Business High School

XYZ assigns $6,000,000 of its accounts receivables as collateral for a $2 million 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

Answers

Answer 1

Answer:

Explanation:

Data provided in the question

Account receivable assigned = $6,000,000

For Collateral = $2 million

Percentage = 8%

Finance fee = 1%

Based on the above information, the amount of gain or loss that should be recorded at the time of transfer of receivable is zero as the account receivable is used for a collateral purpose ,not for sale purpose

Therefore, the $0 should be recorded

Related Questions

"Literacy is prerequisite of development. Justify this statement with examples.

Answers

Answer:

The classification of the subject in question is mentioned throughout the paragraph below.

Explanation:

Literacy seems to be a developmental requirement since knowledge and learning require the ability or skills to read and understand. Each body produces to speak and understand skills. Upcoming generation, as well as young ones, is incredibly knowledgeable, individuals who could get strong knowledge only need a graduate assistantship.

A bagel company bakes a specialty bagel that it sells by the dozen every day. These specialty bagels can only be baked early in the morning before the store opens for business. The company estimates that the daily demand (in dozens) for its specialty bagel is distributed as follows: Specialty bagels arc sold by the dozen only at a cost of $9.00 per dozen. The cost to make one bagel is $0.50. Leftover specialty bagels arc sold by the dozen the next day for a 50% discount. The optimal number of specialty bagels that should be baked tomorrow (in dozens) is:________ a) 5 dozen. b) 4 dozen. c) 3 dozen. d) 2 dozen.

Answers

Answer:

b) 4 dozen

Explanation:

The computation of the optimal number of specially bagels i.e expected value is shown below:

As we know that

Expected value = Demand × probability

= 1 dozens × 0.10 + 2 dozens × 0.15 + 3 dozens × 0.20 + 4 dozens × 0.25 + 5 dozens × 0.30

= 0.1 + 0.3 + 0.6 + 1 + 1.5

= 3.5 dozen or 4 dozen

Hence, the correct option is b.

Seneca owns an interior painting service. Seneca promises Fran, a homeowner, that Seneca will paint the outside of Fran’s house. Seneca knows that all of the painter-employees are busy for the next two months and really does not intend to paint Fran’s house. In this case, Seneca’s tortious behavior is known as:

Answers

Answer:

Promissory fraud.

Explanation:

In this scenario, Seneca owns an interior painting service. Seneca promises Fran, a homeowner, that Seneca will paint the outside of Fran’s house. Seneca knows that all of the painter-employees are busy for the next two months and really does not intend to paint Fran’s house. In this case, Seneca’s tortious behavior is known as promissory fraud.

Promissory fraud can be defined as a promise made by an individual or business entity (promisor), when in actual fact they have absolutely no intention to perform the actions or fulfil the promise when it was made the other party.

Hence, Seneca exhibited a promissory fraud because he is aware that all of the painter-employees are busy for the next two months and really does not intend to paint Fran’s house.

Which of these could be an option after high school for a person who wants to further his education but doesn't want to take out student loans?

Answers

Hi there,

I can not find the complete question to help choose an option. I wil list out a variety of answers and you would be able to choose any that suits your question.

Answer/Explanation:

As an high school leaver that wants to further his education but that doesn't want to take student loans to do it, there are a variety of option such high school leaver can choose from.

1. work and study: this simply means that the high school leaver can decide to work alongside college or university as use the money from the job to settle university bills.

2. Scholarships: Am high school leaver can try scholarship opportunities tourther his education. A scholarship can be said to be a philanthropic act by a body or individual to reward or help individuals with tuition and other things as stated in the terms and conditions.

3. Setup a funding site: an high school leaver can set up a funding site in which donations can be made to fund the higher education.

Cheers.

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