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denis23 [38]
3 years ago
6

Peggy is in the business of factoring accounts receivable. Last year, she purchased a $30,000 account receivable for $25,000. Th

is year, the account was settled for $25,000. How much loss can Peggy deduct and in which year?
a. $5,000 for the current year
b. $5,000 for the prior year and $5,000 for the current year.
c. $10,000 for the current year
d. None of the above
Business
1 answer:
Vanyuwa [196]3 years ago
8 0

Answer:

The correct option is D

Explanation:

Accounts receivable is the balance amount of money is which due to a firm or business for goods or services that is delivered or used but the money is not yet paid by the customers.

So, last year, she has account receivable for $25,000 and current year, the account settled for $25,000. Therefore, there is no loss which means it is $0 in the current year. ($25,000 - $25,000 = $0).

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True

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3 years ago
Maria Mendez is division controller and James Dalton is division manager of the Hestor Shoe Company. Mendez has line responsibil
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A) Mendez's ethical responsibilities are,

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Explanation:

1)

Integrity

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2)Confidentiality

3)Integrity

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2)

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8 0
3 years ago
Journalize the entries to record the following transactions for Mountain Realty Inc.:
kherson [118]

Answer and Explanation:

The journal entries are shown below"

On Aug 26

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         To Additional paid in capital $128,000

(Being issuance of the common stock is recorded)

On Oct 1

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        To preferred stock $410,000

(Being the issuance of the preferred stock is recorded)

On Nov 30

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3 0
3 years ago
Costs that change directly with the level of production are referred to as ________ costs
Elodia [21]
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As the level of production increase , the total variable cost is increased and vice versa.
Examples of variable cost are the cost of sugar in condensed milk factory, the cost of leather in bag manufacturing, the cost of coffee beans in starbucks, etc.
6 0
3 years ago
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