1.Justine Company received the proceeds ofP48,750 from discounting a P50,000, 90-daynote at Metrobank. The discount rate used bythe bank in computing the proceeds wasa. 10.00%b. 10.26%c. 6.25%d. 9.75%2. Bank of the Philippine Islands has loanedP12,000 to Aina Company using a 60-daynon-interest-bearing note. The bankdiscounted the note at 12%. The proceeds ofthe loan will be *a. P240.b. P12,000.c. P11,760.d. P12,2403.On July 1, 2019, Maricris Company receiveda P20,000 promissory note from JordynCompany. The annual interest rate is 5%.Principal and interest are paid in cash at thematurity date of June 30, 2020. If Maricris'sfiscal year ends September 30, 2019, anadjusting entry is needed to:a.Increase interest receivable by P250b.lncrease notes receivable by P1,000c.Increase notes receivable by P250d.Increase interest revenue by P1,000

Hey, since there are multiple questions posted, we will answer first question. If you want any…

1.Justine Company received the proceeds of P48,750 from discounting a P50,000, 90-day note at Metrobank. The discount rate used by the bank in computing the proceeds was * а. 10.00% b. 10.26% с. 6.25% d. 9.75%

1.Justine Company received the proceeds of P48,750 from discounting a P50,000, 90-day note at Metrobank. The discount rate used by the bank in computing the proceeds was * а. 10.00% b. 10.26% с. 6.25% d. 9.75%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

If beginning and ending interest receivable were P16,000 and P5,000, respectively. Total interest income for the period amounted to P52,000, how much would be the amount of interest collections for the period?a. P31,000 c. P52,000b. P41,000 d. P63,000
Justine Company received the proceeds of P48,750 from discounting a P50,000, 90-day note at Metrobank. The discount rate used by the bank in computing the proceeds was
Bank of Charub ($ million)Assets: Liabilities and Net Worth:270 day US Treasury bills $500m 1 year Certificates of Deposit $550m2 year consumer loans Demand Deposits $750mFixed rate, 12% p.a. annually $275m 2 year Bonds $175m7 year commercial loans $350m Fixed rate, 7.5% p.a. annuallyFixed rate, 9% p.a. annually Overnight Fed Funds $350m10 year fixed rate mortgages $675mFixed rate, 6.5% p.a. monthly10 year floating rate mortgages $125m Equity $100mLIBOR+50bp, monthly roll dateNotes: The 1 year Certificates of Deposit pay 1.95% p.a. annually. The demand depositsare non-interest bearing and have a duration of zero. The 7 year commercial loans have aduration of 4.75 years. The fixed rate mortgages have a duration of 8.3 years. All valuesare market values. 5. What is the convexity of the 2 year consumer loans if they yield 6% p.a. witha coupon rate of 12% p.a. paid annually?a. 4.98b. 2.83c. 3.85d. 1.95e. 2.01
8. The following information about Lapus Incorporation that borrows by pledging its receivables are as follows: Average balance of accounts receivable Annual receivables turnover (360/ACP) Administrative fee charged on all new receivables Interest rate on outstanding loans Percent of receivables accepted What is the effective cost of financing stated as an annual rate? a. 12.0% b. 14.0% c. 21.6% d. 24.0% P100,000 6x 2% 12% 80%
1. On December 31, 2020, what is the carrying value of the note received from Company B? 2. What should be the TOTAL carrying value of the notes on December 31, 2020?
19 - Enterprise X bank converted its $ 8000 registered in DTH at a rate of 3.20 TL to TL from 3.30 TL and made a transfer to its TL account in the same bank. Which is the registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 01 X Bank TL Account 26.400 102 02 X Base DTH 25.600 646 Foreign Exchange Profit 800B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 01 X Bank TL Account 25.600 654 Provision Expenses 800 102 02 X Base DTH 25.600C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 X Base DTH 26.400 102 01 X Bank TL Account 25.600 646 Foreign Exchange Profit 800D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 X Base DTH 25.600 102 01 X Bank TL Account 26.400 646 Foreign Exchange Profit 800E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 01 X Bank TL Account 25.600 656 Foreign Exchange Loss 800 102 02 X Base DTH 25.600
A bank charges 10% bank discount on short-term loans. Find the maturity value of the non-interest bearing note given by the bank, if the borrower receives Php 3,000 from July 5 to September 19, 2012. Select the correct response: Php 3,305.32 Php 3,490.89 Php 1,616.28 Php 3,064.70
A bank bill with a face value of $100,000 was issued today and it matures in 60 days' time. If interest rates are 6% p.a. what amount of interest is earned if the bill is held until maturity? a. $99,023.33 b. $1,457.88 C. $976.67 Od. $6,000.00 Oe. $78,260.87
Jami's Home Repair borrows $6,000, at 13.75% interest, for 330 days. Use the exact interest method to find the amount of interest that the bank will collect. (Round to the nearest cent.) Ⓒ$600.00 Ⓒ$640.00 $745.89 Ⓒ$8,200.00
Compute for the bank's income if a client will purchase USD375,000 @ P50.76 = $1 based on P50.30 benchmark or based rate. a. P172,500 b. P17,500 c. P1,725 d. P17,250
plz solve!!!
Horizons plc had the following bank loans outstanding during the whole of 20X8 which form the company's general borrowings for the year: 10% loan repayable 20X9 8% loan repayable 20Y2 Select one: O a. £850,000 O b. £892,500 O c. £305,625 d. £500,000 e. £541,875 O f. £425,000 £m 25 75 Horizons plc began construction of a qualifying asset on 1 May 20X8 and withdrew funds of £4.5 million on that date to fund construction. On 1 September 20X8 an additional £6 million was withdrawn for the same purpose. Calculate the borrowing costs which can be capitalised in respect of this project for the year ended 31 December 20X8.