- 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
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Transcribed Image Text: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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