Cynthia company factored 750 000

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WebProblem 21-5 (AICPA Adapted) Cynthia Company factored P750,000 of accounts receivable at year-end. Control was surrendered. The factor accepted the accounts … WebSynthia Corp. factored $750,000 of accounts receivable to Thomas Company on December 3, year 2. Control was surrendered by Synthia. Thomas accepted the receivables subject to recourse for nonpayment. Thomas assessed a fee of 2% and retains a holdback equal to 4% of the accounts receivable.

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WebMazda company sold P5,800,000 in accounts receivable for cash of P5,000,000. The factor withheld 10% of the cash proceeds to allow for possible customer returns and … WebBusiness Accounting Ray Company factored 6,000,000 of accounts receivable to a finance entity on October 1, 2024. Control was surrendered by Ray Company. The factor assessed a fee of 3% and retains a holdback equal to 5% of the accounts receivable. irs apply for llc

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WebOct 24, 2016 · 2. BACKGROUND a. The Generic Inventory Package (GIP) is the current software being utilized for inventory management of stock. b. Details provided in this … WebCynthia Company factored P750,000 of accounts receivable at year-end. Control was surrendered. The factor accepted the accounts receivable subject to recourse for nonpayment. The fair value of the recourse obligation is P20,000. The factor assessed a fee of 2% and retained a holdback equal to 4% of the accounts receivable. WebFairfax County Homepage Fairfax County irs apply for fein

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Answered: Problem 8-17 (AICPA Adapted): Zeus… bartleby

WebFeb 11, 2024 · 0:00 0:02:39. The majority of the world’s internet traffic passes through the town of Ashburn in Loudoun County, Virginia, home to one of the world's major internet … WebPaisley Corporation sells $75,000 of receivables to a factor without recourse, receives 95% of the value of the factored accounts, and is charged a 10% commission based on the gross amount of the factored receivables. What journal entry does Paisley record for the sale? Cash 63,750 Receivable from Factor3,750 Factoring Expense7,500 irs apply for installment planWebControl was surrendered by Zeus Company. The factor accepted the accounts receivable subject to recourse for nonpayment. The fair value of the recourse obligation is P100,000. The factor assessed a fee of 3% and retained This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. irs apply for itin online

"WebParent Company acquired 100% of Subsidiary Company prior to 2024. During 2024, the individual entities included in their financial statements the following: Parent Subsidiary Key officers’ salaries 750,000 500,000 Officers’ expenses 250,000 100,000 Loans to officers 1,250,000 500,000 Intercompany sales 1,500,000 0 " - Cynthia company factored 750 000

Cynthia company factored 750 000

WebOn June 30, Purple Company factored P200,000 of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. ... P3,700,685 c. P3,750, b. P3,700,000 d. P4,700, Assuming all receivables are collected, Binalonan Company’s cost of factoring … WebTranscribed image text: Problem 8-17 (AICPA Adapted) Cynthia Company factored P750,000 of accounts receivable at year-end. Control was surrendered. The factor …

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WebOn December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin. arrow_forward On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. WebCynthia Company factored 750.docx. Ramon Magsaysay Technological University - Main Campus, Iba, Zambales. ... The company pledged P500,000. Q&A. The inventory on hand at December 31, 2024 for Conrad Company is valued at a cost of P 947,800. The following items were not included in this inventory amount: Purchased goods in transit, shipped …

WebControl was surrendered by Zeus Company. The factor accepted the accounts receivable subject to recourse for nonpayment. The fair value of the recourse obligation is … WebOn December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, …

WebJay Company provided the following data relating to accounts receivable for the current year: Accounts receivable, January 1 650,000 Credit sales 2,700,000 Sales return 75,000 Accounts written off 40,000 Collections from customers 2,150,000 Estimated future sales return at December 31 50,000 WebFeb 10, 2024 · Two Virginia Church Leaders Buy $3.2 Million Florida Beach House. Steve Rabey February 10, 2024. Charlie Whitlow, lead pastor of Community Church in …

WebView full document. Cynthia Company factored 750,000 of accounts receivable at year-end. Control was surrendered. The factor accepted the accounts receivable subject to …

portable marshmallow burnerWebSynthia Corp. factored $750,000 of accounts receivable to Thomas Company on December 3, year 2. Control was surrendered by Synthia. Thomas accepted the … irs apply for itinWebCynthia Company factored P750,000 of accounts receivable at year-end. Control was surrendered. The factor accepted the accounts receivable subject to recourse for … portable mass spectrometryhttp://www.accountingmcqs.com/synthia-corp-factored-750000-of-accounts-receivabl-mcq-3241 portable marking machine for steelWebThe factor charged 15% commission on all accounts receivable factored and withheld 10% of the accounts factored as protection against customer returns and other adjustments. The entity had previously established an allowance for doubtful accounts of P200, 000 for the accounts Accounts factored. irs apply for fein onlineWebProblem Solving. Hail Chloe Company factored P750,000 of accounts receivable at year-end. Control was surrendered. Thefactor accepted … portable marshmallow roasterWebQuestion: 1) On April 1 of the current year, Troubled Company factored receivables with a carrying value of $85,000 for $60,000 in cash from Scrooge Lenders. The transfer was made without recourse. On April 1, Troubled would A) Credit deferred interest expense for $25,000 B) Credit factored accounts receivable for $85,000. portable masonry saw