How much did A receive from the discounting of notes receivable?
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- 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?Tagum Inc. required additional cash for its operation and used accounts receivable to raise such needed cash, as follows: On December 1, 2021 Tagum Inc. assigned on a non-notification basis accounts receivable of P 5,000,000 to a bank in consideration for a loan of 90% of the receivables less 5% service fee on the accounts assigned. Tagum Inc. signed a note for the bank loan. On December 31, 2021, Tagum Inc. collected assigned accounts of P3,000,000 less discount of P 200,000. Tagum Inc. remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. Tagum Inc. sold P 1,550,000 of accounts receivable for P 1,340,000 . The receivables had a carrying amount of P 1,470,000 and were sold outright on a nonrecourse basis. Tagum Inc. received an advance of P 300,000 from Union Bank by pledging P 360,000 of accounts receivable On June 30, 2021,…Tagum Inc. required additional cash for its operation and used accounts receivable to raise such needed cash, as follows: On December 1, 2021 Tagum Inc. assigned on a non-notification basis accounts receivable of P 5,000,000 to a bank in consideration for a loan of 90% of the receivables less 5% service fee on the accounts assigned. Tagum Inc. signed a note for the bank loan. On December 31, 2021, Tagum Inc. collected assigned accounts of P 3,000,000 less discount of P 200,000. Tagum Inc. remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. Tagum Inc. sold P 1,550,000 of accounts receivable for P 1,340,000 . The receivables had a carrying amount of P 1,470,000 and were sold outright on a nonrecourse basis. Tagum Inc. received an advance of P 300,000 from Union Bank by pledging P 360,000 of accounts receivable On June 30,…
- On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000. a bank in consideration for a loan of 80% of the What is the balance of accounts receivable assigned on December 31, 2020?On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000. a bank in consideration for a loan of 80% of the What is the balance of accounts receivable assigned on December 31, 2020? Your answer In the preceding problem, what is the carrying amount of the note payable on December 31, 2020? * Your answer In the preceding problem, what is the equity of the assignor in assigned accounts on…Indie Company had the following account balances at December 31, 2021:Cash in Metrobank (includes P300,000 of compensating balance against short term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Indie Company) - P1,875,000Cash in BPI - P180,000Cash on hand (includes a customers check for P15,000 dated January 5, 2022) - P125,000Cash restricted for acquisition of machinery (expected to be disbursed in 2022) - P1,600,000How much is the total cash reported in the current asset section of Indie Company's December 31, 2021 statement of financial position?
- Indie Company had the following account balances at December 31, 2021: Cash in Metrobank (includes P300,000 of compensating balance against short term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Indie Company) - P1,875,000 Cash in BPI - P180,000Cash on hand (includes a customers check for P15,000 dated January 5, 2022) - P125,000 Cash restricted for acquisition of machinery (expected to be disbursed in 2022) - P1,600,000 How much is the total cash reported in the current asset section of Indie Company's December 31, 2021 statement of financial position?On December 1, 2020, RB Company assigned on a non notification basis accounts receivable of Php.6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for a bank loan. On December 31, 2020, the entity collected assigned accounts of Php.2,000,000 less discount of Php.200,000. The entity remittted the collections to the bank in partial payment for the loan. The bank applied first the collection to the to the interests and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,00 on the assigned accounts and wrote off assigned accounts totaling Php.300,000. What is the equity of the assignor in assigned accounts on December 31, 2020?On December 1, 2020, RB Company assigned on a non notification basis accounts receivable of Php.6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for a bank loan. On December 31, 2020, the entity collected assigned accounts of Php.2,000,000 less discount of Php.200,000. The entity remittted the collections to the bank in partial payment for the loan. The bank applied first the collection to the to the interests and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,00 on the assigned accounts and wrote off assigned accounts totaling Php.300,000. What is the carrying amount of the note payable on December 31, 2020?
- On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. 'The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000. what is the carrying amount of the note payable on December 31, 2020?On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000. What is the equity of the assignor in assigned accounts on December 31, 2020?On October 31, 2021, Bundle Company engaged in the following transactions: (1) Obtained a P500,000, six-month loan from City Bank, discounted at 12%. The company pledged P500,000 of accounts receivable as security for the loan. What is the total cash received from the financing of receivables?