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
exis [7]
2 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]2 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

You might be interested in
As environmental conditions change what occurs
Ugo [173]

Changes in the environment can lead to shortages of food due to no rain to water the plants for herbivores.
species that are used to favourable conditions will die due to environmental unfavourable conditions.
3 0
3 years ago
Suppliers can contribute ideas for product improvement or increased development efficiency.
Alchen [17]
Hello,

Here is your answer:

The proper answer to this question will be option B "false". Thats because suppliers are the people that are paid to deliver the goods (or products) to a business. He or she has no input about how to run the business!

Your answer is B.

If you need anymore help feel free to ask me!

Hope this helps!
3 0
2 years ago
Paper Clip Company sells office supplies. The following information summarizes the​ company's operating activities for the​ year
nydimaria [60]

Answer:ummarizes the​ company's operating activities for the​ year: Utilities for the store ​$ 10 comma 300 Sales commissions 10 comma

Paper Clip Company sells office supplies. The following information summarizes the​ company's o

Explanation:ies for the store ​$ 10 comma 300 Sales commissions 10 comma 300 Sa

ies. The following information summarizes the​ company's operating activities for the​ year: Utilities for the store ​$ 10 comma 300 Sales commissions 10 comma 300 Sales revenue 164 comma 100 Purchases of merchandise 89 comma 000 January 1 inventory 27 comma 400 Rent for st

4 0
2 years ago
Regardless of which order you created your sales views for rocker (wholesale first and direct second, or vice versa), when creat
anygoal [31]
I need a answer to!!!!
5 0
3 years ago
A company has revenues of $100 during Year 1. Each year their profit is 20% of revenue. Revenue is growing 15% per year. How muc
oksian1 [2.3K]

Answer:

$406.07

Explanation:

Revenue for year 1 = $100

Profit = 20%

Growth rate of revenue, = 15% per year = 0.15

Now,

year 1 is the base year thus, take it as n = 0

Revenue for the year = $100 × ( 1 + r )ⁿ

Profit = 20% of [$100 × ( 1 + r )ⁿ]

Year       n              Revenue               Profit

  1           0            $100( 1 + r )⁰            $20

  2          1            $100( 1 + r )¹             $23

  3          2            $100( 1 + r )²            $26.45

  4          3            $100( 1 + r )³            $30.4175

  5          4            $100( 1 + r )⁴            $34.98

  6          5            $100( 1 + r )⁵            $40.227

  7          6            $100( 1 + r )⁶            $46.261

  8          7            $100( 1 + r )⁷            $53.2004

  9          8            $100( 1 + r )⁸            $61.1804

  10         9            $100( 1 + r )⁹            $70.357

   Hence,

Total profit for the year 1 - 10 = $406.07

5 0
2 years ago
Other questions:
  • Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be
    10·1 answer
  • In many countries entrepreneurs and other business leaders, eager to protect their property rights and ensure the dispassionate
    15·1 answer
  • What is your overall evaluation of mondelēz international's corporate strategy and restructuring since 2012? what evidence and/o
    10·1 answer
  • You are to make monthly deposits of $700 into a retirement account that pays an APR of 10.2 percent compounded monthly. If your
    5·1 answer
  • Congress enacts the Ad Restriction Act (ARA) to limit advertising in certain circumstances. The ARA will be considered valid il
    10·1 answer
  • For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statemen
    5·1 answer
  • Which of the following was not used in support of the continental drift hypothesis?
    12·2 answers
  • The management of Unter Corporation, an architectural design firm, is considering an investment with the following cash flows:
    9·1 answer
  • In the base year the average family spent 25% of its income on Good X, 25% on Good Y, and 50% on Good Z. Over the second year th
    15·1 answer
  • Freeze Ice Cream Shop sells its specialty shakes for $3.50 each. In the summer months, the shop typically sells 200 shakes a day
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!