4. Celeste Company accepted from a customer a P4,000,000, 120-day 12% note dated June1, 2017. On July 1, 2017, Celeste discounted the note at the Philippine National Bank.What is the total amount received by Celeste from the Philippine National Bank?а. 4,160,000b. 4,000,000c. 4,124,800d. 4,035,2005. On January 1, 2017, Cher Company sold goods in exchange for a P5,000,000, 1-year,noninterestbearing note receivable. At the time of sale, the note's market rate ofinterest was 14%. What amount did Cher receive when it discounted the note at 12% onМаy 1, 2017?а. 5,244,000b. 5,152,000с. 4,400,000d. 4,600,0006. Celeste Company provided the following transactions, among others, for the current year.

Discounting of notes refers to the concept when an investor purchases the note comparatively at a…

Answered: - Celeste Company accepted fre 1, 2017.…

Business

Accounting

- Celeste Company accepted fre 1, 2017. On July 1, 2017, C What is the total amount recei a. 4,160,000 b. 4,000,000

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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Question

4. Celeste Company accepted from a customer a P4,000,000, 120-day 12% note dated June
1, 2017. On July 1, 2017, Celeste discounted the note at the Philippine National Bank.
What is the total amount received by Celeste from the Philippine National Bank?
а. 4,160,000
b. 4,000,000
c. 4,124,800
d. 4,035,200
5. On January 1, 2017, Cher Company sold goods in exchange for a P5,000,000, 1-year,
noninterestbearing note receivable. At the time of sale, the note's market rate of
interest was 14%. What amount did Cher receive when it discounted the note at 12% on
Маy 1, 2017?
а. 5,244,000
b. 5,152,000
с. 4,400,000
d. 4,600,000
6. Celeste Company provided the following transactions, among others, for the current year.

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