On December 1, 2020, Papa Po Company assigned specific accounts receivable totaling P200,000 as collateral on P150,000, 12% note from a Bangko Bank. Papa Po Company will continue to collect the assigned accounts receivable. In addition to the interest on the note, the bank also charged 5% finance fee deducted in advance on the 150,000 value of the note. The December collections of assigned accounts receivable amounted to 100,000 less cash discounts of 5,000. On December 31, 2020 Papa Po Company remitted the collections to the bank in payment for the interest accrued on December 31, 2020 and the note payable. What amount should be disclosed as the equity of Papa Po Company in assigned accounts on December 31, 2020?

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

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A: Current liability represents the obligation that has to be paid within a year.

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A: given that, The company assigned specific accounts receivable totaling P4,000,000 as collateral on a…

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A: Part 1:

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A:

Q: On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of…

A: In some case the company takes the loan by assigning its accounts receivable to a bank. It means…

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Q: How much cash did Thunder Company receive from the bank? *

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