22. Assume the following information regarding a note received by HEERHUM YU Company:Principal amount of note receivableDate of noteP1,500,000October 1, 2020120 daysDecember 1, 2020Term of noteDate of discountingDiscount rate12%Interest income for 120 daysP50,000how much is the discount charged by bank to HEERHUM YU Company? 16. A flood recently destroyed many of the financial records of Yakal Company. The entity uses anaverage cost inventory valuation system.Yakal make a physical count at the end of each month in order to determine monthly inventoryvalue.By examining various documents, the following data are gathered:Ending inventory at July 31Total cost of units available for sale in JulyCost of goods sold during JulyCost of beginning inventory, July 1Gross profit on sales for July60,000 units1,452,1001,164,1004,00 per unit935,900July purchases:UnitsUnit costTotal costJuly 55.1055,00053,000280,500115,00265,0001545,0005,50247,0001647,0005,30249,000200,0001,042,100Under FIFO-periodic, the cost of ending inventory is

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22. Assume the following information regarding a note received by HEERHUM YU Company: P1,500,000 October 1, 2020 120 days December 1, 2020 Principal amount of note receivable Date of note Term of note Date of discounting Discount rate 12% Interest income for 120 days P50,000 how much is the discount charged by bank to HFERHUM YU Company?

22. Assume the following information regarding a note received by HEERHUM YU Company: P1,500,000 October 1, 2020 120 days December 1, 2020 Principal amount of note receivable Date of note Term of note Date of discounting Discount rate 12% Interest income for 120 days P50,000 how much is the discount charged by bank to HFERHUM YU Company?

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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