Pearl Corporation factors $270,300 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.

Required:
a. Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Pearl to record the sale of receivables, assuming the recourse obligation has a fair value of $4,280.
b. What conditions must be met for a transfer of receivables with recourse to be accounted for as a sale?

Answer:

A. Aug 15 2020

Dr Cash 254,082

Dr Due from factors 10,812

Dr Loss on Sale of receivables 9,686

Cr Recourse Liability $ 4,280

Cr Accounts receivables $ 270,300

B. 1. The asset that was transferred is far way from the person who makes the transfer or initiated the transfer which is the transferor as well as it's creditors.

2. The transferees of the asset have as well receive the right to either pledge or exchange the receivables

3. The transferor who makes the transfer of the asset has not agreed or come to agreement to replace receivables

Explanation:

A. Preparation of August 15, 2020 journal entry

Aug 15 2020

Dr Cash 254,082

($270,300 * 94%)

Dr Due from factors 10,812

( $270,300* 4%)

Dr Loss on Sale of receivables 9,686

[($ $270,300*2%) + $4, 280]

Cr Recourse Liability $ 4,280

Cr Accounts receivables $ 270,300

B. The conditions that must be met include the following::

1. The asset that was transferred is far way from the person who makes the transfer or initiated the transfer which is the transferor as well as it's creditors.

2. The transferees of the asset have as well received the right to either pledge or exchange the receivables

3. The transferor who makes the transfer of the asset has not agreed or come to agreement to replace receivables

Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2020 and 2021), Trevor expects to report AGI of $80,000, contribute $8,000 to charity, and pay $2,800 in state income taxes.

Required:
a. Estimate Trevor’s taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction for both years.
b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2020. Estimate Trevor’s taxable income for each of the next two years using the 2020 amounts for the standard deduction.
c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Estimate Trevor’s taxable income for each of the next two years (2020 and 2021) using the 2020 amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $8,000 and state tax payments of $2,800 in each year.
d. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the real estate taxes for 2021 in December of 2020. Estimate Trevor’s taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction.

Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:
A. Raw materials purchased on account, $100,000.
B. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials.
C. Sales commissions paid in cash, $45,000.
D. Depreciation was recorded for the month, $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment).
E. Sales for the month, $450,000 (70% cash sales and the remainder were sales on account).
F. Factory utilities paid in cash, $12,000.
G. Applied $138,000 of manufacturing overhead to production during the month.
H. Various jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods.
I. Cash receipts from customers who had previously purchased on credit, $115,000.
J. Various completed jobs costing a total of $220,000 were sold to customers.
K. Cash paid to raw material suppliers, $90,000.
Required:
The table shown below includes only one account from Dixon Company's balance sheet-Retained Earnings. For each of the above transactions, select "No" if it would not affect Retained Earnings. Conversely if the transaction would affect Retained Earnings, then record the amount of the increase or (decrease) to this account under the "Yes" column.
Retained Earnings
Transaction Yes No
a
b
c
d
e
f
g
h
i
j
k

A construction worker was working at the construction site of a new building. An open elevator, which had been installed in the building by the elevator manufacturer, was used to haul workers and building materials between floors. While the worker was riding the elevator, it stalled between floors due to a manufacturing defect in the elevator. The worker called for assistance and was in no danger, but after waiting 15 minutes for help, he became anxious and jumped 12 feet to get out. He severely injured his back when he landed.
In an action by the worker against the elevator manufacturer to recover for his back injury, is the worker likely to obtain a judgment for 100% of his damages?

Presented below is information related to Cheyenne Corp. for the year 2017.
Net sales $1,307,700 Write-off of inventory due to obsolescence $84,810
Cost of goods sold 783,400 Depreciation expense omitted by accident in 2016 44,900
Selling expenses 70,400 Casualty loss 46,800
Administrative expenses 57,500 Cash dividends declared 41,910
Dividend revenue 24,700 Retained earnings at December 31, 2016 1,018,730
Interest revenue 7,450 Effective tax rate of 34% on all items
Prepare a separate retained earnings statement for 2017. (List items that increase adjusted retained earnings first.)
CHEYENNE CORP.
Retained Earnings Statement
For the Year Ended December 31, 2017
Retained Earnings, January 1, as reported
Correction for Overstatement of Net Income in Prior Period
Retained Earnings, January 1, as adjusted
Add:Net Income/(Loss)
Less . Dividends Declared
Retained Earnings, December 31

Terms of a lease agreement and related facts were:
a. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $6,652.
b. The retail cash selling price of the leased asset was $550,000.
c. Its useful life was three years with no residual value.
d. The lease term is three years and the lessor paid $550,000 to acquire the asset.
e. Annual lease payments at the beginning of each year were $200,000.
f. Lessor’s implicit rate when calculating annual rental payments was 9%.
(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. Prepare the appropriate entries for the lessor to record the lease and related payments at its beginning, January 1, 2018.
2. Calculate the effective rate of interest revenue after adjusting the net investment by initial direct costs.
3. Record any entry(s) necessary at December 31, 2018, the fiscal year-end.

