On December 1, 2021, Boxer Company assigned P 400,000 of accounts receivable to Karate Company as a security for a loan of P 335,000. Boxer Company charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During December, Boxer collected P 110,000 on assigned accounts after deducting P 380 discounts. Boxer accepted returns worth P 1,350 and wrote off assigned accounts totaling P 2,980. QUESTION: What is the carrying value of the accounts receivable assigned as of December 31, 2022? O P 285,290 O NONE O P 289,620 O P 290,000

On December 1, 2021, Boxer Company assigned P 400,000 of accounts receivable to Karate Company as a security for a loan of P 335,000. Boxer Company charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During December, Boxer collected P 110,000 on assigned accounts after deducting P 380 discounts. Boxer accepted returns worth P 1,350 and wrote off assigned accounts totaling P 2,980. QUESTION: What is the carrying value of the accounts receivable assigned as of December 31, 2022? O P 285,290 O NONE O P 289,620 O P 290,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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