Intermediate Accounting

Salen Company finances some of its current operations by assigning to a finance company. On July 1, 2020, it assigned, […]

On April 1, 2020, Rasheed Company assigns $400,000 of its to the Third National Bank as collateral for a $200,000

Braddock Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division……………$1,500,000Note receivable

On July 1, 2020, Agincourt Inc. made two sales. 1. It sold land having a fair value of $700,000 in

The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as

On January 1, 2020, Botosan Company issued a $1,200,000, 5-year, zero-interest-bearing note to National Organization Bank. The note was issued

Beyoncé factors $175,000 of with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the

JFK Corp. factors $300,000 of with LBJ Finance on a without recourse basis on July 1, 2020. The receivables records

The Flatiron Pub provides catering services to local businesses. The following information was available for The Flatiron Pub for the

On September 30, 2019, Rolen Machinery Co. sold a machine and accepted the customer’s zero-interest-bearing note. Rolen normally makes sales