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Category > Management Posted 21 Oct 2017 My Price 5.00

Logitech Corporation

Factoring of accounts receivable

Refer to the situation described in BE 7–15. Assuming that the sale criteria are not met, describe how Logitech would account for the transfer.

BE 7–15

Factoring of accounts receivable

Logitech Corporation transferred $100,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%. When the bank collects the receivables, it will remit to Logitech the retained amount less a fee equal to 3% of the total amount factored. Logitech estimates a fair value of its 15% interest in the receivables of $11,000 (not including the 3% fee). What is the effect of this transaction on the company’s assets, liabilities, and income before income taxes?

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Maurice Tutor
(5)
Status NEW Posted 21 Oct 2017 09:10 PM My Price 5.00

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