Business, 07.04.2020 19:39 rfcordray307

Accounts receivable in the amount of $910,000 were assigned to the Fast Finance Company by Sheffield, Inc., as security for a loan of $780,000. The finance company assessed a 4% finance charge on the face amount of the loan, and the note bears interest at 8% per year. During the first month, Sheffield collected $507,000 on assigned accounts. This amount was remitted to the finance company along with one month's interest on the note. Make all the entries for Sheffield Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the finance company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e. g. 5,275.)

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:00

The following information is available for ellen's fashions, inc. for the current month. book balance end of month $ 7 comma 000 outstanding checks 700 deposits in transit 4 comma 500 service charges 120 interest revenue 45 what is the adjusted book balance on the bank reconciliation?

Answers: 2

Answer

Business, 22.06.2019 15:50

Singer and mcmann are partners in a business. singer’s original capital was $40,000 and mcmann’s was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann respectively and 10% interest on original capital. if they agree to share remaining profits and losses on a 3: 2 ratio, what will mcmann’s share of the income be if the income for the year was $15,000?

Answers: 1

Answer

Business, 22.06.2019 19:30

The usa today reports that the average expenditure on valentine's day is $100.89. do male and female consumers differ in the amounts they spend? the average expenditure in a sample survey of 47 male consumers was $135.67, and the average expenditure in a sample survey of 38 female consumers was $68.64. based on past surveys, the standard deviation for male consumers is assumed to be $34, and the standard deviation for female consumers is assumed to be $17.

Answers: 1

Answer

Business, 22.06.2019 19:40

Your father's employer was just acquired, and he was given a severance payment of $375,000, which he invested at a 7.5% annual rate. he now plans to retire, and he wants to withdraw $35,000 at the end of each year, starting at the end of this year. how many years will it take to exhaust his funds, i.e., run the account down to zero? a. 22.50 b. 23.63 c. 24.81 d. 26.05 e. 27.35

Answers: 2

Answer

You know the right answer?

Accounts receivable in the amount of $910,000 were assigned to the Fast Finance Company by Sheffield...

Questions