Sub-part 2 11. If the records of an entity show a balance in a "Due from factor" or "Factor's holdback" account, it can be reasonablyinferred that accounts receivables have beenc. Factoredd. Discounteda. Pledgedb. Assigned12. A 90-day, 15% interest-bearing note receivable is sold to a bank with recourse after being held for 60 days. Theproceeds are calculated using a 12% interest rate. The amount credited to notes receivable at the date of thediscounting transactions would bea. The same as the cash proceedsb. Less than the face value of the notec. The face value of the noted. The maturity value of the note13. When accounts receivable are set aside as collateral for a loan, and the borrower continues to collect the receivablesand applied the collections against the loan, the receivables have beena. Pledgedb. Assignedc. Factoredd. Discounted14. A 120-day, 15% interest bearing note receivable is discounted to a bank at 18% after being held for 45 days. Theproceeds received from the bank upon discounting would be thea. Maturity value less discount at 18% for 120 daysb. Maturity value less discount at 18% for 45 daysMaturity value less discount at 18% for 75 daysd.C.Face value less than the discount at 15%

The promissory note which states the amount to be received by a lender from the borrower is stated…

12. A 90-day, 15% interest-bearing note receivable is sold to a bank with recourse after being held for 60 days. The proceeds are calculated using a 12% interest rate. The amount credited to notes receivable at the date of the discounting transactions would be a. The same as the cash proceeds b. Less than the face value of the note c. The face value of the note d. The maturity value of the note

12. A 90-day, 15% interest-bearing note receivable is sold to a bank with recourse after being held for 60 days. The proceeds are calculated using a 12% interest rate. The amount credited to notes receivable at the date of the discounting transactions would be a. The same as the cash proceeds b. Less than the face value of the note c. The face value of the note d. The maturity value of the note

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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