EXO Company accepted a P400,000 face value, six-month, 9% note dated May 15 from a customer. After holding the note for two months, EXO discounted the note without recourse at East Bank at a 12% discount rate and appropriately accounted the discounting as a sale. Accrued interest was appropriately recorded prior to discounting. What was the loss recognized by EXO Company on the sale of notes receivable?

Q: A P2,400,000, 6-month, 10% note dated May 1 is received from a customer by an entity and discounted…

A: As you have posted multiple independent questions, we are answering first three requirements. Please…

Q: Haru Company sold accounts receivable without recourse for P10, 600,000. Mild company received P10,…

A: Factoring of Accounts Receivable :              Accounts receivable are the money owe by the debtors…

Q: 3) On January 1, 2020 Elisha Company reported Accounts Receivable of P1,300,000, net of allowance…

A: Calculation of accounts receivable at the year end Dec 31, 2020 Particulars Amount Account…

Q: BTS Company accepted a P400,000 face value, six-month, 9% note dated May 15 from a customer. After…

A: Interest accrued =  face value of note x rate of interest x no. of months/12 = P400,000 x 9% x 2/12…

Q: On May 2, Splish Company lends $8,900 to Chang, Inc., issuing a 6-month, 10% note. At the November…

A: Interest revenue = Amount of Notes receivable x rate of interest x no. of months/12 = 8900*10%*6/12…

Q: On January 16, Gee Company accepted a P600,000, 10%, 90-day note from a customer. On February 15,…

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

Q: APA, Inc. signed a note payable to its bank for P10,000. Accrued interest on the note on February…

A: Given data, Note payable =P10,000 Accrued interest =P250 Inventory at selling price=P8,000 unsecured…

Q: Morton Company had the following select transactions. 1, 2021 Accepted Remington Company's 1-year,…

A: Journal entries by far are one of the most crucial skills to develop in an accounting profession.…

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 July 31, 2021, JUNGKOOK  Company borrowed from a bank via issuing a 13.2% note. Transaction costs…

A: Meaning of the note is that it is a legal document that acts as an IOU from the borrower to the…

Q: Otter Company has a receivable amounting to P1,200,000; Otter had previously established an…

A: Net realizable value of receivables = Beginning receivable  - Beginning Allowance for bad debts =…

Q: On April 1, 2020 XYZ Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Interest amount=P6000000×0.10×912=P350,000

Q: ABC Company accepted from a customer ₱600,000 face amount, 9-month, 8% note dated June 15, 20x2. On…

A: Discount on note @12% =  Face value of note x rate of discount x no. of months/12 = ₱600,000 x 12% x…

Q: On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September…

A: Discounting of notes receivable is a technique where in a business entity discounts its note…

Q: In 2X19, Land Corporation acquired land by paying P2,000,000 and signing a note with a face value of…

A: NOTE : As per BARTLEBY guidelines, when multiple sub parts are given then first three sub parts are…

Q: On October 1, 2021, Claude Co. discounted a P600,000, one-year, 12% note, received from a customer…

A: Since you have asked two questions under a single question, as per protocol we are supposed to…

Q: Bruno received a one-year, P 375,000 note bearing annual interest of 8% from a customer. After…

A:

Q: 12. On November 1, 20x1, Forgive Co. discounted a P1,000,000, 90-day, 12% note, dated September 15,…

A: The amount owing to a corporation for goods or services delivered or used but not yet paid for by…

Q: On April 1, 2020, Neptune Company discounted with recourse a 9-month, 10% note dated January 1, 2020…

A: Face Value of note= P6,000,000 Duration and rate= 9-month, 10% note Bank discount rate= 12% Fee=…

Q: On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September…

A: Introduction: Accounts payable are a company's liabilities to its suppliers or other third parties.…

Q: Marylett Company accepted from a customer in settlement of an account a 4,000,000, 90-day 12% note…

A: The note receivable is a current asset for the business, which is issued as a promissory note by…

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 October 31, 2018 Garamond Company discounted at the bank a customer's P600,000, 6-month, 10% note…

A: Notes Receivables:-It is a written document in which the bearer receives the amount which the…

Q: . On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on…

A: Discounted notes are a way for a business to reduce its receivable amount to meet its immediate…

Q: How much is the interest expense for 2020?