Consider the following information for stocks A, B, and C. The returns on the three stocks are positively correlated, but they are not perfectly correlated. (That is, each of the correlation coefficients is between 0 and 1.)


Stock Expected Return Standard Deviation Beta
A 8.50% 16% 0.8
B 9.50 16 1.2
C 10.50 16 1.6

Fund P has one-third of its funds invested in each of the three stocks. The risk-free rate is 6.5%, and the market is in equilibrium. (That is, required returns equal expected returns.)

Required:
a. What is the market risk premium?
b. What is the beta of Fund P?
c. What is the required return of Fund P?
d. Would you expect the standard deviation of Fund P to be less than 15%, equal to 15% or greater than 15%? Explain.

Headland Mining Company purchased land on February 1, 2020, at a cost of $1,169,500. It estimated that a total of 52,800 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $96,300. It believes it will be able to sell the property afterwards for $107,000. It incurred developmental costs of $214,000 before it was able to do any mining. In 2020, resources removed totaled 26,400 tons. The company sold 19,360 tons. Compute the following information for 2020.
A) Per unit mineral cost.
B) Total material cost of December 31, 2020, inventory.
C) Total material cost in cost of goods sold at December 31, 2020.

is a specialty popcorn store. It offers two varieties of​ popcorn: plain and flavored. The flavors range from Caramel Popcorn to Dark Chocolate Drizzled Popcorn to White Cheddar Popcorn. The plain popcorn sells for per box and costs per box to make. The flavored popcorn sells for per box and costs per box to make. has fixed costs per month of . sells 1 box of plain popcorn for every 4 boxes of flavored popcorn. How many boxes of plain popcorn and how many boxes of flavored popcorn must sell each month to break​ even?

You have been hired to create and run a brand new digital forensics lab for a mid-sized police department. Your assignment is to come up with a plan for the lab for the next 3 years.

can someone plz help me with this idk what to do for it

On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment:

Executive compensation packages often tie performance to bonus and incentive awards, supplemental retirement packages, perquisites, and severance pay, in order to encourage the management team to align their performance with organizational goals. In an attempt to minimize agency problems in a company (potential conflict of interest between the company's managers and shareholders), attractive compensation packages are created to retain and encourage managers. In the best interest of shareholders, compensation packages should be structured in a way such that managers have an incentive to maximize the___________ value of the company’s stock price.

Vision Tech is a software company based out of San Francisco. Its stockholders are mostly individual investors and there is relatively little institutional ownership. If several pension and mutual funds were to take large positions In Vision Tech's stock, would direct shareholder intervention be more or less likely to motivate the firm's management?

a. Less likely
b. More likely

For each of the following transactions for New Idea Corporation, give the accounting equation effects of the adjustments required at the end of the month on July 31: (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign)
a. Received a $550 utility bill for electricity usage in July to be paid in August.
b. Owed wages to 10 employees who worked three days at $75 each per day at the end of July. The company will pay employees at the end of the first week of August.
c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $900 for one full year of interest. No interest has been recorded yet.

A microwave manufacturing company has just switched to a new automated production system. Unfortunately, the new machinery has been frequently failing and requiring repairs and service. Historically, the company has been able to provide its customers with a completion time of 6 days or less. To analyze whether the completion time has increased, the production manager took a sample of 36 jobs and found that the sample mean completion time was 6.5 days with a sample standard deviation of 1.5 days. At a significance level of .10 using the critical value rule, we can show that the completion time has increased.

Required:
Indicate which test you are performing; show the hypotheses, the test statistic and the critical values and mention whether one- tailed or two-tailed.

Which of the following correctly lists the needs of consumers which should be met?

what is Framing in a conversation?​

We discussed the debt situation in the US and referred to the 'US mysteries' . Write an essay explaining these mysteries and why, the US is in a unique position relative to the rest of world. Make sure your answer includes a discussion of exorbitant privilege and 'dark matter.' Complete your essay with a discussion of why some are worried about the sustainability of this unique position and what the consequences would be on the US economy if we lost this 'unique position.'

