Gain-loss on the transfer of receivables, Accounting Basics

+44 141 628 6080
[email protected]

Gain-loss on the transfer of receivables

Sun Inc. factors $3,000,000 of its accounts receivables with recourse for a finance charge of 3%. 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 $150,000. What would be recorded as a gain (loss) on the transfer of receivables? Loss of $240,000.

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Gain-loss on the transfer of receivables

Reference No:- TGS060927

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : What technological improvement created a productivity

Produce more of the things we want from the same (or fewer) resources. What technological improvement created a productivity boom by putting the electric motor to a novel use?

Q : Operating and financial policies problem

Rich's 30% interest in Doane gives Rich the ability to exercise significant influence over Doane's operating and financial policies. During 2011, Doane earned $200,000 and paid dividends of $60,000 on April 1 and October 1. On July 1, 2011, Rich s

Q : Accounts receivable during the period

Prepare the journal entry for Somers's collection of $175,000 of the accounts receivable during the period from April 1, 2012, through June 30, 2012.

Q : Demand for computers is likely to be elastic or inelastic

Just based on general information you possess, do you think the demand for computers is likely to be elastic or inelastic? How about the demand for new homes? The demand for six-packs of Seven-Up?

Q : Gain-loss on the transfer of receivables

Q : Relationship-elasticity of demand for good-consumer surplus

Is there any relationship between the elasticity of demand for a good (measured at the prevailing price) and the consumer surplus that buyers enjoy? If so, what is that relationship?

Q : Gain-loss on the transfer of receivables

Q : What were the equivalent units for conversion costs

The beginning work in process inventory was 70% complete with respect to materials and 25% complete with respect to conversion costs. The ending work in process inventory was 85% complete with respect to materials and 30% complete with respect to

Q : What would transformers report as total stockholders equity

For the year ended December 31, 2012, Transformers Inc. reported the following:What would Transformers report as total stockholders' equity?

1945336

Questions
Asked

3,689

Active Tutors

1442136

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Gain-loss on the transfer of receivables

Reference No:- TGS060927

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What technological improvement created a productivity

Q : Operating and financial policies problem

Q : Accounts receivable during the period

Q : Demand for computers is likely to be elastic or inelastic

Q : Gain-loss on the transfer of receivables

Q : Relationship-elasticity of demand for good-consumer surplus

Q : Gain-loss on the transfer of receivables

Q : What were the equivalent units for conversion costs

Q : What would transformers report as total stockholders equity

Discuss patient with athsma about use of bronchodilators

Discuss new forms of advertising changing opdps work

Observing and reporting a correctional clients behavior

Discussion about improve patient satisfaction scores

Problem concerning about the risk for stroke

Patient presented with acute-onset abdominal pain

Discuss - male with a history of moderate persistent asthma

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Gain-loss on the transfer of receivables

Reference No:- TGS060927

Recent Questions Asked Accounting Basics

Q : What technological improvement created a productivity

Q : Operating and financial policies problem

Q : Accounts receivable during the period

Q : Demand for computers is likely to be elastic or inelastic

Q : Gain-loss on the transfer of receivables

Q : Relationship-elasticity of demand for good-consumer surplus

Q : Gain-loss on the transfer of receivables

Q : What were the equivalent units for conversion costs

Q : What would transformers report as total stockholders equity

Asked Questions