RSM219H1 Study Guide - Final Guide: Cash Flow
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RSM219H1 Full Course Notes
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20: the following is the aging schedule for xyz inc. 4 employees have been terminated early due to cutbacks. In accordance with their union, fired employees are to receive an additional 10 days worth of pay from the day they were fired. The treatment is the same as if these days were actually worked. There are 22 working days in the month of december. December 31 is on a tuesday: xyz sold ,000 worth of merchandise on account terms n/30 to zyx. On the 30th day, zyx could only pay 50% due to a shortage of cash flow. Xyz agreed to accept a 3% note in payment. At the end of the 3 months, payment was made in full: what are all the journal entries, what is the gross margin for xyz on this sale, xyz borrowed ,000 from the bank on july 15, 2013.