The following information is available for Moiz Company:________.
Debit Credit
Common Stock $30,000
Retained Earnings 20,000
Dividends $30,000
Sales Revenue 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 310,000
Freight-Out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Salaries and Wages Expense 55,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 23,000
Using the above information, prepare the closing entries for Moiz Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Match the items.The task is to match the lettered items with the correct numbered items. Appearing below is a list of lettered items. Following that is a list of numbered items. Each numbered item is followed by a drop-down. Select the letter in the drop down that best matches the numbered item with the lettered alternatives.a. Showrooming: pricing in one store & while still there using mobile to purchase onlineb. Marketplace Fairness Act of 2013-- specifies how online retailers collect sales taxc. Best Buy introduced price matching even for online offers to promote instore purchased. E-commerce, up 13% year, while mobile commerce is growing at twice that ratee. Vendor Flex places Amazon employees at suppliers warehouses to lower shipping costsf. 80% of new phone purchases are smartphones allowing online shoppingg. Amazon spent $14B building warehouse bigger & closer to customers1. Immediate Environment: COMPANY2. Immediate Environment: COMPETITOR3. Immediate Environment: COLLABORATORS4. Macro Environment: Political/Regulatory/Legal5. Macro Environment: Economic6. Macro Environment: Social/cultural7. Macro Environment: Technological

On April 1st, Bob the Builder entered into a contract of one-month duration to build a barn for Nolan. Bob is guaranteed to receive a base fee of $5,000 for his services in addition to a bonus depending on when the project is completed. Nolan created incentives for Bob to finish the barn as soon as he can without jeopardizing the structural integrity of the barn. Nolan offered to pay an additional 30% of the base fee if the project finished 2 weeks early and 10% if the project finished a week early. The probability of finishing 2 weeks early is 30% and the probability of finishing a week early is 60%.What is the expected transaction price with variable consideration estimated as the expected value?a. $4,750b. $5,000c. $5,750d. $5,50

Harper Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 25,000 pounds of raw chicken that costs $17,500, the company produces two parts: 4,400 pounds of drumsticks and 6,200 pounds of breast for a processing cost of $3,648. The chicken breast is further processed into 5,400 pounds of steak for a processing cost of $3,400. The market price of drumsticks per pound is $1.85 and the market price per pound of chicken steak is $5.40. If Harper decided to sell chicken breast instead of chicken steak, the price per pound would be $2.70.
Required:
a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base.
a-2. Calculate the gross margin for each product.
a-3. If the drumsticks are producing a loss, should that product line be eliminated?
b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base.
b-2. Calculate the gross margin for each product.
c-1. Should Martin further process chicken breasts into chicken steak? (Use the assumption made in requirement b-1).
c-2. How would the profit be affected by your answer in c-1?

This exercise illustrates that poor quality can affect schedules and costs. A manufacturing process has 100 customer orders to fill. Each order requires one component part that is purchased from a supplier. However, typically, 2% of the components are identified as defective, and the components can be assumed to be independent(a) If the manufacturer stocks 100 components, what is the probability that the 100 orders can be filled without reordering components?(b) If the manufacturer stocks 102 components, what is the probability that the 100 orders can be filled without reordering components?(c) If the manufacturer stocks 105 components, what is the probability that the 100 orders can be filled without reordering components?

Which of these is a placeholder in a document into which variable data is inserted during the process of a mail merge?
O data source
O main document
merge field
O none of the above

To determine how students at a particular college feel about cigarette smoking in public places, all students in the college who chose to have their email address published in the college directory were sent an email with a link to an online survey. What is wrong with this sampling method?

A. Nothing, since students could go online to give their opinion.
B. Only smokers should have been surveyed.
C. They should have only sent the email to every 5th student in the directory.
D. The sampling method would result in a sample size that is too large.
E. Not all students would have an email listed in the student directory.

