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docker41 [41]
3 years ago
7

Ames Quartet Inc. factors receivables with a carrying amount of $200,000 to Joffrey Company for $160,000 on a with recourse basi

s. The recourse provision has a fair value of $1,000. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Ames Quartet Inc.
Business
1 answer:
krek1111 [17]3 years ago
4 0

Answer:

Ames Quartet Inc          Debit            Credit

cash                               $160000

loss on sale                   $40000

Account receivable                            160000

recourse liability                                  1000

Explanation:

Factoring with recourse refers to a practice where a company sells it' s loan or receivable to a factor or another company for immediate cash. The factor is guaranteed an amount called ' Recourse' .

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A ________ is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the co
Darya [45]

Answer:

profitable customer

Explanation:

A profitable customer of a business enterprise is any economic agent which include individuals, firms and government for which the revenue generated from servicing or supplying them goods and services exceeds the entire cost incurred in providing such service or goods.

A successful business is one that is able to maintain a data base and record of all the customers and identify the profitable ones so as to concentrate on them to achieve maximum profit.

6 0
3 years ago
A railwya has an operating ratio of 78%. If uts operating revenue were for $ 4.6 B for 205what were its operating expenses
kvasek [131]

Answer:

Its operating expenses were $ 3.588 B

Explanation:

The operating ratio is the ratio of operating expense to the operating or revenue generated.

This ratio is used for comparison of results from the operations of various industries.

Given that the operating ratio of 78% and the operating revenue is $4.6B, the operating expense T may be computed as

78% = T/4.6 * 100%

T = 4.6 *.78

= $3.588 B

4 0
3 years ago
________ are the standards stating the amount salespersons should sell and how sales should be divided among the company's produ
Alina [70]

Answer:

<u>Sales Quotas</u>

Explanation:

Sales quotas specify the quantum of sales standards in terms of monetary value of sales that must be effected by salespersons and the segregation of sales among different products of a company.

Such quotas help in creating an incentive system i.e performance above standards which would be rewarded, and thus serve as a motivation for sales force.

Such a mechanism also helps in comparing and analyzing the sales trends of the past, the standards set and how effectively the standards have been met.

This helps in ascertaining and evaluating productivity of a sales team and defines efficient performance.

8 0
3 years ago
In the beginning, a low base salary for the owner, with a bonus at the break-even point is?
frez [133]

Answer:

The best solution

Explanation:

I took the test and got it right

7 0
3 years ago
Jerry, a partner with 30% capital and profit interest, received his Schedule K-1 from Plush Pillows, LP. At the beginning of the
Kisachek [45]

Answer:

The Jerry's adjusted basis in his partnership interest at the end of the year is $45,500

Explanation:

The adjusted basis of Jerry in his partnership is shown below:

= Partnership interest - Ordinary loss + long term capital gain + dividend - non deductible expense + cash contribution - share reduction

= $50,000 -$15,000 + $3,000 + $2,000 - $500 + $10,000 -$4,000

= $45,500

The ordinary loss, share reduction, and non deductible expense would decrease the Jerry interest in partnership firm while all other cost would increase his interest. That's why the amount is added and subtracted.

Hence, the Jerry's adjusted basis in his partnership interest at the end of the year is $45,500

5 0
3 years ago
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