On march 3, splish brothers inc. sells $666,900 of its receivables to national factors inc. national factors inc. assesses a service charge of its receivables to western factors inc. western factors inc. assesses a service charge of 5% of the amount of receivables sold. prepare the entry on sheridan company books to record the sale of the receivables.

You are at a holiday dinner with your family. your relative makes the argument that the u.s. economy is resurgent and has recovered from the great recession of 2007 – 2009. economic growth, as measured by gdp, has been increasing from one quarter to the next. you beg to differ. how would you structure your argument with your relative? hint: you should think about two things, the accuracy of gdp measures, and whether gdp should be considered a comprehensive measure of a countries well-being.

On february 3, smart company sold merchandise in the amount of $5,800 to truman company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. smart uses the perpetual inventory system and the gross method. truman pays the invoice on february 8, and takes the appropriate discount. the journal entry that smart makes on february 8 is:

Suppose jamal purchases a pair of running shoes online for $60. if his state has a sales tax on clothing of 6 percent, how much is he required to pay in state sales tax?