Answer: The journals to record the sale of the receivables in Sunland Company's books are:
Debit Credit
Cash 729,600
Service charge expense 38,400
Accounts receivable 768,000
Explanation: Please note that Western Factors Inc. charges 5% of the amount of receivables sold. This means the cash transfer Sunland Company would make to western Factors Inc. would be net of the 5% service charge (5% * $768,000 = $38,400). Since Sunland is disposing the receivables, that account has to be credited. Then, the actual cash transfer would be $729,600 ($768,000 - 38,400). That is what Western Factors Inc. would now carry as its own receivables in its books.
Answer:
<u>BALANCE SHEET</u>
<em>ASSETS </em>
Cash 1410
Accounts Receivable 950
Prepaid insurance 110
Stock investments 1290
Inventory 1107
Equipment 2560
Accumulated Depreciation Equipment -670
Land 3240
TOTAL ASSETS 9997
<em>LIABILITIES</em>
Accounts Payable 884
Income tax payable 185
Mortgage payable 3640
Notes payable 201
Salaries and wages payable 272
TOTAL LIABILITIES 5182
NET EQUITY
Retained earnings (beginning) 1600
Common stock 1320
Dividends -375
<em>Net Income 2270
</em>
TOTAL NET EQUITY 4815
TOTAL LIABILITIES+TOTAL NET EQUITY 9997
<u>INCOME STATEMENT</u>
Sales revenue 5240
Cost of goods sold -1110
Gross Profit 4130
Salaries and wages expense -650
Insurance expense -260
EBITDA 3220
Depreciation expense -285
EBIT 2935
Interest expense -450
EBT 2485
Income Tax expense -215
<em>NET INCOME 2270</em>
Explanation:
According to the accounting equation the total of the assets should be equal to the sum between the liabilities and net equity. One of the components of the net equity is the net income that can be visualized in the final line of the income statement.
Answer:
there is not enough room here, so I used an excel spreadsheet.
Explanation:
Answer:
Explanation:
Vấn đề sử dụng nước sạch ở trường đại học, thực trạng và giải pháp
