What is 8,000 multiplied by 15%

Wildhorse Corporation factors $266,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kat

Blababa [14]

Answer:

Denit Cash for $250,792; Debit Due from factors for $10,672; Debit Loss on Sale of receivables for $9,986; Credit Recourse liability for $4,650; and Credit Accounts receivable for $266,800.

Explanation:

The following are calculated first before preparing the journal entry:

Cash received = Factored amount * (100% - Finance charge percentage - Percentage reserved for probable adjustments) = $266,800 * (100% - 2% - 4%) = $250,792

Due from factors = Factored amount * Percentage reserved for probable adjustments = $266,800 * 4% = $10,672

Loss on Sale of receivables = (Factored amount * Finance charge percentage) + Fair value of recourse liability = ($266,800 * 2%) + $4,650 = $9,986

The journal entry will now appear as follows:

Date Account Titles and Explanation Debit ($) Credit ($)

15 Aug 2014 Cash 250,792

Due from factors 10,672

Loss on Sale of receivables 9,986

Recourse liability 4,650

Accounts receivable 266,800

(To record the sale of receivables.)

5 0

3 years ago

If an investor put away $3000 at age 23 rather than age 31, how much more money would he or she have at age 63, assuming a 9 per

zubka84 [21]

Answer:

FV= $94,228.26

Explanation:

Giving the following information:

Present Value= $3,000

Interest rate= 9% compounded annually

Number of years= 63 - 23= 40 years

To calculate the future value, we need to use the following formula:

FV= PV*(1+i)^n

FV= 3,000*(1.09^40)

FV= $94,228.26

8 0

4 years ago

Which of the following statements is true with regard to the departmental overhead rate method? Multiple Choice Each department

Anna [14]

Answer:

It is logical to use this method when overhead resources are consumed by various products in substantially different ways throughout multiple departments.

Explanation:

A departmental overhead rate is considered to be a standard charge based on the units of activity produced by a business segment. Overhead rate at the department level are usually applied in a more refined cost allocation environment, where there is a need to apply overhead cost as precisely as possible.

6 0

3 years ago

What goals does the international monetary fund serve today?

makvit [3.9K]

The international monetary fund is an organization that is made up of 190 countries whose goals are to build international trade, promote economic development, and reduce poverty in the world.

The International Monetary Fund is a committee of many nations that are committed to developing the economy of their nations.

The goal is to reduce poverty and encourage international trade among nations.

They assist nations whose economies are struggling with loans that can help them wade through their difficult times.

Summarily, the IMF aims to reduce poverty in the world.

Learn more about IMF here:

brainly.com/question/10346932

8 0

3 years ago

As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation f

Shalnov [3]

Answer:

A. Debit Equipment and credit Cash.

You purchase equipment and you pay in cash.

B. Debit Dividends and credit Cash.

You paid cash dividends.

C. Debit Wages Payable and credit Cash.

You paid wages that you owed to your employees. Generally wages are paid at the end of the week and not all months end on a weekend. So you must record wages payable until you actually pay the wages.

D. Debit Equipment and credit Common Stock.

You received equipment in exchange for common stock.

E. Debit Cash and credit Unearned Revenue.

You received cash in advance for some food that you will deliver in the future.

F. Debit Advertising Expense and credit Cash.

You incurred in advertising costs and you paid them in cash.

G. Debit Cash and credit Service Revenue.

You sold meals and your clients paid you in cash.

7 0

4 years ago