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- You are an investor looking to contribute financially to either company A or Company B. The following, select financial information as follows. Company A and company B, respectively: Beginning Account Receivable $ 50,000, 60,000; Ending Account Receivable $ 80,000, 90,000; Net credit sales $ 550,000, $460,000. Based on the information provided: compute the account receivable turnover ratio. Compute the number of days sales in receivables ratio for both companies A and company B ( round all answers to two decimals places) Interpret the outcomes stating which company you would invest in and why.The current portion of long-term notes receivable as of December 31, 2018 isVaughn Manufacturing assigns $7300000 of its accounts receivables as collateral for a $2.64 million 9% loan with a bank. Vaughn Manufacturing also pays a finance fee of 2% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables?
- Winkler Company borrows $92,000 and pledges its receivables as security. The journal entry to record this transaction would be:Please answer the question correctly. Thank you.In the statement of financial position at 31 December 20X5, Ken reported net receivables of $12,000. During 20X6 Ken made sales on credit of $125,000 and received cash from credit customers amounting to $ 115,500. At 31 December 20X6, Ken wished to write off debts of $7,100 and increase the allowance for receivables by $950 to $2,100. What is the net receivables figure to include in the statement of financial position at 31 December 20X6?
- Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10, n/30 if the bill was paid April 26. Draw the “timeline” stated the initial date, the due date, and the day receives cash discount.If the note payable has total credits of RO 500 and total debits of RO 120, how much is its balance? a. RO 620 b. RO 500 c. RO 120 d. RO 380Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000…
- Please show work. On July 1 of the current year, Rio Bravo factored receivables with a carrying value of $250,000 to a local bank. The transfer was made with a recourse of $3000. The bank assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 5% of the accounts receivable (for probable adjustments). The journal entry for this transaction will include which of the following? A. Debit to Recourse Liability of $3,000 B. Debit to Cash of $233,000. C. Debit to Due from Bank of $15,500. D. Debit to Loss on Sale of Receivables of $10,500. E. Mor than one of these.An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.(Bonus Question 02) Record the sale by Verity Springs, Inc. of $136,000 in accounts receivable on May 1. Verity Springs is charged a 3.00% factoring fee. View transaction list Journal entry worksheet < 1 Record the sale of receivable. Note: Enter debits before credits. Date May 01 General Journal Debit Credit
