I think this is true. Your behaviors reveal a lot about you, including what you believe, where you stand on certain things, etc.
Hope this helps! :D
Answer:
Income statement
Explanation:
Statement of change in equity: It records beginning balance of equity, ending balance of equity, net income or loss, dividend paid if any.
Balance sheet: It records the assets and the liabilities side of the balance sheet which equals to
Total assets = Total liabilities + Stockholder equity
Statement of cash flows: It records three types of activities:
1. Operating activities: It includes those transactions which affect the working capital, and it records transactions of cash receipts and cash payments.
2. Investing activities: It records those activities which include purchase and sale of the fixed assets
3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance.
Income statement: It records all income and expenses of a particular period.
In the given question, the increase in assets records under the revenue part whereas if the asset decreases, it records under expenses part of the income statement.
Answer:
Dr Cash 56,550
Dr Receivable from factor 5,500
Dr Loss on sale of receivables 6,450
Cr Accounts receivables 65,000
Cr Recourse liability 3,500
Explanation:
cash = ($65,000 x 90%) - factoring fees = $58,500 - $1,950 = $56,550
factoring fees = $65,000 x 3% = $1,950
loss on sale of receivables (includes factoring fees) = (accounts receivables + recourse liability) - (cash + receivable from factor) = ($65,000 + $3,500) - ($56,550 + $5,500) = $68,500 - $62,050 = $6,450
