting all the expenses and costs from revenue…

Q: The Company provided the following financial information: Assets 17.250.800.00 Tax rate 35% BEP…

A: TIE RATIO : = Earnings before interest, taxes, Depreciation & Amortization (EBITDA) ÷ Interest…

Q: Malcom's financial statements revealed uncollectible accounts expense of $8,000, accounts receivable…

A: Introduction: Net realizable value: Deduction of Allowance for uncollectible accounts from Accounts…

Q: .. As an inducement to enter a lease, Legaspi Company, a lessor, grants Daraga Company, a lessee,…

A: Solution... Monthly rent expenses = P500,000 Rent starts from = 1st April Rent expenses on June…

Q: wn temporarily for three months. The selling price and other c 00 -280 per unit -60 per unit 50,000…

A: The manufacturing cost is the total cost of all resources used in the manufacture of a product. The…

Q: ne following selected transactions were ocompleted by Betz Company during July of the current year.…

A: The Accounts payable means the amount of money that is due but not paid. The account payable is used…

Q: Sunland Company produces a product that requires 2.60 pounds of materials per unit. The allowance…

A: Standard labor cost per unit = Standard labor hour per unit x Standard direct labor rate per hour…

Q: iven: Net Sales P7,500,000, beginning total assets P3,200,000, asset turnover 2.5. Compute the…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Rose Company currently uses maximum trade credit by not taking discounts on its purchases. The…

A: Trade credit is offered to the customers in order to encourage them for the early cash payment. Some…

Q: Required: Determine the following: Total net cash flow Net cash flow from operating Net cash flow…

A: Cash flow statement means the statement which shows the movement of cash in flow and out flow under…

Q: Arrow Industries employs a standard cost system in which direct materials inventory is carried at…

A: Labor efficiency variance = (Actual hours worked- Standard hours allowed) × Standard rate

Q: 1. a) A set of speakers regularly sells for $59.89. The speakers are c sale today for 15% off of the…

A: Note: You have not mentioned the name of the Province, hence I am assuming "Ontario" and the…

Q: The debtors ageing analysis for HARUNA limited is as shown below HARUNA LIMITED DEBTORS AGE…

A: "Since you have posted a question with multiple sub-parts, we will solve the first 3-sub parts for…

Q: 49. A cash budget can be prepared only after Group of answer choices a. determining that enough…

A: Cash Budget is the summary of Cash Receipts and Cash Payments for the period. While preparation of…

Q: Basiclang Company is assessing whether to sell its unused car parts for P27,000. The parts were…

A: The question is related to Decision making. In decision making whether to sell or not only relevant…

Q: If the residual income calculated for a division is a negative number, then which of the following…

A: Return on investment is the amount earned on the investment made. Minimum required rate of return…

Q: Vin Diesel Company uses a standard costing system in which it applies manufacturing overhead to…

A: Total budgeted fixed factory overhead = Total applied factory overhead - Total Variable factory…

Q: The contribution margin per unit is P5, while the direct fixed costs are P30,000 and the allocated…

A: Solution.... Contribution margin per unit = P5 Total fixed costs = Direct fixed costs +…

Q: Assets 7,250,800.00 Tax rate 35% BEP 14% ROA 4%

A: GIVEN Assets 7,250,800.000 Tax rate 35% BEP 14%, ROA 4%.

Q: e is 30%. If the company follows a restricted policy, its total asset turnover will be 2.4. Under

A: Given as, The Fixed Assets Turnover Ratio is Activity Ratio. Fixed Assets Turnover Ratio as, =…

Q: Blossom Medical manufactures hospital beds and other institutional furniture. The company’s…

A: The balance sheet is one of the three basic financial statements and is essential for both financial…

Q: the retained earnings for the end of a year should be calculated as the retained earnings at the end…

Q: Archimedes Graphics uses a special purpose paper in 80% of its jobs. The paper is purchased in…

A: The reorder point is the minimal amount of an item that a company keeps in stock, after which the…

Q: Physical Units Metho Alomar Company manufactures four products from a joint praduction process:…

