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inessss [21]
3 years ago
13

Morales Company sells $320,000 of its receivables to Instant Factors, Inc. Instant Factors assesses a finance charge of 3% of th

e amount of receivables sold. Prepare the journal entry to record the sale of the receivables on Morales Company's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Business
1 answer:
bazaltina [42]3 years ago
7 0

Answer:

Dr Cash $310,400

Dr Factoring expense$9,600

Cr Account receivable $320,000

Explanation:

Preparation of the journal entry to record the sale of the receivables on Morales Company's books.

Dr Cash $310,400

($320,000-$9,600)

Dr Factoring expense$9,600

($320,000*3%)

Cr Account receivable $320,000

(Being to record the sale of the receivables on Morales Company's books

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alexandr1967 [171]

Answer:Unity of command

Explanation:Henri Fayol principle of management is one of the most widely accepted standard for effective management of Organisations. This principles highlights fourteen(14) points that highlights how management can carry out their responsibilities.

UNITY OF COMMAND IS ONE OF THE PRINCIPLES OF MANAGEMENT BY HENRI FAYOL WHICH INVOLVES A TOP-DOWN(MANAGERS TO SUPERVISORS TO THE JUNIOR PERSONNEL) APPROACH TO GIVING INSTRUCTIONS.

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2 years ago
The company's adjusted trial balance as follows includes the following accounts balances:
Zina [86]

Answer:

Expense & revenue summary a/c (credit balance) = $3500

Explanation:

  1. Dr  Expense & revenue summary 52500

                          Cr Sales discount                     1500

                          Cr Sales return & allowance   3000

                          Cr   Depreciation expense      25000

                          Cr   Salaries expense               23000

         (Close expenses to expense & revenue summary a/c)

2. Dr Sales    56000

                           Cr  Expense & revenue summary  56000

       (Close sales to expense & revenue summary a/c)

3.  Dr Expense & revenue summary a/c 3500

                         Cr  Retained earning a/c           3500

      (To close expense & revenue summary a/c)

4. Dr Retained earning  2000

                          Cr Expense & revenue summary  2000

       (Close dividend to expense & revenue summary a/c)d

7 0
3 years ago
At the end of a recent​ year, Anderson Cleaning​ Service, a​ full-service house and office cleaning​ service, had total assets o
marysya [2.9K]

Answer:

Anderson Cleaning​ Service's liabilities were $2,160

Explanation:

Basing on accounting equation:

Total asset = Liabilities + Owner's (or Stockholders') Equity

Liabilities = Total asset - Owner's (or Stockholders') Equity

At the end of a recent​ year, Anderson Cleaning​ Service had total assets of $5,810 and equity of $3,650

Anderson Cleaning​ Service's liabilities = Total asset - Equity  = $5,810 - $3,650 = $2,160

7 0
3 years ago
The statement "measuring rods and coiled rope," which connotes the ruler's capacity to build social order and render judgments,
Oksi-84 [34.3K]

Answer:

a. stele of Hammurabi

Explanation:

7 0
3 years ago
Using the following data:
KonstantinChe [14]

Answer:

The answer is

A. 26.46%

B. $5,958,354.88

Explanation:

A.

IRR = CFo/(1 + IRR)^0 + CF1/(1 + IRR)^1 + CF2/(1 + IRR)^2 + CF3/(1 + IRR)^3 + CF4/(1 + IRR)^4 + CF5/(1 + IRR)^5

CFo = -$10,000,000

CF1 = $3,000,000

CF2 = $3,500,000

CF3 = $4,000,000

CF4 = $4,900,000

CF5 = $5,000,000

Using a financial calculator;

IRR = 26.46%

B.

NPV = -CFo + CF1/(1+ r)^1 + CF2/(1 +r)^2 + CF3/(1 + r)^3 + CF4/(1 + r)^4 + CF5/(1 + r)^5

CFo = -$10,000,000

CF1 = $3,000,000

CF2 = $3,500,000

CF3 = $4,000,000

CF4 = $4,900,000

CF5 = $5,000,000

Using a financial calculator;

NPV = $5,958,354.88

7 0
3 years ago
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