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exis [7]
3 years ago
15

On February 1, 2020, Sheffield Corporation factored receivables with a carrying amount of $740000 to Ivanhoe Company. Ivanhoe Co

mpany assesses a finance charge of 4% of the receivables and retains 6% of the receivables. Relative to this transaction, you are to determine the amount of loss on sale to be reported in the income statement of Sheffield Corporation for February. Assume that Sheffield factors the receivables on a with recourse basis. The recourse obligation has a fair value of $3500. The loss to be reported is
Business
1 answer:
Mrac [35]3 years ago
3 0

Answer:

$33,100

Explanation:

Calculation to determine what The loss to be reported is

Using this formula

Loss=(Factored receivables*finance charge)+Fair value

Let plug in the formula

Loss=($740,000 × .04)+ $3,500

Loss= $29,600+$3,500

Loss=$33,100

Therefore The loss to be reported is $33,100

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To automate one of its production​ processes, the Milwaukee Corporation bought three flexible manufacturing cells at a price of
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3 years ago
In a given amount of time John can produce either 40 pounds of vegetables or 10 pounds of chicken. In the same amount of time Ge
aleksandrvk [35]

Answer:

Ten pounds of chicken to trade for at least <u>40</u> pounds of vegetables but not more than<u> 50</u> pounds of vegetables

Explanation:

                  Vegetables        Chicken        Trade Off Ratio

John             40                     10                4:1 (40/10) or 1:0.25 (10/40)

George          25                      5                 5:1 (25/5) or 1:0.20 (5/25)

John has comparative advantage in Chicken and George has comparative advantage in Veggies because :

  • John's chicken opportunity cost, in veggies < George (4<5). George's veggies opportunity cost, in chicken < John (0.20<0.25).
  • George is more (5X) productive in veggies than chicken, than John (4X). John is less unproductive in chicken than veggies (1/4th), compared to George (1/5th).  

So,  John will sell Chicken to George & George will sell veggies to John. Gains from trade are when each get trade ratio better than their their own trade off ratio.

  • It implies: John gets >' 4 pounds veggies per chicken pound' and George gets > '0.20 pound chicken per veggie pound'.
  • Unitary method:-  '1chicken : 4veggies' = '10chickens : 40veggies' and '0.20chicken : 1veggie' = '10chickens : 50 veggies' .

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