IP Company has a preliminary cash balance of $25,000 and an agreement with the bank that it will keep a minimum balance of $20,000. IP Company has a beginning loan balance of $12,000. IP Company's ending loan balance is?
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IP Company has a preliminary cash balance of $25,000 and an agreement with the bank that it will keep a minimum balance of $20,000. IP Company has a beginning loan balance of $12,000.
IP Company's ending loan balance is?
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- Bank A makes a loan of $10,000 to Company B at a 10% interest rate. Which of the following is the correct journal entry for Bank A the day the loan is made? Group of answer choices Option A.)Dr. Cash (+A) $10,000 Cr. Notes Payable (+L) $10,000 Option B) Cr. Notes Payable (+L) $10,000 Dr. Cash (+A) $10,000 Option C) Dr. Notes Receivable (+A) $10,000 Cr. Cash (-A) $10,000 Option D) Dr. Notes Receivable (+A) $11,000 Cr. Cash (-A) $11,000 ANSWER BEFORE 11:30!!1. Sunshine Inc. assigns P1,500,000 of its accounts receivables as collateral for a P1,000,000 loan with a bank. The bank assesses a 3% finance fee and charges interest on the note at 6%. The journal entry to record this transaction would not include a a. Debit to cash for P970,000 b. Debit to finance charge for P30,000 c. Credit to notes payable for P1,000,000 d. Credit to accounts receivable for P1,000,000 Numbers 2-3 Janine Company factored P5,000,000 of accounts receivable. Control was surrendered by the entity. The finance company assessed a fee of 2% and retains a holdback equal to 10% of the accounts receivable. In addition, the finance company charged 12% interest computed on a weighted average time to maturity of the accounts receivable for 30 days? 2. What is the amount initially received from the factoring of accounts receivable? a. 4,250,000 b. 4,200,000 c. 4,700,685 d. 4,200,685 3. What total amount should be recognized as loss on factoring? a. 299,315 b. 799,315 c.…Can you pleace check what answer and solution is correct for the letter c. 1st answer is 552,000 and the other one is 300,000. Note: 1st image is the solution for letter a and b On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000. a bank in consideration for a loan of 80% of the What is the balance of accounts receivable assigned on December 31, 2020? b. In the preceding problem,…
- Please solve in (IFRS) principles method not (FASB) Question one: Dab Company provides 1,200,000 of its account receivables to investment bank for notes 600,000 on 1/10/2020. The investment bank collected 2.5 as bank financing charges and 8% interest on notes. Payment will be monthly according to collection of account receivables. On 31/10/2020 collected and paid 180,000, 30/11/2020 collected and paid its 250,000 and 31/12/2019 collected 250000. Required: Journalize all entries for the notes and its settlement during the period?King Burger Company provides the following information: account payable is OMR 100,000; bank overdraft is OMR 30,000; cash is OMR 16,000 and accrued expense is OMR 20,000. Calculate total current liability. O a. OMR 110,000 O b. OMR 150,000 O c. OMR 140,000 O d. OMR 130,000Can you pleace check what answer and solution is correct for the letter c. 1st answer is 552,000 and the other one is 300,000. Note: 1st image is the solution for letter a and b Problem On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000. a bank in consideration for a loan of 80% of the What is the balance of accounts receivable assigned on December 31, 2020? b. In the preceding…
- Global Inc. assigns $3,000,000 of its accounts receivables as collateral for a $2,000,000, 8%, loan with a bank. Global Inc. also pays a finance charge of 3% of the account receivable. What would be the journal entry to record the transaction? 1,940,000 60,000 а. Cash Finance Charge Notes Payable 2,000,000 b. Cash 1,910,000 90,000 Finance Charge Accounts Receivable 2,000,000 с. Cash 1,910,000 90,000 Finance Charge Notes Payable 2,000,000 d. Cash 1,940,000 30,000 30,000 Finance Charge Due from Bank Notes Payable 2,000,000Question 28 On July 31, 2028, Massive Ltd. had a cash balance of $6,793 in its general ledger. The bank statement from the Bank of Auditing on that date showed a balance of $6,578. A comparison of the bank statement with the Cash account revealed the following: a. Cash receipts for July 31 recorded on the company's books were $3,500, but this amount does not appear on the bank statement. b. A cheque of $5,100 made by another company was incorrectly deducted to Massive's account by the Bank of Auditing. c. The bank statement included service charges and debit and credit card processing fees of $65. d. Cheques outstanding on June 30 totaled $6,200. Of these, $4,600 worth cleared the bank in July. All cheques written in July cleared the bank in July. e. The bank statement included electronic collections from customers on account totaling $8,800. Massive had not recorded the EFT. f. Salaries of $4,800 were paid electronically during the month. The company has already recorded these. g. An…The company is approved for a $2,000,000 loan. The bank deposited theproceeds of the loan. What is the entry to update the books?
- If a company record a $200 cheque by debiting salary expense and credit cash for $20, what will it influnce the book account on the bank reconciliation statement? a. we need to add $180 on the book acoount b. we need to decrease $180 on the book accountchoose the letter of the correct answer Company A borrows P500,000.00 from the bank and is required to maintain a 15% compensating. Further, Wilson has an unused line of credit of P200,000.00, with a required 11% compensating balances. What is the total required compensating balance the firm must maintain a. P75,000.00b. P22,000.00c. P97,000.00d. P182,000.00Multiple Choice Option A Option B Option C Option D