On January 1, 2021, Whitney Company sold the following merchandise inventory: Buyer Mode of payment Celine Company 11% promissory note amounting to P75,000 payable every end of the year for three periods. Mariah Company Noninterest-bearing note amounting to P210,000 payable in 3 annual installments every end of the year. The effective rate is 9% and the entity uses 2 decimal places for the PVF. How much is the note receivable at year-end (round-off answer to the nearest peso amount)?
On January 1, 2021, Whitney Company sold the following merchandise inventory: Buyer Mode of payment Celine Company 11% promissory note amounting to P75,000 payable every end of the year for three periods. Mariah Company Noninterest-bearing note amounting to P210,000 payable in 3 annual installments every end of the year. The effective rate is 9% and the entity uses 2 decimal places for the PVF. How much is the note receivable at year-end (round-off answer to the nearest peso amount)?
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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On January 1, 2021, Whitney Company sold the following merchandise inventory:
Buyer Mode of payment
Celine Company 11% promissory note amounting to P75,000 payable every end of the year for three periods.
Mariah Company Noninterest-bearing note amounting to P210,000 payable in 3 annual installments every end of the year. The effective rate is 9% and the entity uses 2 decimal places for the PVF.
How much is the note receivable at year-end (round-off answer to the nearest peso amount)?
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