Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 9) danzig inc, factors $10,000,000 of its accounts

9) Danzig Inc, factors $10,000,000 of its accounts receivables without recourse for a finance charge...

70.2K

Verified Solution

Question

Accounting

image

9) Danzig Inc, factors $10,000,000 of its accounts receivables without recourse for a finance charge of 4%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. What would be recorded by Danzig as a gain (loss) on the transfer of receivables? A) gain of $400,000 B) loss of $400,000 C) loss of $1,000,000 D) loss of $1,400,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Imagine a professor wants to examine if there is a relationship between gender and performance on...

Basic Math
Q

A venturimeter is placed in a pipe which is at 30 degrees to the horizontal. The...

Mechanical Engineering
Q

If P(E)= 0.19, find the odds against E.What are the odds against E? Select the...

Basic Math
Q

Select the correct choice that completes the sentences in parts (a) through (c).a) The probability...

Basic Math
Q

7 Write the augm

Statistics
Q

11. Find the limits algebraically:limsin tt-0 St

Calculus
Q

The Business Situation...

Accounting
Q

The company pays interest on its $10,000, 5% note payable of $42 on the first...

Accounting
Q

Please answer questions 1-4, showing all calculations and steps needed to find the answers. ...

Accounting
Q

Crane Company's budgeted sales and direct materials purchases are as follows. \table[[,\table[[Budgeted],[Sales]],\table[[Budgeted],[D.M. Purchases]]],[January,$212,000,$31,800 ...

Accounting
Q

Prepare flexible budget reports for manufacturing overhead costs, and comment on findings. E13.20(LO 2)...

Accounting
Q

Wayne Manufacturing Company has four operating divisions. During the first quarter of 2016, the company...

Accounting