External Influences on Consumer Behavior SaGa is a European fashion store chain that specializes in accessible, trendy clothes and accessories for men and women. Its target audience includes fashion-conscious young men and women, ages 16-30. After success in Europe, SaGa is getting ready to launch its flagship stores in five U.S. markets-New York, Los Angeles, Chicago, San Francisco, and Miami. Based on its product offerings, SaGa is targeting millennials (those born between 1982 and 2000, also called gen Y). As a group, millennials are open to making impulse purchases, and are socially connected as demonstrated by their use of Twitter to tweet about products and brands. Also, based on its "accessible" price for its fashion offerings, Saga is targeting middle-to upper-middle-class millennials. SaGa's advertising agency of record was excited about the impending launch campaign in the U.S. and its first-ever foray into the American market, which is heavily influenced by celebrity and pop culture. The agency was developing a campaign that focused on "usage occasion"—the ad would show a group of friends, in their 20s, getting together for a Friday night out in the city. A social occasion such as a night out with friends, combined with the setting of a city street lined with trendy clubs and restaurants, highlighted a perfect usage occasion for wearing fashionable clothes from SaGa. In the ad, the friends walk through a busy city street that has a party atmosphere, and pass several other people whose fashion sense is not as trendy as theirs. As they pass these people, the contrast between their group and the other people is highlighted by the use of muted, fading colors (for the other people) versus bright and pleasing colors (for the group of friends wearing SaGa). The agency was thus contrasting those who do not wear SaGa, a dissociative group, with those who do. Meanwhile, Raza, a high-end fashion store chain in Europe, is planning to enter the Japanese market. RaZa's promotional strategy decisions include highlighting the purchase situation in their ads by showing the exclusive boutique store atmosphere, and by using international supermodels that denoted an aspirational group for their target audience. RaZa targeted older and more affluent consumers compared to SaGa; their target market consisted of upper-class gen X'ers in Japan (those born between 1946 and 1976). RaZa's research revealed that the Japanese culture understood and respected high-end fashion. The consumer does not make purchase decisions in isolation. A number of external factors have been identified that may influence consumer decision-making, such as culture, subcultures, social class, reference groups, and situational determinants. Match the various external (or environmental) influences on consumer behavior to the relevant situations in SaGa's promotional decisions. Then match these external influences to examples found in RaZa's decisions. Born between 1965-1976 SaGa's Promotional Decisions External Influences Examples of External on Consumer Influence from Behavior RaZa's Promotional Decisions Affluent consumers Exclusive boutique-like shopping atmosphere Decision to launch in America, which represented a new culture, compared to their existing markets. Supermodels Target consumers: millennials Situational determinants Target consumers: middle and upper-middle class Social class Ads featured people that the target consumers identify with (associative groups), and also people that the target group does not belong to (dissociative groups). Subculture Ads featured a typical usage occasion for SaGa's product offerings - a Friday night out with friends. Japanese appreciation for high-end fashion Reference groups Culture

Listed below in scrambled order are 11 income statement categories. Rank these categories below in the order they should appear on a multiple-step income statement.


( ) Discontinued operations.
( ) Cost of goods sold.
( ) Other revenues and gains/Other expenses and losses.
( ) Net income.
( ) Income taxes.
( ) Sales revenue.
( ) Gross profit on sales.
( ) Income from operations.
( ) Income from continuing operations before income taxes.
( ) Operating expenses.
( ) Income from continuing operations.

The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.

June 12, 2021 Provide services to customers on account for $33,200.
September 17, 2021 Receive $18,500 from customers on account.
December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received.
March 4, 2022 Provide services to customers on account for $48,200.
May 20, 2022 Receive $10,000 from customers for services provided in 2021.
July 2, 2022 Write off the remaining amounts owed from services provided in 2021.
October 19, 2022 Receive $38,500 from customers for services provided in 2022.
December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received.

Required:
Calculate net accounts receivable at the end of 2021 and 2022.

2021 2021
Total accounts receivable
Less: Allowance for uncollectible acounts
Net accounts receivable

ABC Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale

If there are external or spillover benefits associated with consumption and production of a product, it can be said that the:

Beasley Industries' sales are expected to increase from $5 million in 2019 to $6 million in 2020, or by 20%. Its assets totaled $3 million at the end of 2019. Beasley is at full capacity, so its assets must grow in proportion to projected sales. At the end of 2019, current liabilities are $740,000, consisting of $160,000 of accounts payable, $450,000 of notes payable, and $130,000 of accrued liabilities. Its profit margin is forecasted to be 4%, and its dividend payout ratio is 50%. Using the AFN equation, forecast the additional funds Beasley will need for the coming year. Do not round intermediate calculations. Round your answer to the nearest dollar.
$
The AFN equation assumes that ratios remain constant. However, firms are not always operating at full capacity so adjustments need to be made to the existing asset forecast. Excess capacity adjustments are changes made to the existing asset forecast because the firm is not operating at full capacity. For example, a firm may not be at full capacity with respect to its fixed assets. First, the firm's management must find out the firm's full capacity sales as follows:
Next, management would calculate the firm's target fixed assets ratio as follows:
Finally, management would use the target fixed assets ratio with the projected sales to calculate the firm's required level of fixed assets as follows:
Required level of fixed assets = (Target fixed assets/Sales) × Projected sales
Quantitative Problem 2: Mitchell Manufacturing Company has $1,600,000,000 in sales and $310,000,000 in fixed assets. Currently, the company's fixed assets are operating at 70% of capacity.
A. What level of sales could Mitchell have obtained if it had been operating at full capacity? Do not round intermediate calculations. Round your answer to the nearest dollar.
$
B. What is Mitchell's Target fixed assets/Sales ratio? Do not round intermediate calculations. Round your answer to two decimal places.
%
C. If Mitchell's sales increase by 60%, how large of an increase in fixed assets will the company need to meet its Target fixed assets/Sales ratio? Do not round intermediate calculations. Round your answer to the nearest dollar.
$