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Rainbow [258]
3 years ago
7

Accounts receivable in the amount of $910,000 were assigned to the Fast Finance Company by Sheffield, Inc., as security for a lo

an of $780,000. The finance company assessed a 4% finance charge on the face amount of the loan, and the note bears interest at 8% per year. During the first month, Sheffield collected $507,000 on assigned accounts. This amount was remitted to the finance company along with one month's interest on the note. Make all the entries for Sheffield Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the finance company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)
Business
1 answer:
MrRissso [65]3 years ago
6 0

Answer:

Journal entries

Explanation:

The journal entries are as follows

1. Cash $748,800

  Interest expense $31,200     ($780,000 × 4%)

            To Note payable $780,000

(Being the cash received is recorded)

2. Cash Dr $507,000

        To Account receivables $507,000

(Being the collection is recorded)

3. Note payable $507,000

  Interest expense  $2,600               ($780,000 × 4%  × 1 month ÷ 12 month)

          To Cash $509,600

(Being the note payable and the interest expense is recorded)

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Explanation:

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What is considered sin tax?
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An accounting system must be able to a.collect and classify information. b.summarize information. c.report information. d.All of
Vikentia [17]

Answer:

The answer is D.

Explanation:

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Summarizing of information

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and operating information.

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5 0
3 years ago
Nico is saving money for his college education. He invests some money at 99​%, and ​$17001700 less than that amount at 4 %.4%. T
Rufina [12.5K]

Answer:

Nico invest $2500 at 9% interest rate and $800 at 4% interest rate.

Explanation:

He invests some money at 9​%, and ​$1700 less than that amount at 4 %.

Let Nico invest $x at 9%.

It means he invest $( x-1700) at 4%.

The investments produced a total of ​$257 interest in 1 yr.

x\times \frac{9}{100}+(x-1700)\times \frac{4}{100}=257

0.09x+(x-1700)0.04=257

0.09x+0.04x-68=257

0.13x-68=257

Add 68 on both sides.

0.13x=257+68

0.13x=325

Divide both sides by 0.13.

x=2500

Nico invest $2500 at 9% interest rate.

x-1700=2500-1700=800

Nico invest $800 at 4% interest rate.

Therefore Nico invest $2500 at 9% interest rate and $800 at 4% interest rate.

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3 years ago
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Stolb23 [73]

Answer:

Imports.

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The world trade organization (WTO) is an intergovernmental organization that set rules, policies and regulates global trade across the world.

In this scenario, the Blue Bird Bus Company in Georgia sells buses to the South African government. To South Africa, these buses are an example of imports.

An import can be defined as a type of trade which typically involves the purchase of goods and services from a foreign country for domestic use.

7 0
3 years ago
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