Question
a. Rocky Mountain Industries, Inc. sells (factors) $1,225,000 of Accounts Receivables with the Sierra Finance Company on a without recourse basis. Sierra Finance acquires the
a. Rocky Mountain Industries, Inc. sells (factors) $1,225,000 of Accounts Receivables with the Sierra Finance Company on a without recourse basis. Sierra Finance acquires the receivables on March 31, 2023 assessing a finance charge of 5%, and also reserving 8% for covering probable adjustments.
Based on the contractual arrangement above, prepare the journal entry at March 31, 2023 for Rocky Mountain Industries, Inc.
b. Alamo Pet Supply sells (factors) $400,000 of Accounts Receivables with the Purina Finance Company on a with recourse basis. Purina Finance acquires the receivables on January 31, 2023 assessing a finance charge of 3%, and also reserving 4% for covering probable adjustments. The recourse obligation has a fair value of $9,000.
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The Leadership Style At PT Tekstil Bandung A Management Audit Investigation Following The Prolonged Economic Slowdown In Indonesia
Authors: Samuel P.D. Anantadjaya, Irma M. Nawangwulan
1st Edition
3659328979, 978-3659328978
