Short term, Long Term B 40,000 960,000
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- On January 1, 2020, CPA Co. sold land with carrying amount of P1,8o00,000 in exchange for a 1o-month, 10% note with face value of P2,000,000. On May 1, 2020, the entity discounted the note with recourse. The bank discount rate is 12%. The discounting transaction is accounted for as a secured borrowing. On November 1, 2020, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus protest fee of P10,000. On December 1, 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. How much cash was collected on December 1? (Round off to two decimal places.)On. Nov. 14, 20x1, Athena Co. sold its P30,000 loan receivable from Zevrek Co. to Devin Bank for P28,000. The sale agreement requires Athena Co. to repurchase the loan at a future date for P28,000 plus interest based on the current market rate on repurchase date. Requirement: Provide the journal entry on Nov. 14, 20x1.On January 1, 20x1, an entity issued a noninterest-bearing note of P1,200,000 in exchange for land. The note is due in three equal annual installments every December 31. The effective interest rate is 17%. Requirements Provide all the entries during the term of the note. Compute for the current and non current portions of the note on December 31, 20x1 and the amount of “Discount on notes payable” allocated to each portion.
- (b) On April 1, 2025, Marigold Company assigns $505,300 of its accounts receivable to the Third National Bank as collateral for a $327,200 loan due July 1, 2025. The assignment agreement calls for Marigold to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Your answer is correct. Prepare the April 1, 2025, journal entry for Marigold Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Apr. 1, Cash 2025 Interest Expense Notes Payable eTextbook and Media List of Accounts Debit 306988 20212 Credit 327200 Attempts: 1 of 2 used Prepare the journal entry for Marigold's collection of $378,200 of the…On January 1 2020, Machete Company sold land with a carrying amount of P1 500 000 in exchange for a 9 month 10% note with face value of P2 000 000. The 10% rate properly reflects the time value of money for this type of note. On April 1 2020 the entity discounted the note with recourse. The bank discount rate is 12%. The discounting transaction is accounted for as a secured borrowing. On October 1 2020, the make dishonored the note receivable. The entity paid the bank the maturity value of the note plus the protest fee of P10 000. On December 31 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. Required: Prepare journal entries to record the transaction.During the period, FN Trading issued another promissory note for an additional loan of P74,000 and made total payments of P52,000. At the end of the period, FN Trading's notes payable had a balance of P190,000. How much is the beginning balance of the notes payable?
- Lang Warehouses borrowed $157,000 from a bank and signed a note requiring 2 annual payments of $85,034 beginning one year from the date of the agreement. (EV of $1, PV of $1. EVA of $1. PVA of $1. ÉVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Determine the interest rate implicit in this agreement. (Do not round intermediate calculations. Round interest rate to 1 decimal place.) Solve for i Present value: Annuity paymentcontinue to collect the assigned accounts receivable. On December 1, 2020, Solvent Company assigned specific accounts receivable totaling P5,000,000 as collateral on a P4,000,000 12% note from a certain bank. The entity will Problem 8-14 (IAA) addition to the interest on the note, the bank also charged 506 finance fee deducted in advance on the asigned accounts. The December collections of assigned accounts receivable amounted to P2,000,000 less cash discount of P200,000. On December 31, 2020, the entity remitted the collections to the bank in payment for the interest accrued on December 31, 2020 and the note payable. The entity accepted sales returns of P100,000 on the assigned accounts and wrote off assigned accounts of P300,000. 1. What amount of cash was received from the assignment of accounts receivable on December 1, 2020? a. 4,000,000 b. 3,800,000 c. 4,750,000 d. 3,750,000 2. What is the carrying amount of note payable on December 31, 2020? a. 1,840,000 b. 2,140,000 c.…On November 1, 2018, an entity borrowed P1,000,000 from Universe Global Bank and issued a promissory note for the same. The term of the loan is one year and discounted at 12%. The entity pledged accounts receivable of P2,000,000 to secure the loan. On November 1, 2018, what is the entry to record the pledge of accounts receivable? a. No entry needed b. Credit to accounts receivable, P880,000 c. Credit to accounts receivable, P1,000,000 d. Credit to accounts receivable, P2,000,000
- On January 1, 20x1, an entity obtains an 11%, P5,000,000 bank loan. The bank charges the entity an 8.74% nonrefundable loan origination fee. The principal on the loan matures on December 31, 20x4 but interest is due annually every December 31. Requirements: Compute for the initial carrying amount of the loan. Compute for the effective interest rate on the loan. Compute for the carrying amount of the loan on December 31 20x1.On December 1, 2020, Max Company assigned specific accounts receivable totaling P5,000,000 as collateral on a P4,000,000, 12% note from DBP bank. The entity will continue to collect the assigned accounts receivable. In addition to the interest of the note, the bank also charged a 5% finance fee deducted in advance of the assigned accounts. The December collection of assigned accounts receivable amounted to P2,000,000 less cash discount of P200,000. On December 31, 2020, the Company remitted the collections on the bank in payment for the interest earned on December 31, 2020 and the note payable. The entity accepted sales returns of 100,000 on the assigned notes and wrote off assigned accounts of 30,000. What is the carrying amount of note payable on December 31, 2020?John's entity assigned P700,000 of accounts receivable to a bank under a nonnotification arrangement. The bank advances 80% less a service charge of P5,000. The entity signed a promissory note that provides for interest of 1% per month on the unpaid loan balance. The entry to record the assignment of accounts receivable will include a a. No entry needed b. Debit to accounts receivable-assigned, P700,000 c. Debit to accounts receivable-assigned, P555,000 d. Debit to accounts receivable-assigned, P560,000 e. Cannot determine