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ber 30, 2025, the maturity. The c ty.

ber 30, 2025, the maturity. The c ty.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.1BE: Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a...
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Numbers 6-7 Marylett Company accepted forma customer in settlement of an account a P4,000,000, 90-day 12% note dated August 31, 2025. On September 30, 2025, the entity discounted the note at 15% with recourse at the bank. The note was paid in full by the maker on maturity. The discounting with recourse is accounted for as a conditional sale with recognition of a contingent liability. 6. What amount was received from the note receivable discounting? a. 4,017,000 b. 4,120,000 c. 4,103,000 d. 3,965,500 7. What is the loss on note receivable discounting? c. 17,000 a. 40,000 b. 23,000 d. 0
Transcribed Image Text:Numbers 6-7 Marylett Company accepted forma customer in settlement of an account a P4,000,000, 90-day 12% note dated August 31, 2025. On September 30, 2025, the entity discounted the note at 15% with recourse at the bank. The note was paid in full by the maker on maturity. The discounting with recourse is accounted for as a conditional sale with recognition of a contingent liability. 6. What amount was received from the note receivable discounting? a. 4,017,000 b. 4,120,000 c. 4,103,000 d. 3,965,500 7. What is the loss on note receivable discounting? c. 17,000 a. 40,000 b. 23,000 d. 0
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