menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Financial Accounting Study Set 1
  4. Exam
    Exam 8: Receivables,Bad Debt Expense,and Interest Revenue
  5. Question
    Assume ABC Sells Its Receivables to Another Company for Immediate
Solved

Assume ABC Sells Its Receivables to Another Company for Immediate

Question 34

Question 34

Multiple Choice

Assume ABC sells its receivables to another company for immediate cash on a regular basis.How should the factoring fee be reported in the income statement?


A) Selling expense.
B) Non-operating expense.
C) Sales returns.
D) Not at all.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q29: Using the allowance method,which is the correct

Q30: The direct write-off method:<br>A)results in better matching

Q31: A company lent $10,000 to an employee

Q32: Your company converted an existing account receivable

Q33: Specialty Inc.converts an existing account receivable to

Q35: Which of the following are similarities between

Q36: Which of the following statements about the

Q37: All of the following will likely be

Q38: Assume Zap Industries reported the following adjusted

Q39: If the receivables turnover ratio rises significantly,the

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines