At the end of the month, the bank statement of Dream Company showed a balance of P102,000, service charge of P6,000, a customer's no-sufficient fund check of P20,000 and the proceeds of note collected by bank for Dream Company. The note had a face value of P15,000. Dream Company reported a balance of P128,000 in its cash account at the end of the month. At this time, there were P28,300 receipts not yet deposited and P12,000 of outstanding checks. How much is the interest on the note collected by the bank?
At the end of the month, the bank statement of Dream Company showed a balance of P102,000, service charge of P6,000, a customer's no-sufficient fund check of P20,000 and the proceeds of note collected by bank for Dream Company. The note had a face value of P15,000. Dream Company reported a balance of P128,000 in its cash account at the end of the month. At this time, there were P28,300 receipts not yet deposited and P12,000 of outstanding checks. How much is the interest on the note collected by the bank?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the month, the bank statement of Dream Company showed a balance of P102,000, service charge of P6,000, a customer's no-sufficient fund check of P20,000 and the proceeds of note collected by bank for Dream Company. The note had a face value of P15,000.
Dream Company reported a balance of P128,000 in its cash account at the end of the month. At this time, there were P28,300 receipts not yet deposited and P12,000 of outstanding checks.
How much is the interest on the note collected by the bank?
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