P72,000. At the end of the period, FDN Trading’s notes payable had a balance of P190,000. How much is the beginning balance of the notes payable?
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During the period, FDN Trading issued another promissory note for an additional loan of P67,000 and made total payments of P72,000. At the end of the period, FDN Trading’s notes payable had a balance of P190,000. How much is the beginning balance of the notes payable?
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- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseOn December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
- A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
- During the period, FN Trading issued another promissory note for an additional loan of P74,000 and made total payments of P52,000. At the end of the period, FN Trading's notes payable had a balance of P190,000. How much is the beginning balance of the notes payable?On December 31, 2021, MATARLO Company received two P1,000,000 notes receivable from customers in exchange for services rendered. On both notes, interest is calculated on the outstanding principal balance at the annual rate of 3% and payable at maturity. The note from MAGLINTE Company, made under customary trade terms, is due in nine months and the note from MADERSE Company is due in five years. The market interest rate for similar notes on December 31, 2021 was 8%. The compound interest factors to convert future value into present value at 8% follow: Present value of 1 due in nine months, 0.944 and the present value of 1 due in five years is 0.680. 33. What is the total carrying amount of the notes receivable to be presented at the 2021 statement of financial position?On December 1, 2020, RB Company issued accounts receivable of Php6,000,000 to a bank in exchange for a loan of 80% of the accounts minus a 5% service charge on the accounts assigned. The entity signed a bank loan note. On December 31, 2020, the company collected Php2,000,000 in assigned accounts minus a discount of Php200,000. The collections were submitted to the bank as partial payment for the loan. The bank applied the collection first to the interest and then to the principal. On the loan balance, the agreed-upon interest rate is 1% each month. On the allotted accounts, the organisation took sales refunds of Php 100,000 and wrote down assigned accounts totaling Php300,000.
- Anama Company is a dealer of equipment. On January 1, 2021, the entity sold equipment in exchange for a noninterest-bearing note requiring 5 annual payments of P850,000. The first payment was made on December 31, 2021. The market rate for a similar note was 9%. The entity used 2 decimal places for the PV factor. How much is the carrying amount of the note receivable on December 31, 2021?On December 1, 2016, Bamboo Company assigned specific accounts receivable totaling P4,000,000 as collateral on a P3,000,000, 12% note from a certain bank. The entity will continue to collect the assigned accounts receivable. In addition to the interest on the note, the bank also charged a 5% finance fee deducted in advance on the P3,000,000 value of the note. The December collections of assigned accounts receivable amounted to P2,000,000 less cash discount of P100,000. On December 31, 2020, the entity remitted the collections to the bank in payment for the interest accrued on December 31, 2016, and the note payable. The entity accepted sales returns of P150,000 on the assigned accounts and wrote off assigned accounts of P200,000. 1. What amount of cash was received from the assignment of accounts receivable on December 1, 2016? a. 4,000,000 b. 3,000,000 c. 3,800,000 d. 2, 850,000 2. What is the carrying amount of note payable on December 31, 2016? a. 1,000,000 b. 1, 100,000 c.…On December 1, 2016, Bamboo Company assigned specific accounts receivable totaling P4,000,000 as collateral on a P3,000,000, 12% note from a certain bank. The entity will continue to collect the assigned accounts receivable. In addition to the interest on the note, the bank also charged a 5% finance fee deducted in advance on the P3,000,000 value of the note. The December collections of assigned accounts receivable amounted to P2,000,000 less cash discount of P100,000. On December 31, 2020, the entity remitted the collections to the bank in payment for the interest accrued on December 31, 2016, and the note payable. The entity accepted sales returns of P150,000 on the assigned accounts and wrote off assigned accounts of P200,000. 1. What amount should be disclosed as the equity of Bamboo Company in assigned accounts on December 31, 2016? a. 550,000 b. 870,000 c. 520,000 d. 970,000 2. What is the carrying amount of notes payable on December 31, 2016? a. 1,000,000 b. 1, 100,000 c.…
