Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 12, 2024

Blue Hen Company has accounts receivable of $400,000 which they use to secure a loan with the Last National Bank of Woonsocket. The bank loans

Blue Hen Company has accounts receivable of $400,000 which they use to secure a loan with the Last National Bank of Woonsocket. The bank loans them $375,000 but charges them 3% of accounts receivable as a finance fee and retains $20,000 for distribution later.

Record the loan receipt on the books of Blue Hen.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Practice Of Statistics

Authors: Daren S. Starnes, Josh Tabor

6th Edition

978-1319113339

Students also viewed these Accounting questions

Question

★★★★★

Sesame Company purchased a computer system for $74,000 on January 1, 2009. It was depreciated based on a 7-year life and an $18,000 salvage value . On January 1, 2011, Sesame revised these estimates...

Answered: 1 week ago

Question

★★★★★

=+b) The R2 for this model is lower than for the model fit to domestic visitors in Exercise 39. Does that mean that an exponential trend model would do better?

Answered: 1 week ago

Question

★★★★★

You have been asked by the board of trustees of a local church to review its accounting procedures. As part of this review you have prepared the following comments relating to the collections made at...

Answered: 1 week ago

Question

★★★★★

Interstate Manufacturing is considering either replacing one of its old machines with a new machine or having the old machine overhauled. Information about the two alternatives follows. Management...

Answered: 1 week ago

Question

★★★★★

Scenario You are a member of the Council of Economic Advisers for the Central Bank in the country of Kumbara. Currently the economy of Kumbara is feeling the impacts of the crisis in the nation of...

Answered: 1 week ago

Question

★★★★★

Which property assessment method would be most useful for a newly constructed specialized structure where there are no comparable properties? Group of answer choices Cost approach Sales approach...

Answered: 1 week ago

Question

★★★★★

Write a one hundred and fifty word response about which resource(s) you found to be most useful in terms of not only researching the different types of networks that exist, but which might be best...

Answered: 1 week ago

Question

★★★★★

Person is a named tuple with fields: first_name, last_name, and age. Variable person_data is a Person object created with two strings and one integer read from input as attributes. Output the...

Answered: 1 week ago

Question

★★★★★

1. A hollow steel shaft 2.54m long must transmit a torque of 34 kN-m. The total angle of twist must not exceed 3 degrees. The maximum shearing stress must not exceed 110 MPa. What is the inside...

Answered: 1 week ago

Question

★★★★★

A uniform crate with a weight W = 2.9 kN is connected to two opposing weights Wy = 2 kN and W by thin cables that pass over frictionless pulleys, as shown in the figure below. The crate has a length...

Answered: 1 week ago

Question

★★★★★

There are two goods: good A and good B. Assume that the supply of good A is perfectly inelastic, and the supply of good B is perfectly elastic. Draw two graphs to compare the effects of sales tax...

Answered: 1 week ago

Previous Question Next Question