Assuming loan made by M Enterprises to Banco De Oro amounting to P350,000.00 payable in three years with 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.

Q: A loan of $21,919 was repaid at the end of 18 months. What size repayment check (principal and…

A: Answer -    Given Data, P = $ $21919 r = 10.7% = 0.107 t  = 18 months = 18/12 = 1.5 yrs   Formula,…

Q: What is the entry: someone lend money to my company $10,000 cash in exchange for a two-year, 6% note…

A: Cash: Cash is the money that is readily available in the form of currency. Since cash can be easily…

Q: A loan has been made by the bank on 31st October for 60 days to Company Trading LLC. Company Trading…

A: Journal Entry: It is used to record the business transactions of an enterprises.

Q: 1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries.…

A: Interest = Value of Note * Interest Rate * No. of DaysInterest = $70,894 * 9% * 120/360Interest =…

Q: A company purchases equipment with a $20,000 note payable. The note is to be paid in $5,000 annual…

A: Usually, notes payable is to be treated as a current liability for the organization but as per the…

Q: 1. A bank is offering to sell certificates of deposit valued at $ 5,000.00. At the end of 3 years,…

A: Solution:- Given, A Bank Deposited Value = $5,000 At the end of 3 years = $5,310 Interest for 3…

Q: WHAT AMOUT SHOULD BE RECOGNIZED?  Paid cash of P200,000 and issued a note for the purchase of a…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent…

A: The interest amount is obtained when the loan amount is multiplied by the interest rate. Interest…

Q: 1. A lending institution charges its client Php 1,008,000 on a loan of Php 1.6M for 5 years and 3…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: CHuee Company borrows $40,000 from the local bank at 8% interest. The term of the note is 5 years,…

A: Interest means the extra amount paid over and above the principal amount of loan. Total amount…

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: 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: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…

A: Solution....   (a).After  issuing of notes  Current assets  = $900,000  Current liabilities =…

Q: On June 30, Year 3, Munoz Company's total current assets were $499,500 and its total current…

A: Before transaction Working capital = current assets - current liabilities = 499500 - 272000 = 227500…

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: Mr. Poseidon Neptune, owner of Underwater Bar Inc., borrowed P350,000 at 11% from a bank to expand…

A:

Q: What is the correct debit/credit entry for... Company borrows $3 million from a bank with interest…

A: There are 3 golden rules for recording journal entry : 1. Debit what comes in , Credit what goes out…

Q: A six-month bank loan in the amount of $12,000 had been obtained on September 1. Interest is to be…

A: Accrual Concept - According to this concept all the expenses incurred whether paid or not and all…

Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…

A: Formulas: Working Capital = Total Current assets - Total Current liabilities Current ratio = Total…

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

A: Given:

Q: On January 1 of this year, Shannon Company completed the following transactions (assume a 10% annual…

A: Working:  Annual payment (P) = $40,000  Number of years (n) = 10 years  Rate of interest (r) = 10% =…

Q: 1.Jude borrowed money from the bank.He received Php 18,000 & promised to pay Php 22,750 at the end…

A: Solution:- Given, 1). Received money = Php 18,000 Promised to pay = Php 22,750

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: On June 30, Year 3, Perez Company's total current assets were $495,500 and its total current…

A: 1. WORKING CAPITAL : = CURRENT ASSETS - CURRENT LIABILITIES  2. CURRENT RATIO : = CURRENT ASSETS /…

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

A: A drawer is a person who borrows money on credit and author of the check. A payee is a person on…

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: A lending company charged its client P2,750 on a loan of P15,800 for 2 years and 3 months. What…

A: The rate of interest charged can be calculated with the help of simple interest function

Q: On January 1, 20x1, SUBDUE Co. borrowed 10%, P4,000,000 loan from CONQUER Bank. Principal is due on…

A: Bank service fees = Loan amount x 3% = 4000000 x 3% = 120,000

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: A company that specializes in odor control made deposits of PhP 10,000 at the end of year 2, PhP…

A: The future value of the cash flow is the current worth of a cash flow at a certain rate of interest…

Q: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an…

A: The process of creating financial statements to indicate an entity's financial condition is known as…

Q: On January 1 of this year, Shannon Company completed the following transactions (assume a 10% annual…

A: Present Value = Future Value1+in   Present Value Factor @ 10% Year Present Value Factor @10% 1…

Q: On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face…

A: Proceeds of the note = Face value value of the note - discount amount

Q: A man borrowed Php 8000 from RCBC and agreed to pay the loan at the end of 9 months. The bank…

A: AMount borrowed is Php 8000 Time period is 9 months Amount received after discount is Php 5000 To…

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

A: The amount borrowed is the present value is the discounted value of future payments. This is…

Q: At the beginning of a month, a customer owes a credit card company $8480. In the middle of the…

A: A credit card allows the holder to spend for their needs and allows them to pay at a later date…

Q: abardeen corporation borrowed 58,000 from the bank on october 1, year 1.  The note had a 4 percent…

A: Note payable: Note payable refers to the liability of the business, as business borrow money against…

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

A: Solution :  Calculate the PV of the Ordinary Annuity: Payment $10,000 n 5 i   7% Present…

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

A: Canliss Mining Company borrowed amount equals to Present value of all future payment of 10000 at the…

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

A: Canliss would have borrowed an amount equal to the present value of $10,500 paid for 5 years @ 5%.…

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 6 percent…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: A loan of $21,238 was repaid at the end of 10 months. What size repayment check (principal and…

A: Interest is the amount charged for amount of of loan borrowed. Interest is also received on the…

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: an amount of Php 5000 is deposited in a bank at 5% compounded quarterly for 3 years. After 3 years…

A: We need to use compounding interest formula first to calculated amount after 3 years A=P(1+i)n Where…