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
shtirl [24]
4 years ago
11

Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% f

actoring fee. What entry should Jervis make to record the transaction?

Business
1 answer:
Natasha2012 [34]4 years ago
4 0

Answer:

Debit cash by $71,250, factoring expense by $3,750 and credit account receivable by $75,000.

Explanation:

Step 1 of 2

Calculate the amount of factoring fee.

Factoring fee = 5% ×Account Receivable

=5%×$75,000

=$3,750

​

Step 2 of 2. Journey record. Image attached.

Debit cash by $71,250, factoring expense by $3,750 and credit account receivable by $75,000.

You might be interested in
Mike gets angry because Ben made a better grade on a test than he did. They get into an argument, and Mike takes a swing at Ben
IrinaK [193]

Option C

Ben has not committed an assault or a battery because he acted in self-defense is true regarding Ben's actions

<h3><u>Explanation:</u></h3>

Assault is characterized as a voluntary act that places another self in the fear of direct impairment. Assault thus criminalizes the warning of harm itself, fairly than claiming that real impairment has transpired. The battery is described as an intended attack or harmful touching of another character that is made without his or her acquiescence.

A battery is the real action of impairment. Self-defense includes supporting the well-being of oneself from impairment.  Ben pushes Mike to evade the punch, so which indicates a self-dense. This act is not a voluntary act by Ben to harm Mike.

4 0
3 years ago
Pogo Products Inc. reported an opening balance in the allowance for doubtful accounts of $564,000. During the year, the company
tester [92]

Answer:

Dr.  Allowance for doubtful accounts $30,000

Cr.  Account receivables                     $30,000

Explanation:

Allowance for doubtful accounts is an estimate of the receivables which are not expected to be received in future. It is an contra asset account and adjusted against the accounts receivable. On balance sheet Accounts receivable is reported after adjusting the value of allowance for doubtful accounts.

Write off is also adjusted in allowance for doubtful accounts by debiting the allowance for doubtful accounts and crediting the accounts receivables.

4 0
4 years ago
A city’s economic base can be viewed in terms of a multiplier process, in which the money that is brought in through export acti
Maslowich

Answer:

C. Computer assembly

Explanation:

Economic base refers to the potential for a city to grow or it's susceptibility to decline which is defined by a set of economic activities that city provides for the world beyond its geographical boundary. Given the following options, computer assembly seems to the least likely to be considered as high impact for either the economic base to grow or to decline. Computer assembly is a large part of a technician job that just involves assembly of computer parts.

5 0
3 years ago
Read 2 more answers
Metropolitan Water Utility is planning to upgrade its SCADA system for controlling well pumps,booster pumps, and disinfection eq
Licemer1 [7]

Answer:

net wortht  -143,280.85

equivalent annual cost $ 24,932.98

Explanation:

We sovle for the present value of each annuity:

<em><u>The first three years:</u></em>

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 31,000.00

time 3

rate 0.08

31000 \times \frac{1-(1+0.08)^{-3} }{0.08} = PV\\

PV $79,890.0066

<em><u>Then the second phase annuity:</u></em>

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 20,000.00

time 5

rate 0.08

20000 \times \frac{1-(1+0.08)^{-5} }{0.08} = PV\\

PV $79,854.2007

NOw, we discount this as it is three years into the future

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity  $79,854.2007

time  3.00

rate  0.08000

\frac{79854.2007415617}{(1 + 0.08)^{3} } = PV  

PV   63,390.8391

Total net worth:

79,890.0066    -   63,390.8391    =   -143,280.85

The EAC will be the annuity which makes the Present work

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV 143,280.85

rate 0.08

time 8

143280.85 \div \frac{1-(1+0.08)^{-8} }{0.08} = C\\

C  $ 24,932.983

7 0
3 years ago
Giorgio Italian Market bought $4,200 worth of merchandise from Food Suppliers and signed a 90-day, 8% promissory note for the $4
anyanavicka [17]

Answer:

Dr. Cash      $4,200

Cr. Interest Income  $84

Cr. Note Receivable $4,116

Explanation:

Food Suppliers

Interest on the Note = $4,200 x 8% x 90 / 360 = $84

Amount to be recorded = $4,200 - $84 = $4,116

At the Time of Issuance the Journal Entry was

Dr. Note receivable  $4,116

Cr. Sales                    $4,116

So, the Payment of $4,200 will be made.

The Interest Income will be $84

Now the Note Receivable account will be adjusted by receiving cash and recording interest income.

5 0
3 years ago
Other questions:
  • Can someone please help me'/??? PLZZ
    11·1 answer
  • Surveys of employers and recruiters continually rank written communication skills as a top skill set sought in applicants. Why a
    5·1 answer
  • Samantha is preparing a presentation about using waste to create soil compost. She plans to include a video that demonstrates co
    12·1 answer
  • Which of the following is true of high school electives? They should allow for leisure time They can be taken less seriously tha
    15·1 answer
  • Suppose you face a question regarding how to handle a defective piece of equipment that your company sold. To tell the customer
    14·2 answers
  • All of the following programs enable young people to serve their country and the world EXCEPT...
    8·1 answer
  • Compute the Return on Investment (ROI) [LO11-1]
    7·1 answer
  • For which person would renting a home be a better option than getting a mortgage?
    10·2 answers
  • Describe some of the powerful marketing tactics used by the credit card industry?
    5·1 answer
  • If a company has a unique strength relative to its competitors, based on quality, time, cost, or innovation, then the company is
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!