On May 1, Coronado, Inc. factored $1,472,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Coronado was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. a. Prepare the Journal entry entry required on Dexter's book of May 1.
Date Account Titles and Explanation Debit Credit
May 1 Cash
Due from Factor
Loss on Sale of Receivables
Accounts Receivables
b. Prepare the Journal entry entry required on Quick Finances books of May 1.
Date Account Titles and Explanation Debit Credit
May 1 Cash
Due from Factor
Sales Revenue
Cash
c. Assume Dexter factors the $680,000 of accounts with Quick Finance on a with recourse basis instead. The recourse provision has a fair value of $21,000. Prepare the journal entry required on Dexter's books on May 1.
Date Account Titles and Explanation Debit Credit
May 1 Cash
Due to customer
Accounts Receivables
Recourse Liability

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. required: a. journalize the adjusting entry to record the accrued fees on december 31. refer to the chart of accounts for exact wording of account titles. b. if the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

The following selected circumstances relate to pending lawsuits for erismus, inc. erismus’s fiscal year ends on december 31. financial statements are issued in march 2019. erismus prepares its financial statements according to u.s. gaap. required: indicate the amount erismus would record as an asset, liability, or not accrued in the following circumstances. 1. erismus is defending against a lawsuit. erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000. 2. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages could fall anywhere in the range of $2,000,000 to $4,000,000, with any damage in that range equally likely. 3. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages will eventually be $5,000,000, with a present value of $3,500,000. 4. erismus is a plaintiff in a lawsuit. erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,000,000. 5. erismus is a plaintiff in a lawsuit. erismus’s management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $500,000.

When making broccoli cream soup, the broccoli and aromatics should be a. burned. b. simmered. c. puréed. d. sweated.