On December 1, 2016, Bamboo Company assigned specific accounts receivable totaling P4,000,000 as4. What amount should be disclosed as the equity of Bamboo Company in assigned accounts oncollateral on a P3,000,000, 12% note from a certain bank. The entity will continue to collect the assignedDecember 31, 2016?accounts receivable. In addition to the interest on the note, the bank also charged 5% finance fee deducted ina. 550,000advance on the P3,000,000 value of the note. The December collections of assigned accounts receivableamounted to P2,000,000 less cash discount of P100,000. On December 31, 2020, the entity remitted theb. 870,000collections to the bank in payment for the interest accrued on December 31, 2016 and the note payable. Thec. 520,000entity accepted sales returns of P150,000 on the assigned accounts and wrote off assigned accounts ofd. 970,000P200,000.1. What amount of cash was received from the assignment of accounts receivable on December 1, 2016?a. 4,000,000b. 3,000,000c. 3,800,000d. 2, 850,0002. What is the carrying amount of note payable on December 31, 2016?a. 1,000,000b. 1, 100,000c. 1,130,000d. 1,460,0003. What is the balance of accounts receivable-assigned on December 31, 2016?2. 2,100,000b. 2,000,000c. 1,650,000d. 1, 850,000

1- 3000000 less 5% of Bank charge = 2850000 2- 1,460,000 3- 2,000,000

collateral on a P3,000,000, 12% note from a certain bank. The entity will continue to collect the assigned December 31, 2016? accounts receivable. In addition to the interest on the note, the bank also charged 5% finance fee deducted in a. 550,000 advance on the P3,000,000 value of the note. The December collections of assigned accounts receivable b. 870,000 amounted to P2,000,000 less cash discount of P100,000. On December 31, 2020, the entity remitted the collections to the bank in payment for the interest accrued on December 31, 2016 and the note payable. The c. 520,000 entity accepted sales returns of P150,000 on the assigned accounts and wrote off assigned accounts of d. 970,000 P200,000. 1. What amount of cash was received from the assignment of accounts receivable on December 1, 2016? a. 4,000,000 b. 3,000,000 c. 3,800,000 d. 2, 850,000 2. What is the carrying amount of note payable on December 31, 2016? a. 1,000,000 b. 1, 100,000 1130.000

collateral on a P3,000,000, 12% note from a certain bank. The entity will continue to collect the assigned December 31, 2016? accounts receivable. In addition to the interest on the note, the bank also charged 5% finance fee deducted in a. 550,000 advance on the P3,000,000 value of the note. The December collections of assigned accounts receivable b. 870,000 amounted to P2,000,000 less cash discount of P100,000. On December 31, 2020, the entity remitted the collections to the bank in payment for the interest accrued on December 31, 2016 and the note payable. The c. 520,000 entity accepted sales returns of P150,000 on the assigned accounts and wrote off assigned accounts of d. 970,000 P200,000. 1. What amount of cash was received from the assignment of accounts receivable on December 1, 2016? a. 4,000,000 b. 3,000,000 c. 3,800,000 d. 2, 850,000 2. What is the carrying amount of note payable on December 31, 2016? a. 1,000,000 b. 1, 100,000 1130.000

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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