- finance and accounting courses
- finance and accounting degree
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1. Sun Inc. factors $3,000,000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Sun estimates the fair value of the recourse liability at $115,000. What would be recorded as a gain (loss) on the transfer of receivables?
2. Sun Inc. assigns $3,000,000 of its accounts receivables as collateral for a $1 milion 8% loan with a bank. Sun Inc, also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables?
3. Moon inc. assigns $3,000,000 of its accounts receivables as collateral for a $2 million loan with a bank. The bank assesses a 3% finance fee and charges interest on the note at 6%. What would be the journal entry to record this transaction?
2. Sun Inc. assigns $3,000,000 of its accounts receivables as collateral for a $1 milion 8% loan with a bank. Sun Inc, also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables?
3. Moon inc. assigns $3,000,000 of its accounts receivables as collateral for a $2 million loan with a bank. The bank assesses a 3% finance fee and charges interest on the note at 6%. What would be the journal entry to record this transaction?
Intermediate Accounting 1?
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