determining the amount of the remittance.
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Factoring Blair Finance factors the accounts of the Holder Company. All eight factored accounts are shown in the following table, with the amount factored, the date due, and the status on May 30. Indicate the amounts that Blair should have remitted to Holder as of May 30 and the dates of those remittances. Assume that the factor’s commission of 2% is deducted as part of determining the amount of the remittance.
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- During the period, FN Trading issued another promissory note for an additional loan of P74,000 and made total payments of P52,000. At the end of the period, FN Trading's notes payable had a balance of P190,000. How much is the beginning balance of the notes payable?Create a balance sheet with the following information. Create a balance sheet for the following information. Bank Accoutns recievable Equipement Accounts payable Long-term debt Capital Retained earning Withdrawis msi in ^ 00 C 4 I P JOOOOL K V B m 2050 6100 900 150 2000 5000 10900 9000 0 ALTOR inMajestic Corporation holds an investment in Cromwell bonds that pays interest eachOctober 31. Majestic’s balance sheet at December 31 should reporta. interest expense.b. interest revenue.c. interest payable.d. interest receivable.
- please give me answerVaughn Manufacturing assigns $7300000 of its accounts receivables as collateral for a $2.64 million 9% loan with a bank. Vaughn Manufacturing also pays a finance fee of 2% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables?Clark Company paid Sherman Company for merchandise with a $4,000, 60-day, 9% note dated April 1. If Clark Company pays the note at maturity, what entry should Sherman make at that time? Select one: a. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense A) +4,360 -4,000 +360 +360 b. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense B) -4,360 -4,000 -360 +360 c. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense C) +4,060 -4,000 +60 +60 d. BALANCE SHEET INCOME STATEMENT ASSETS =…
- From the following compute (a) Current Ratio (b) Quick Ratio S.No. Items Amount S.No. Items Amount 1 Current Investments 1,60,000 7 Short-Term Provisions 13,000 2 Inventories 15,000 8 Other Current Liabilities 25,000 3 Trade Receivables 12,000 Short-term Loans & Advances 44,000 4 Short-term Borrowings 40,000 10 Tangible Fixed Assets 11,00,000 Trade Payables 12,500 11 Cash & Cash Equivalents 20,000 Prepaid Expenses 11,000 12 Advance Tax 16,000On 13 November 2020, Africa Traders received an electronic funds transfer payment of R7 000 from SA Investors, for commission income. Africa Traders is not a registered VAT vendor. Which account will be debited, and which account will be credited in the general ledger of Africa Traders?The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…
- A company has borrowed $210,000 under a line-of credit agreement. It must pay a stated interest rate of 12% paid at maturity and maintain, in its checking account, a compensating balance equal to 14% of the amount borrowed. a. Calculate the compensating balance amount. b. Calculate the effective interest rate? c. Calculate the effective interest rate if the interest paid in advance?On June 1, Taci Company lent $86,200 to L. Kaler on a 90-day, 2% note. 12. Journalize for Taci Company the lending of the money on June 1. 13. Journalize the collection of the principal and interest at maturity. Specify the date. Round interest to the nearest dollar. 12. Journalize for Taci Company the lending of the money on June 1. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Accounts and Explanation Date Jun. 1 Debit CreditWe are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $2,068,000 150,000 923,000 763,000 a. Accounts receivable b. Marketable securities c. Capital assets. d. Long-term debt $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: LA LA LA $ $ 1.00 times 2.60 times $ 40 % 4 times 517000