PELADRA Company assigned P500,000 of accounts receivable to PANCHO Finance Company as a security for a loan of P420,000. PANCHO charged a 2% commission on the amount of the loan. The interest rate on the note was 2% a month. During the first month, PELADRA collected P110,000 on assigned accounts after deducting P380 of discounts. PELADRA accepted returns worth P1,350 and wrote off assigned accounts totaling P3,700. PELADRA remitted the collections on the assigned accounts as payment for interest and the loan. 29. The amount of cash PELADRA received from PANCHO at the time of the transfer was: 30. How much is the equity in the assigned accounts receivable as of the end of the first month?
PELADRA Company assigned P500,000 of accounts receivable to PANCHO Finance Company as a security for a loan of P420,000. PANCHO charged a 2% commission on the amount of the loan. The interest rate on the note was 2% a month. During the first month, PELADRA collected P110,000 on assigned accounts after deducting P380 of discounts. PELADRA accepted returns worth P1,350 and wrote off assigned accounts totaling P3,700. PELADRA remitted the collections on the assigned accounts as payment for interest and the loan. 29. The amount of cash PELADRA received from PANCHO at the time of the transfer was: 30. How much is the equity in the assigned accounts receivable as of the end of the first month?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
PELADRA Company assigned P500,000 of accounts receivable to PANCHO Finance
Company as a security for a loan of P420,000. PANCHO charged a 2% commission on
the amount of the loan. The interest rate on the note was 2% a month. During the
first month, PELADRA collected P110,000 on assigned accounts after deducting P380
of discounts. PELADRA accepted returns worth P1,350 and wrote off assigned accounts
totaling P3,700. PELADRA remitted the collections on the assigned accounts as
payment for interest and the loan.
29. The amount of cash PELADRA received from PANCHO at the time of the transfer
was:
30. How much is the equity in the assigned accounts receivable as of the end of the
first month?
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