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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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Debora [2.8K]

The money goes toward marketing activities is $2,600

What is the composition of the family spending monthly?

The family's monthly expenditure is made up of taxes and savings, goods and services and the balance is to be spent on marketing activities.

In other words, the amount that goes towards marketing activities is the excess of the family take-home monthly over the amounts spent on taxes and savings and goods and services respectively.

Total earnings monthly=$7000

sum of goods and services and taxes and savings=$1800+$5,200

sum of goods and services and taxes and savings=$7,000

spend on marketing activities=$7000-$7000

spend on marketing activities=$0

However, the principle is that the family should be able slash the amount spent on goods and services by half in order to make money available for marketing activities, hence the amount for marketing is $2,600($5,200*1/2)

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2 years ago
Andrew owns land (adjusted basis of $94,400) that he uses in his business. He exchanges the land and $47,200 in cash for a diffe
Inga [223]

Answer:

Andrew did do a proper feasibility study about the land

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which is more than the  10,000 dollars

7 0
3 years ago
A public service ad on television shows a young boy resisting the attempts of someone off-camera to persuade him to accept drugs
Stells [14]

Answer: Attitude inoculation

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Answer:

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3 years ago
The North Division of XYZ Corporation had average operating assets of $1,000,000 and net operating income of $185,200 in January
azamat

Answer

The answer and procedures of the exercise are attached in the following image.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

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