A: Interest expenses are those expenses which the company has to pay on amount which is outstanding and…

Q: In 2X19, Land Corporation acquired land by paying P2,000,000 and signing a note with a face value of…

A: NOTE: As per BARTLEBY guidelines, when multiple sub parts are given then first three sub parts are…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: When an asset is exchanged at a fair price between two parties, the sum for which the asset is…

Q: On January 16, K Corp, accepted a P600,000, 9%, 90 day note from a customer. On February 10, the…

A: Step 1 Discount of trade bills is short-term financing granted by the Bank. The Bank purchases trade…

Q: A company sold goods to a customer in exchange for a 5-year, zero-interest-bearing note on January…

A: Given: Face value of the note=$244000Present value factor for 10% and 5 years =0.62 Zero -interest…

Q: A Corp. provided the following information regarding its Notes Receivable at December 31, 2021:…

A: Note  Gross carrying amount  Lifetime expected credit losses 12-month expected credit losses Credit…

Q: On April 1, 2020 ZAB Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Interest expense is the expense on the cost of borrowing money. This price is charged by lender to…

Q: Extended the maturity to December 31, 2X23. • The P480,000 interest due on December 31, 2X21 was…

A: NOTE : As per BARTLE BY guidelines, when multiple sub parts are given then  the first three sub…

Q: EXO Company accepted a P400,000 face value, six-month, 9% note dated May 15 from a customer. After…

A: Interest accrued =  face value of note x rate of interest x no. of months/12 = P400,000 x 9% x 2/12…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Note receivable can be defined as a written contract between two parties under which one party…

Q: Bruno received a one-year P375,000 note bearing annual interest of 8% from a customer. after holding…

A: Formula: Interest amount = Notes payable x Interest rate x Time period.

Q: On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%,…

A: Maturity value of the note = Face value of note + interest = P500000 + (500000*8%*90/360) = P500,000…

Q: On December 31 , 2018 Nicholas Co. is in financial difficulty and cannot pay a note due that day .…

A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%,…

A: Maturity value of the note = Face value of note + interest = P500000 + (500000*8%*90/360) = P500,000…

Q: Pina Colada Corp. has the following transactions related to notes receivable during the last 2…

A: Introduction: A journal entry is used in a company's accounting records to disclose a business…

Q: On December 1, 2020, Company assigned specific accounts receivable totalling P4,000,000 as…

A: The balance due to the company for goods and services provided but not yet charged by customers is…

Q: Whispering Supply Co. has the following transactions related to notes receivable during the last 2…

A: .Journal entries are recorded to record financial transactions in the books of accounts. These…

Q: On July 31, 2021, ABC Company borrowed from a bank via issuing a 13.2% note. Transaction costs of…

A: No expense in 2020 because no point related to the 2020 year. Where as in 2021 the interest expense…

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: 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: Otter company has a receivable amounting to P1,200,000 otter had previously established an allowance…

A: Solution : Given Face value of receivable               =1,200,000 Allowance for bad debts…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Notes receivable refers to an item which is present at the balance sheet of the company which…

Q: Morton Company had the following select transactions. Apr. 1, 2020 Accepted Remington Company's…

A: Answer -  Ineterest Receivables - 1. (25000*12%*9/12) = 2250 2. (15000*10%*6/12) = 750

Q: On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was…

A: Maturity value of the note = Face value of note + interest = P75,000 + (P75,000*8%*90/360) = P75,000…

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: On December 31, 2020, the entity collected the dishonored note receivable in full plus 12% annual…

A: