1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ratling [72]
3 years ago
7

Jervis sells $3,900 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 3% fa

ctoring fee. What entry should Jervis make to record the transaction
Business
1 answer:
elixir [45]3 years ago
3 0

Answer:

Dr cash                           $3783

Dr factoring fee expense  $177

Cr accounts receivable               $3900

Explanation:

The cash proceeds from the factoring arrangement would be 97% of the value of the receivables since 3% is the factoring fees expenses to be incurred.

Cash proceeds=$3900*97%=$ 3,783.00  

Factoring fees expense=$3,900.00-$3,783.00=$117

Cash account and factoring fees expense would be debited with $3783 and $117 respectively, while accounts receivable is credited with $3900

You might be interested in
Hello everyone! I'am new over here!<br>May I have some friends?<br>(Indian☺️)​
Ipatiy [6.2K]
This is an education app... thanks for the points tho lol
3 0
3 years ago
GoSnow sells snowboards. Each snowboard requires direct materials of $128, direct labor of $53, and variable overhead of $63. Th
Fofino [41]

Answer:

Unitary selling price=  $304.93

Explanation:

Giving the following information:

Unitary variable costs:

direct materials of $128

direct labor of $53

the variable overhead of $63.

Fixed costs:

The fixed overhead costs of $301,000

Fixed selling and administrative costs of $229,000

The company has a target profit of $189,800.

Units sold= 11,800 snowboards

First, we need to calculate the total contribution margin required:

Contribution margin= net profit + total fixed expense

Contribution margin= 189,000 + (301,000 + 229,000)

Contribution margin= $719,000

Now, we calculate the total variable expense:

Total variable cost= 11,800* (128 + 53 + 63)

TVC= 2,879,200

Finally, we calculate total sales and the unitary selling price:

Total sales= contribution margin + total variable cost

Total sales= 719,000 + 2,879,200= 3,598,200

Unitary selling price= 3,598,200/11,800= $304.93

6 0
3 years ago
Jennifer has been highly unproductive at work for the last few weeks and is counseled regarding organizational policies and rule
Anton [14]

Answer: positive

Explanation:

Based on the happening in he question, the method used is the positive discipline approach

This approach seeks ways to help an employee when the employee isn't being productive at his or her workplace. The positive actions are being seeked and necessary ways to bring the worker back to his or her feet will be utilized.

This is the method used in order to being Jennifer back on track and.make her productive again.

7 0
2 years ago
I'LL MARK BRAINLIEST PLEASE ANSWER FAST (14 POINTS)
DENIUS [597]

Answer:

The answer is B :)

Explanation:

4 0
1 year ago
Read 2 more answers
Which of these is an example of "serving the bottom of the pyramid"? a. Car-a-Go-Go Inc. is an MNC that specializes in luxury ca
inysia [295]

Answer:

Option B is Correct.

Explanation:

Serving the bottom of the pyramid means carrying in goods that are inexpensive by that class of the budget where individuals cannot afford luxuries like several advanced countries. They cannot afford high charges and would exploration for something affordable. Among the given examples Radical computer corp. which definite to build reasonable computers and install wireless arrangement to assist the humblest in getting these amenities which they generally cannot afford serves as an example of attending the bottom of the pyramid. Hence the answer is B

4 0
3 years ago
Other questions:
  • Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the Year Ended
    7·1 answer
  • The following is the income statement for the period ending December 31, Year 1, for Manatee Construction Company:
    11·1 answer
  • The Tuck Shop began the current month with inventory costing $19,000, then purchased inventory at a cost of $52,950. The perpetu
    6·1 answer
  • Company ABC has liabilities of 20,000, 50,000 and 70,000 due at the end of years 1, 2 and 3 respectively. The company would like
    11·1 answer
  • Virginia Supply offers their customers trade credit with terms 2/15, net 30. This implies that: Virginia's customers have very l
    10·1 answer
  • Places where early peoples met and traded developed into __________.
    7·1 answer
  • A class of stock for which there is no minimum legal capital is called?
    7·1 answer
  • g If the price level rises and the money wage rate stays the same, what effect will this have upon labor demanded and production
    5·1 answer
  • A manufacturing company has a pay structure based on job descriptions. As the company moves toward customizing production to mee
    10·1 answer
  • The sales price, acquisition costs, and capital improvement costs (such as renovations or additions) of a property combine to ma
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!