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Zielflug [23.3K]
3 years ago
15

E7-16 (Transfer of Receivables with Recourse) Beyoncé Corporation factors $175,000 of accounts receivable

Business
1 answer:
alukav5142 [94]3 years ago
5 0

Answer:

a. Transfer or receivables with recourse should be recorded as a sale only when the following conditions are met:

  • The future economic benefits of the receivables have been surrendered by the transferor.
  • The transferor's obligation under the recourse provision can be reasonably estimated.
  • The transfer can require the transfer to repurchase the receivables.

b. attached as a dcoument of excel.

Explanation:

Entry journal corporation for beyonce Corporation in document attached.

Download xlsx
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Vaughn Manufacturing has estimated that total depreciation expense for the year ending December 31, 2021 will amount to $591000,
natali 33 [55]

Answer:

$915,000

Explanation:

Because half of the depreciation expense, and the expense on bonuses has already been reported by June 30,2021 (the half of the year), only hafl of the total money spent on the two items will have to be reported for the interim income statement ended on December 31, 2021:

$591,000 / 2 = $295,500

$1,240,000 / 2 = $620,000

Now, we simply add up these two figures:

$295,500 + $620,000 = $915,000

5 0
3 years ago
Geno's Body Shop had sales revenues and operating costs in 2020 of $740,000 and $570,000, respectively. In 2021, Geno plans to e
Nataliya [291]

Answer:

$214,000

Explanation:

Total Revenues ($740,000 + $103,000) =$843,000

−Total Operating costs ($570,000 + $59,000)

=$629,000

= Total operating profit = $214,000

Therefore Assuming that there are no changes to the existing body shop business, operating profits would be expected to increase during 2021 by $214,000

7 0
3 years ago
Read 2 more answers
A salesperson finds out the home he has listed was once used as a meth lab. In this circumstance, he should
lara31 [8.8K]

Answer: (B) Disclose

Explanation:

According to the question, the salesperson should disclose about the home that he has listed that the home was only used as the meth lab at once in the specific period of time.

Disclose is the process that helps in revealing the data or information about the specific things or the different types of financial statements.

The main advantage of the disclosure is that it helps in understanding the things more clearly without any interruption and makes the thinks more crystal clear.

 Therefore, Option (B) is correct.

5 0
3 years ago
George is offered an investment opportunity by his friend Ray. He asks George for $6,900 and offers to repay him $12,990 after a
SVETLANKA909090 [29]

Answer:

Depositing in bank is a better option.

Explanation:

For this solution, we can either determine the interest rate given to George by his one of the friend or the future worth method,

Future worth method is used here,

Given that,

PV = $6,900

R = 9%

N = 10 Years

FV = PV\times(1+R)^{N}

FV = 6,900\times(1+0.09)^{10}

FV = 6,900\times(1.09)^{10}

FV = 6,900 × 2.3673

FV = $16,334.81

Since, the future worth of investing in bank is more than the money to be offered by the George's friend (16,334.81 > 12,900) and hence, depositing in bank is a better option.

8 0
3 years ago
A company commences business on 1 April. It buys the following units of inventory.
Nostrana [21]

Answer:

D £165,000​

Explanation:

The computation of gross profit for the year using the first in first out (FIFO) method of inventory  valuation is shown below:-

As we know that

Gross profit = Sales - the cost of goods sold

where

Sales is

= 500 units × £550

= £275,000

And, the cost of goods sold is

= 200 units × £250 + 300 units × £200

= £50,000 + £60,000

= £110,000

We considered only 500 units as these sold units are sold

And, this is a first in first out method so we pick the first date units only

So, the gross profit is

= £275,000 - £110,000

= £165,000

7 0
3 years ago
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