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
pav-90 [236]
3 years ago
10

Sheridan Incorporated factored $158,900 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesse

s a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Sheridan to record the sale, assuming that the recourse liability has a fair value of $7,760.
Business
1 answer:
IrinaVladis [17]3 years ago
5 0

Explanation:

The Journal Entry is shown below:-

Cash Dr,                                            $144,599

$158,900 - ($158,900 × 3%) - ($158,900 × 6%)

Due from factor Dr,                          $9,534          

($158,900 × 6%)

Loss on sale receivable                    $12,527

$158,900 × 3% + $7,760

           To Accounts receivable                $158,900

            To recourse liability                       $7,760

(Being Sales is recorded)

You might be interested in
Suppose gold​ (G) and silver​ (S) are substitutes for each other because both serve as hedges against inflation. Suppose also th
maksim [4K]

Answer:

a) Gold = $1,380; Silver = $1,020

b) Gold = $1,300; Silver = $980

Explanation:

a) At first, with Qg = 60 and Qs = 270, the equilibrium prices for gold and silver are found by solving the following linear system:

P_g = 930-60 +0.50 P_s\\P_s = 600 - 270 + 0.50P_g\\\\-P_s=1740 -2P_g\\P_s = 330+ 0.50P_g\\P_g = 1,380\\P_s = 1,020

Equilibrium price of gold is $1,380 and the price of silver is $1,020.

b) If the supply of gold increases to 120, since the goods are substitutes, there will be an increase in overall supply and the equilibrium price of gold and silver will decrease as follows:

P_g = 930-120 +0.50 P_s\\P_s = 600 - 270 + 0.50P_g\\\\-P_s=1620 -2P_g\\P_s = 330+ 0.50P_g\\P_g = 1,300\\P_s = 980

Equilibrium price of gold is $1,300 and the price of silver is $980.

8 0
3 years ago
The emergence of an information-based economy are important parts of the __________ environment in which businesses operate.
Taya2010 [7]

(.) Technological

<h3>What is the technological environment?</h3>

The company's external environment that is related to technological advancements and changes includes the technological environment. Furthermore, the term "technology" is typically connected to method and apparatus. Their transformation presents the organization with both risks and opportunities.

It has an impact on a number of business factors. That might present a chance or a danger. Companies must adapt to technological variables since they are beyond their control. Companies must therefore be able to change with new technology advancements.

Early adopters of new technologies frequently increase their market share and profit margins. As a result, businesses need to monitor trends and developments. Utilizing opportunities while reducing dangers is the goal. The business can remain competitive in this way.

To know more about the technological environment visit:- brainly.com/question/1381237

#SPJ4

7 0
1 year ago
Your gross pay on your paycheck is $400. your deductions are as follows: federal income tax - $50.00 state income tax - $20.00 s
borishaifa [10]
Your net pay would be $480.50
4 0
2 years ago
Read 2 more answers
All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2016, with the exception of income tax
yulyashka [42]

Answer:

The income before tax is $370450, the income tax is $111135 and the net income is $259315.

Explanation:

As the data table is not visible,online a similar question is found for which the data is attached here with.

From the given data

Service Revenue=$943,000

Interest Revenue=$127,1000

Total Revenue=Service Revenue+Interest Revenue=$1070100

Now The expenses are given as

Supplies Expense=$349,200

Repairs and Maintenance Expense =$258,300

Depreciation Expense=$60,350

Rent Expense=$ 31,800

Total Expense=Supplies Expense+Repairs and Maintenance Expense+Depreciation Expense+Rent Expense=$699650

So the income before tax is given as

Income=Total Revenue-Total Expense

Income=$1070100-$699650

Income=$370450

So the income before tax is $370450.

Now the tax is estimated at 30% as given tax rate as

Tax=Rate*Income

Tax=30%*$370450

Tax=$111135

So the income tax is $111135.

Now the Net income is given as

Net Income=Income-Tax

Net Income=$370450-$111135

Net Income=$259315

So the Net Income is $259315.

8 0
3 years ago
Which of the following is the last step in creating budget
Zolol [24]
<span>Answer D, determining savings or debt, is correct. The first step is identifying and writing down your financial goal(s). The second one is to start writing down every single one of your transactions, this is the most important because it shows you your spending habits. The third step is to create the actual budget. Set aside a certain amount of money for each bill/necessity. The last step is to determine what your savings are.</span>
6 0
3 years ago
Read 2 more answers
Other questions:
  • "The Carla Vista Boat Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash
    6·1 answer
  • The demand for land, labor, and capital used to produce a good depends on which of the following factors?
    10·1 answer
  • The price of cigars is $10, with a quantity demanded of 1,000 per day. If the price increases to $12, the quantity demanded decl
    12·1 answer
  • Laura understands the reasons her boss assigned other team members to the better projects but thinks the way he told her about i
    9·1 answer
  • The __________ method sets the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the
    13·1 answer
  • Which of the following events would cause the supply curve to decrease from Upper S 1 to Upper S 2​? A. Lower expected future pr
    6·1 answer
  • 9. Search costs are
    9·1 answer
  • For the year ended December 31, 2021, Norstar Industries reported net income of $965,000. At January 1, 2021, the company had 1,
    8·1 answer
  • Dante borrowed to buy a truck for his business. He borrowed from his parents who charge him simple interest. He borrowed from a
    15·1 answer
  • barry is a business owner who sells high quality drones with hd cameras for personal use. in an effort to improve his skills in
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!