Transfer of Receivables with Recourse Bryant Inc. factors receivables with a carrying amount of $200,000 to Warren
Question:
Transfer of Receivables with Recourse Bryant Inc. factors receivables with a carrying amount of $200,000 to Warren Company for $190,000 on a with recourse basis. The recourse provision has a fair value of $2,000. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Bryant Inc.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 35% (14 reviews)
Computation of net proceeds Cash received Less Recourse liability Ne...View the full answer
Answered By
Sandip Nandnawar
I am a B.E (Information technology) from GECA and also have an M.C.M from The University of RTMNU, MH.
I worked as a software developer (Programmer and TL). Also working as an expert for the last 6 years and deal with complex assessment and projects. I have a team and lead a team of experts and conducted primary and secondary research. I am a senior software engg and senior expert and deal with all types of CSE and IT and other IT-related assessments and projects and homework.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Bryant Ltd. factors receivables with a carrying amount of 200,000 to Warren Company for 190,000 and guarantees all credit losses. Instructions Prepare the appropriate journal entry to record this...
-
For the following linear model, Y = xi + E Suppose there are 4 observations and the variance covariance matrix of E is Cl II 1 0.5 0 0 0.5 0 0 2 0 0 0 1.5 0 00 1.25 Select all of the following true...
-
For each situation prepare the appropriate journal entry for the redemption of the bonds. (a) Thunder Corporation retired $130,000 face value, 12% bonds on June 30, 2007, at 102. The carrying value...
-
(a) Using the ion-pair equilibrium constant from Appendix J, with activity coefficients = 1, find the concentrations of species in 0.025 M MgSO 4 . Hydrolysis of the cation and anion near neutral pH...
-
Carlos Ghosn, CEO of Nissan and Renault, is not standing still. He talks fast. He may be thinking even faster. On his appearance at the student-run "View from the Top" leadership speakers series...
-
A fraud investigator might construct a fraud- triangle profile of a suspect that includes both work and personal data. Identify the three elements (sides) of a fraud- triangle profile.
-
A survey of U.S. adults found that 69% have a favorable view of farming and agriculture. You randomly select 45 U.S. adults and ask whether they have a favorable view of farming and agriculture. A...
-
Tyrene Products manufactures recreational equipment. One of the companys products, a skateboard, sells for $37.50. The skateboards are manufactured in an antiquated plant that relies heavily on...
-
ABC Company showed the following information relating to employees' salaries for the month of October 2021. Gross Wages Income Taxes Canada Pension Plan Contributions Employment Insurance...
-
A store maintains data on customers, products and purchase records in three tables: CUSTOMER, PRODUCT, PURCHASE. The store manager wants to know which product is on its maximum discount for each...
-
Journalizing Various Receivable Transactions the trial balance before adjustment for Sinatra Company shows the following balances. Using the data above, give the journal entries required to record...
-
Transfer of Receivables with Recourse Gringo Corporation factors $250,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler financing will collect the receivables....
-
Find \(A\) or \(B\). Use the sets provided to answer the following questions: \(U=\{31,32,33, \ldots, 50\}, A=\{35,38,41,44,47,50\}\), \(B=\{32,36,40,44,48\}\), and \(C=\{31,32,41,42,48,50\}\).
-
How has the concept of natural law furthered the progression of the field of sociology of law today?
-
Elise is the CEO of CBC Corporation. What is CBC's after-tax cost of Elise's compensation (CBC's marginal tax rate is 21%)? a. Elise's salary is $1,250,000 and CBC is a publicly traded corporation....
-
Assume you have just been hired as a business manager of Pizza Palace, a regional pizza restaurant chain. The companys EBIT was $120 million last year and is not expected to grow. Pizza Palace is in...
-
What are the 3 concepts and/or theories that have informed the progression of the field of sociology of law? Why is this so?
-
Describe the end behavior of f(x)=6x-x-2x+3x+7.
-
The \(y\) component of velocity in a two-dimensional incompressible flow field is given by \(v=-A x y\), where \(v\) is in \(\mathrm{m} / \mathrm{s}\), the coordinates are measured in meters, and...
-
If there is an unrealized holding gain on available-for-sale investments, it is reported as?
-
Assume that both IE inputs are LOW and that D 0 D 1 D 2 D 3 = 1011. What logic levels are present at the FF D inputs?
-
Reporting of Notes Receivable, Interest, and Sale of Receivables On July 1, 2010, Mores an Company sold special-order merchandise on credit and received in return an interest-bearing note receivable...
-
Accounting for Zero-Interest-Bearing Note Soon after beginning the year-end audit work on March 10 at Engone Company, the auditor has the following conversation with the controller. CONTROLLER: The...
-
Receivables Management as the manager of the accounts receivable department for Beavis Leather Goods, Ltd., you recently noticed that Kelly Collins, your accounts receivable clerk who is paid $1,200...
-
Investment - End of Chapter Problem Determine if the given people are demanders, suppliers, or not involved in the market for loanable funds. a . Latisha wants to save up for a new laptop to use in...
-
The Nash equilibrium is _ _ _ _ _ _ _ _ _ _ _ _ . A . Make concessions / Not invade.B . Make concessions / Invade . C . Tough / Invade . D . Tough / Not invade.E . There is no Nash equilibrium.
-
Flexible employee behaviours most supportive of successful value chain management are ________. communicating via social media focusing on fewer tasks working in teams organizing social activities
Study smarter with the SolutionInn App