On January 1, 2021, Mickey Mouse Corporation borrowed P1,500,000 from Minnie Mouse Bank and issued a one-year note, which the bank discounted at 10%. Mickey Mouse Company hypothecated its accounts Receivable amounting to P2,200,000 as a collateral to the loan borrowed from Minnie Mouse Bank. It is also a policy of Minnie Mouse Bank to deduct in advance the one-year interest for the loan. How much is the amount of cash received from the bank on January 1, 2021?

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: On 1 November, Year 1, Noble Co. borrowed P80,000 from South Bank and signed a 12%, six-month note…

A: Solution: Interest on note at maturity = P * R* T = P80,000 * 12%*6/12 = P4,800

Q: On December 1, 2020, Papa Po Company assigned specific accounts receivable totaling P200,000 as…

A: Written promissory notes grant the receiver, or bearer, the right to obtain the sum specified in an…

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

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

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: On January 1, 2019, Love Co. sold merchandise to Kit Store in exchange for a non-interest bearing…

A: Formula: Interest amount = Bond face value x Interest rate Multiplying bond face value with interest…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: Accounts receivable can be defined as the money balance due for the goods being delivered or…

Q: On September 1, 2022, Darren Co. borrowed P150,000 from BPI by issuing 8% note due August 31, 2023,…

A: Note: Interest amount should be recognized on the amount borrowed. Accounts receivables pledged as…

Q: On April 1, 2021, Baker Construction, Inc. signed a note for a loan from its bank. The following are…

A: The journal entries are prepared by the company to record the monetary transactions of the company…

Q: On October 1, 2020, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National…

A: Date Account Titles and Explanation Debit Credit October 1, 2020 Cash $730,000     Interest…

Q: On March 1, 2021, X Co. assigns $60,000 of its accounts receivable as a collateral for a loan from…

A: Interest = 47000* 1% = 470 Principal repayment = 10,000

Q: On December 1, 2020, Lush Soma Company assigned specific accounts receivable totaling P5,000,000 as…

A: Part 1:

Q: On June 30, 2021, BTS Company factored P2,500,000 of accounts receivable for P2,250,000. The…

A: Loss on factored = (Accounts receivable - allowance for uncollectible accounts) - Amount received =…

Q: Swifty owes $ 3.6 million that is due on February 28. The company borrows $ 3000000 on February 25…

A: Since the $3.6 million note is repayable within 12 months from December 31 on the coming February…

Q: 1, 2020, DEF Company assigned specific accounts receivable totaling P5,000,000 as collateral on a…

A: A note payable( short tern loan) is taken from a bank and accounts receivables are given as…

Q: DE LA CRUZ Company received a 10%,180 day note from its customer on April 1, 2021. The note has a…

A: Solution : Given Face value          =P500,000 interest rate      =10% discount rate     = 12 % date…

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

A: Accounts receivable refers to the amount of goods and services rendered on credit but not payment…

Q: On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: s of January, February, September and October of 2021 were 8.50%, 9.25%, 9.60% and 9.80%. How much…

A: Interest rates have a direct influence on the deposit multiplier and, by extension, inflation…

Q: On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing…

A: Bonds-  The note/bond issuer offers collateral as security in this type of transaction. Such…

Q: On December 31, 2020, Sheridan Company has $5970000 of short-term notes payable due on February 14,…

A: ANSWER : Correct option is- $840,000.

Q: On December 31, 2020, Firth Company borrowed $62,092 from Paris Bank, signing a 5-year, $100,000…

A: Borrowed amount = $ 62092 Interest to yield = 10% Market rate of interest is 11% On December 31 ,…

Q: On December 1, 2021, Boxer Company assigned P 400,000 of accounts receivable to Karate Company as a…

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

Q: Green Bank loaned P9,000,000 to a borrower on January 1, 2018. The terms of the loan were payment in…

A: impairment Loss arises  where Carrying amount is the greater than the realisable value. carrying…

Q: On December 1, 2020, Papa Po Company assigned specific accounts receivable totaling P200,000 as…

A: Carrying amount is defined as the asset original cost minus the accumulated depreciation, and at…

Q: On December 31, 2020, Iva Majoli Company borrowed $62,092 from Paris Bank, signing a 5-year,…

A:

Q: a dealer in equipment. On December 21, 2021, the enitity sold an equipment in exchange for a…

A: The carrying value is the present value of annual installments that are to be paid in the future.

Q: Green Bank loaned P9,000,000 to a borrower on January 1, 2018. The terms of the loan were payment in…

A: An impairment loss is a loss in the value of an asset due to a decrease in the recoverable amount…

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

A: Interest accrued = Face value of note x rate of interest x no. of months /12 = P6000000 x 10%  x…

Q: On October 31, 2021, COVID borrowed $400,000 at 11% interest and pledged $500,000 in accounts…

A: The loan is the amount a business organization borrows from any financial institution or any third…

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

A: Given information is: On September 1, 2020, Thunder Company received an P80,000, 12%, 120-day note…

Q: Lowlife Company defaulted on a $250,000 loan that was due on December 31, 2021. The bank has agreed…

A: 1. Calculate the required annual payment when the interest rate is 10% and 4 payments are to be…

Q: On September 1, 2021, Sheffield Corp. issued a note payable to National Bank in the amount of…

A: A promissory note seems to be a signed promissory note. The borrower borrows a particular amount of…

Q: On December 31, 2021, Oregon Bank recorded an investment of P5,000,000 in a loan granted to a…

A: Solution- PV of principal (5,000,000 x .75)                                  =3,750,000 PV of…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: The note payables are the amount that the business has to pay to the other person.

Q: Green Bank loaned P9,000,000 to a borrower on January 1, 2018. The terms of the loan were payment in…

A: Carrying value of the loan receivable is calculated by discounting the future cash flows from the…

Q: n December 1, 2020, Max Company assigned specific accounts receivable totaling P5,000,000 as…

A: Answer: A note payable( short tern loan) is taken from a bank and accounts receivables are given as…

Q: On January 1, 2021, Banco de Oro made a 1,000,000 8% loan with interest receivable at the end of…

A: Principal Repayment- A principal payment is an imbursement that goes toward the reimbursement of the…

Q: On June 1, 2008, Dara Corporation loaned Irvin P20,000,000 on a 12% note, payable in five annual…

A: Interest Receivables: When it comes to notes receivable, the interest rate is usually fixed, and the…

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: n December 1, 2020, P Company assigned specific accounts receivable totaling P200,000 as collateral…

A: In the given situation, P Company takes a note payable of P150,000 by assigning collateral of…

Q: Green Bank loaned P9,000,000 to a borrower on January 1, 2018. The terms of the loan were payment in…

A: Interest income is calculated by multiplying the rate of interest with the carrying value as on…

Q: On June 1, 2021, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a…

A: Carrying value of note on June 1, 2021 is = Face/Maturity value of note - Discount on note

Q: Green Bank loaned P9,000,000 to a borrower on January 1, 2018. The terms of the loan were payment in…

A: To calculate the carrying value to be presented in statement of financial position, discount the…

Q: Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the…

A: Meaning of Journal Entries:                   Journal entries are the record of business…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: Account Receivable - It refers to the money that a company is owned by from the customers. It is the…

Q: On December 1, 2022, Grenade Company assigned specific accounts receivable totaling P2,000,000 as…

A: When a borrower keeps the accounts receivable as collateral while borrowing money from a lending…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: The amount of cash received is determined after deduction of finance fees @ 5% on accounts…