Company received from a customer a one-year, P500,000 note bearing annual interest of 8%. After holding the note for six months, the entity discounted the note without recourse at 10%.  What amount of cash was received from the bank?

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent…

A: Workings. a) Given, Loan Amount=$10000,Interest Rate=6%,Time=8 months(i.e. from May to December)…

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: A 180-day, 12% interest bearing note receivable is sold to a bank without recourse after being held…

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

Q: using 360 days in a year, how much cash did thunder company receive from the bank?

A: Given information is: On september 1 thunder company received an p80,000, 12%, 120-day note from a…

Q: Jacobs Company borrowed $10,000 on a one-year, 8 percent note payable from the local bank onApril 1.…

A: Notes payable:   Notes Payable is a written promise to pay a certain amount on a future date, with…

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: On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount…

A: A promissory note can be described as a legal document that documents a loan between the lender and…

Q: Shady Tree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

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: ABS-CBN COMPANY received from a customer a one-year, $500,000 note bearing annual interest of 8%.…

A: Discounting seems to be the act of transferring or surrendering a customer's notes receivable to a…

Q: On June 30, Year 3, Rundle Company's total current assets were $497,500 and its total current…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: FDN Company signed a 90-day, 8% P150,000 note with the bank for cash borrowed. On maturity date, the…

A: The balance sheet represents the financial position of the business  The note payable is recorded as…

Q: Cornbip Company received from a customer a on-year, $500,000 note bearing annual interest of 8%.…

A: The interest amount to be received by the company shall be considered while calculating the amount…

Q: LISA Corp. received from MIK Corp. a one-year, $375,000 note bearing annual interest of 8%. After…

A: Maturity value of Note = Face value of note + interest = $375000 + 375000*8%*12/12 = $405,000

Q: On May 15, FDN Trading signed a P150,000, 12 percent, 150-day note payable with the bank. The note…

A: Notes payable is defined as the liabilities that are usually issued for the long term. It indicates…

Q: On December 1, Williams Company borrowed $45,000 cash from Second National Bank by signing a 90-day,…

A: >Notes Payables are the note issued by the borrower, agreeing to pay the amount of note, along…

Q: On January 1, 2018, a business borrowed $15,000 on a five-year, 6% note payable. At December 31,…

A: On December 31, 2018, entry will be passed for booking of interest accrued for the year 2018.…

Q: On June 30, Year 3, Franklin Company's total current assets were $496,000 and its total current…

A: Total current assets after issuing the note =Total current assets before issuing the note + Cash…

Q: X Corporation accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. On…

A: Simple interest = Principal ×Interest rate × Time =P400,000 × 10% × 612=P20,000   Maturity value =…

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent…

A: a. Interest income = Loan amount x interest rate x no. of months/12 = $12000*7%*8/12 = $560

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

A: A promissory note is a financial instrument that contains a written promise by one party (the note's…

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Formula: Discount amount = Face value amount x Discount rate

Q: Q#1. Show the size of each of the equal quarterly payments made to pay off the principal and the…

A: Loan amount =$15,000 Interest rate  =10% quarterly rate=10%/4 (2.5%) present value of annuity factor…

Q: Jacobs Company borrowed $10,000 on a one-year, 8 percent note payable from the local bank on April…

A: The loan from bank has been taken against note payable in one year with interest payments paid…

Q: Mika Company secured a one-year bank loan of P8,000,000 on October 1, 2010.  The loan is discounted…

A: Loan Amount = P 8,000,000 Discount Rate = 10 % Repayment = Due after one year

Q: On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $68,500 face value,…

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating…

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

A: d. Compute the total amount of cash (principal and interest) that was paid to bank on March 31, Year…

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: On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of…

A:

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: Abardeen Corporation borrowed $90,000 from the bank on October 1, Year 1. The note had an 8 percent…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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: Accounts receivable in the amount of $658,000 were assigned to the Fast Finance Company by Sunland,…

A: Account Receivable - Amount which is due from the customer for merchandise or service purchased on…

Q: Maxx Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…

A: Adjusting entries are also known as closing entries because these are prepared at the time of…

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

A: The company will sell the products at cash or at credit. If the company sells the product at credit,…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On June 30, Year 3, Rundle Company's total current assets were $501,000 and its total current…

A: 1. WORKING CAPITAL : = ( CURRENT ASSET - CURRENT LIABILITIES ) 2. CURRENT RATIO : = ( CURRENT ASSET…

Q: CPA Co. received from a customer a one-year, P1,000,000 note bearing annual interest of 10%. After…

A: Factoring is the financial institution where firm can sell their account receivable at a discount…

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: Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years…

A: Compound Interest= P×1+rnnt-P

Q: On November 15, FDN Trading signed a P360,000, 12 percent, 180-day note payable with the bank. The…

A: Solution: Discount amount = P360,000 * 12%*180/360 = P21,600

Q: Misk, Inc. received from a customer a one-year, $750,000 note bearing annual interest of 9%. After…

A: Note Receivable is an asset for the firm that the account receivable would settle their account on…

Q: On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $100,000 face value,…

A: The financial statement indicates the operational activities of the entity and its stand in the…

Q: on september 1 excellent company received an p80,000, 12%, 120-day note from a credit customer…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

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

A: Foremost company's Received note bearing annual interest of 8% = P500000 Maturity = 1 year Maturity…

Q: C company discounted its own 250,000 one year note at a bank, at a discount rate of 12% when the…

A: Company discounting its notes means, the company is presenting its notes receivable from the…