A: Joint costs can be allocated among the following methods 1. Physical measure method 2. Weighted…

Q: The following is the simple regression results based on the data from Madrigal Corporation:…

A: Coefficient of determination [R2] measures the variability in percentage form of the dependent…

Q: The following errors were discovered during examination of CHARLIE Company's financial records: •…

A: 1) Wages payable is an expense for the year and it has not been recorded during the year so it over…

Q: Under Section 1031 a personal residence or an automobile used solely for personal purposes will…

A: A 1031 exchange is provision of the IRC that allows the business to defer the federal tax on some…

Q: Buenos Company has two divisions, Division X and Division Y. Division X has a production capacity of…

A: Calculation of Spare Capacity In the given question, Division X has production capacity of 6,000…

Q: A. The risk the planned further audit procedures will not be able to detect misstatement should be…

A: Audit planning refers to the process of creating a strategy and the desired approach suitable needs…

Q: You are auditing the accounts receivable and the related allowance for bad debts account of AACA…

A: "Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The…

A: Salary Sunny = (25000x 9) + (25000 x 110% x 3) = 307500 Raymond = (20000 x 9) + (20000x 110% x 3) =…

Q: Analysis of Recelvables Method At the end of the current year, Accounts Receivable has a balance of…

A: Calculation of amount of Adjustment Entry The adjustment entry will be made for bad debts expense.…

Q: Company P have the following shares issued Ordinary shares $1,000,000 at 50 cents per share…

A: Dividends are the part of profits which are distributed to the shareholders of the company. It will…

Q: Mark Anthony insured his life with an insurance company. Under the contract, he will pay a monthly…

A: Answer 1:- b. P150,000. Explanation:- The beneficiary of the Mark Anthony will report an income of…

Q: Twitter is an online news and social networking company. In its 2021 annu ported deferred tax assets…

A: A deferred asset is a cost that has occurred but has not yet been reported. It will be reported as…

Q: How important is profit? How can a company survive when it isn't making a profit? How can a company…

A: profit is the most important thing for business order to exist for a longer period of time and have…

Q: The following data were gathered to use in reconciling the bank account of Azalea Company: Balance…

A: Theory introduction: Bank reconciliation statement: Match the bank balance with the Accounting book…

Q: If you have determined that you are going to sell 15 500 units at R35/unit for next month. Determine…

A: Budgets are the estimates made for future period of time. Cash budget and labour cost budget are two…

Q: Which of the following would not count as part of US GDP in 2019 A. Paul paid rent of…

A: The GDP stands for the Gross Domestic Product. The Us GDP means the value of the goods and the…

Q: TOPIC: Financial Statement Analysis 1. Calculate the debt ratio of a company that as an equity…

A: Here asked for multi sub part question we will solve for first three question as per guidelines. If…

Q: 19 Remittance of cash 28 30 31 Acquisition of furniture Return of excess merchandise Remittance of…

A: Branch Accounting It is important in the maintenance of Branch account with the Home office account…

Q: Upon investigation, an auditor concludes that the client has recognized an internally developed…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: B Company provided the balance sheet below: Accounts Cash 225 150 payable Accounts receivable 600…

A: Formulas: Acid test ratio = Quick assets / Current liabilities where, Quick assets = Current assets…

Q: Net income for 2020 was P1,825,600. In 2021, it decreased by 53%. Still using the 2020 net income as…

A: Introduction:- Net income denotes the amount of a profit a company after deduction of all expenses.…

Q: Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 86 units e…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Question

100%

Give me answer within 30 min please I will give you upvotes immediately its very urgent ...thankyou...

Tamara Co. assigned $800,000 of accounts receivable to Rayan Finance Co. as security for a
loan of $670.000. Rayan charged a 2% commission on the amount of the loan; the interest rate
on the note was 10%. During the first month, Tamara collected $220,000 on assigned accounts
after deducting $760 of discounts. Tamara accepted returns worth $2.700 and wrote off
assigned accounts totaling $5,960.

9.
Give the entries during the first month to remit the collection

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.