Assuming loan made by M Enterprises to Banco De Oro amounting to P350,000.00 payable in three years with a monthly interest of 1.05%. M enterprises issued 12 checks for 1 year and upon 3rd month, issued check was bounced. What could be the possible action of the drawee? Elaborate your answer with supporting data. What could be the possible violation of the above scenario where they would just escape the obligation to the said bank upon the rules of commercial/ personal credit?

Q: Lexter Corporation borrows cash by signing a $90,000, 8%, eight-month note on December 1with its…

A: Interest = Principle x Rate/100 x Time/12 so, according to given information Principle amount is…

Q: ts bank loan which the company is in the process of repaying. The loan currently has a principal…

A: Financial statements refer to the financial documents which reflect the company's position in terms…

Q: what is the amount (in $) of interest on the loan?

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Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…

A: Interest Expense = Note payable amount * Interest Rate * Period

Q: A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the…

A: Introduction: Non current liabilities: Non current liabilities ae to be shown in Balance sheet.…

Q: 2.A person got a loan of 200.000 € from Bank A at 12 % annual interest rate. The bond will be repaid…

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Q: Brooke Company discounted its own P5, 000,000 one year note at a bank, at a discount rate of 12%,…

A: SOLUTION- Prime Rate is the interest rate charged by commercial banks to their most creditworthy…

Q: A man borrowed from a bank with a promissory note that he signed in the amount of P25000 for a…

A: Given, Amount is P25000 Amount received is P21915 Inspection fees P85.00

Q: entry to record the pledge of accounts receivable

A: Pledge is the lien created on some assets so as to forfeit those assets in the event of non-payment…

Q: State Federal Bank (SFB) offers two borrowing options to businesses: (1) a simple interest loan with…

A: The effective annual rate refers to the rate of return that is arisen from the investment after…

Q: ABC’s bank offered a loan with conditions of a P5,000,000 face amount, 6-month term, 4% interest…

A: Effective annual interest rate is the interest rate which an investor expects in a year after taking…

Q: Earth Company assigned P3,000,000 of accounts receivable as collateral for a P2,000,000 loan with a…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: We need to calculate the Present Value   P.V Factor = { 1 -(1+r)-n/r} x (1+r) r= interest rate = 5%…

Q: A man borrowed from a bank with a promissory note that he signed in the amount of P25000 for a…

A: The following information has been provided in the question: Amount of promissory note = P25000…

Q: Karen Company discounted its own Php 250,000 one year note at a bank at a discount rate of 12% when…

A: The prime rate is the lending rate specified by the central bank of a country which is used as a…

Q: Charlton Enterprises negotiated a line of credit at the bank that requires it to pay 12.5% interest…

A: Annual effective rate is the actual rate that the borrower will get or pay over the amount land or…

Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: Present value if annuity due is when the payments, monthly or semi-annually or annually, are paid…

Q: Fifty Incorporated normally borrows from a bank to finance their daily operations. Information about…

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Q: Company received from a customer a one-year, P500,000 note bearing annual interest of 8%. After…

A: Notes Receivable is an instrument that is evidence of a debt and makes an obligation on the issuer…

Q: The company’s loan for P36,000 was approved by the bank on December 31, 2021.  The loan will be paid…

A: Adjusting Journal Entries The importance of the adjustment entries which can be provide more clarity…

Q: Suppose that you owe $2500 on a credit card   that charges 18% APR and you pay either the…

A: The number of months it will take to pay off the loan can be seen from the amortization table.

Q: On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of…

A:

Q: Milo Corporation has a line of credit with BDO for Ҏ5,000,000 in June 30, 2018 payable on December…

A: Here, Compensating Balance is 5% Charges are 15% Line of Credit issued on June 30,2018 Payable Date…

Q: On January 1, 20x1, an entity obtains an 11%, P5,000,000 bank loan. The bank charges the entity an…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: In reporting the note in Karen Company statement of financial position, prior to maturity what rate…

A: Prime Rate is the interest rate charged by commercial banks to their most creditworthy customers.

Q: company has obtained a short-term bank loan of P500,000 at an annual interest rate of 6 with a…

A: In this we have to determine effective interest rate.

Q: ackson Industries has borrowed $125,000 under a line-of-credit agreement. While the company normally…

A: Solution Given Amount borrowed $125000 Normal checking account balance 15000…

Q: The Premiere Company obtained a short-term bank loan for P1,000,000 at an annual interest rate 12%.…

A: "Since you have posted a multi-part question therefore as per the guidelines we will be solving the…

Q: Moon Company assigned P1,500,000 of accounts receivable as collateral for a P1,000,000 loan with a…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Pedro Gil Company must maintain a compensating balance of P50,000 in its checking account as one of…

A: Given: Loan amount = P500000 Interest paid on loan = 6% Compulsory compensating balance = P50000…

Q: In 2018, Bank Nizwa earned annual profit attributable to mudharabah depositors (mudharabah mutlaqah)…

A: Rate of return: It is the percentage rate at which a depositor earns on its deposits.

Q: Gara Co. reported the following liabilities at December 31, 20x1:   Accounts payable-trade…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: Given the certain rate of return, present value (PV) is the current value of a future sum of money…

Q: Young Company has a 7 percent annual interest rate on its bank loan which the company is in the…

A: Note : Dear student as per the Q&A guideline we are required to answer the first three subparts…

Q: Companies frequently borrow money under an arrangement that requires them to make periodic payments…

A: Loan from A:Loan A=$500000Rate=10% year simple interestFirst…

Q: Assuming loan made by M Enterprises to Banco De Oro amounting to P350,000.00 payable in three years…

A: A personal loan is the borrowed amount of money used to cover number of personal expenses. Personal…

Q: An amount of 5 million is placed on deposit from 17 August to 31 December at 6.7%. What would be the…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Bank A pays 2% interest compoundedannually on deposits, while Bank B pays 1.75% compounded daily.a.…

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Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

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Q: Assume, that on June 2, 2022, PVH Corp., borrowed $10,500,000 cash from Fifth Third Bank to meet…

A: Introduction: Many bonds or investments provide interest at maturity, which indicates that the whole…

Q: Bulldogs Inc. loaned a certain amount from a reputable bank for a term of one year at 8% quoted rate…

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Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: The present value of the installments can be calculated using PV or Present value function in excel.…

Q: Assuming loan made by M Enterprises to Banco De Oro amounting to P350,000.00 payable in three years…

A: Defination: A Drawer is a person who borrows money on credit and author of the check.A Payee is a…

Q: Wenzy Company discounted its own ₱250,000 one-year note at a bank, at a discount rate of 12% when…

A: Journal entry is defined as recording of the transactions of business into the books of entity and…

Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer…

A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…

Balance Sheet Regulations

A balance sheet is a financial statement that shows the position of a company's assets and liabilities on a specific date. The balance sheet is prepared after preparing the statement of profit and loss statement (income statement). The balance sheet and other financial statements differ in the sense that the balance sheet shows the financial position at any given point in time. In contrast, the other financial statements show the financial performance over a particular duration.