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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 6, Problem 16E
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 26GI
Problem 27GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 11MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 15RE
Problem 16RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 23E
Problem 24E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
Problem 18P
Problem 19P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
Problem 10C
Problem 12C
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Generating Cash from Receivables Guide Company requires additional cash for its business. Guide has decided to use its accounts receivable to raise the additional cash as follows:

  1. 1. On June 30, 2019, Guide assigned $200,000 of accounts receivable to Cell Finance Company. Guide received an advance from Cell of 85% of the assigned accounts receivable, minus a commission on the advance of 3%. Prior to December 31, 2019, Guide collected $150,000 on the assigned accounts receivable and remitted $160,000 to Cell, $10,000 of which represented interese on the advance from Cell.
  2. 2. On December 1, 2019, Guide sold $300,000 of accounts receivable to Factoring Company and received 80% of the value of the factored receivables. Factoring Company charged a 15% commission based on the amount of the factored receivables. The receivables were sold without recourse.

Required:

Prepare a schedule showing the expenses reported on the income statement for the year ended December 31, 2019, as a result of the preceding facts. Show all supporting computations.

To determine

Prepare a schedule that shows expenses reported on the income statement for the year ended December 31, 2019.

Explanation

Income statement:

The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare a schedule that shows expenses reported on the income statement for the year ended December 31, 2019.

Company G
Income  statement  Effect
For the year ended December 31, 2019
ParticularsAmount in  $
Expenses resulting from accounts receivable assigned (1)15,100
Expenses resulting from accounts receivable sold45,000
Total expenses60,100

(Table 1)

Therefore, the amount of total expenses that will be reported on the income statement for the year ended December 31, 2019 is $60,100...

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Ch-6 P-1GICh-6 P-2GICh-6 P-3GICh-6 P-4GICh-6 P-5GICh-6 P-6GICh-6 P-7GICh-6 P-8GICh-6 P-9GICh-6 P-10GI
Ch-6 P-11GICh-6 P-12GICh-6 P-13GICh-6 P-14GICh-6 P-15GICh-6 P-16GICh-6 P-17GICh-6 P-18GICh-6 P-19GICh-6 P-20GICh-6 P-21GICh-6 P-22GICh-6 P-23GICh-6 P-24GICh-6 P-25GICh-6 P-26GICh-6 P-27GICh-6 P-1MCCh-6 P-2MCCh-6 P-3MCCh-6 P-4MCCh-6 P-5MCCh-6 P-6MCCh-6 P-7MCCh-6 P-8MCCh-6 P-9MCCh-6 P-10MCCh-6 P-11MCCh-6 P-1RECh-6 P-2RECh-6 P-3RECh-6 P-4RECh-6 P-5RECh-6 P-6RECh-6 P-7RECh-6 P-8RECh-6 P-9RECh-6 P-10RECh-6 P-11RECh-6 P-12RECh-6 P-13RECh-6 P-14RECh-6 P-15RECh-6 P-16RECh-6 P-1ECh-6 P-2ECh-6 P-3ECh-6 P-4ECh-6 P-5ECh-6 P-6ECh-6 P-7ECh-6 P-8ECh-6 P-9ECh-6 P-10ECh-6 P-11ECh-6 P-12ECh-6 P-13ECh-6 P-14ECh-6 P-15ECh-6 P-16ECh-6 P-17ECh-6 P-18ECh-6 P-19ECh-6 P-20ECh-6 P-21ECh-6 P-22ECh-6 P-23ECh-6 P-24ECh-6 P-1PCh-6 P-2PCh-6 P-3PCh-6 P-4PCh-6 P-5PCh-6 P-6PCh-6 P-7PCh-6 P-8PCh-6 P-9PCh-6 P-10PCh-6 P-11PCh-6 P-12PCh-6 P-13PCh-6 P-14PCh-6 P-15PCh-6 P-16PCh-6 P-17PCh-6 P-18PCh-6 P-19PCh-6 P-1CCh-6 P-2CCh-6 P-3CCh-6 P-4CCh-6 P-5CCh-6 P-6CCh-6 P-7CCh-6 P-8CCh-6 P-9CCh-6 P-10CCh-6 P-12C

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