This instrument is: Not negotiable because it is not payable to order or bearer. O b. Not negotiable because it is not a draft. O c. Negotiable because it satisfies the elements of negotiability. O d. Negotiable because it is a two party promissory note.
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- M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. From whom can D seek immediate recourse? a. M-C-B-A b. any of M,P,A,B,C without any particular order c. M and P first, then C, then B, then A d. C-B-A-P-MM issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. Assuming that D approached C and invoked his warranty as an indorser, from whom can C seek recovery of amount paid to D? a. B, then A, then P, then M. b. M, P, A, B without any particular order c. M d. BD is indebted to C for P10,000 due on March 31, 2022. To secure the fulfillment thereof, D endorsed a negotiable promissory note executed by P for P15,000 due on January 31, 2022. In this case,a. The pledge is void since the promissory note would be due earlier than the obligation it secures.b. D will collect the P15,000 on January 31, 2022 and pay C with the proceeds of the collectionc. C may collect the proceeds of the note and apply the P15,000 for the payment of D’s obligationd. C may collect the proceeds of the note and applyP10,000 for the payment of D’s obligation and return the excess P5,000 to D.
- Bruno Mars Company enters into a contract with John Legend to deliver Products X and Y in exchange for a non- interest bearing note with a face value of P192,685.38, on January 1, 2020. Product X will be delivered in December 31, 2021 and Product Y in December 31, 2024. Upon delivery of product X, Bruno Mars will receive P42,135 and the remaining P150,550.38 will be received upon delivery of Product Y. The contract is non-cancellable. Bruno normally sells Product X at P43,750 cash price equivalent while Product Y can be sold at P131,250. Nonetheless, due to the nature of the bundled purchase, John Legend is given a favorable pricing. A financing rate of 6% is appropriate based on Bruno’s credit-standing at contract inception. Bruno uses December 31 as its year end. How much total revenue can Bruno report in its December 31, 2021 income statement? How much total revenue can Bruno report in its December 31, 2024 income statement?On December 31,2021, LBJ company finished consultation services and accepted in exchange a promissory note with a face value of P200,000, a due date of December 31,2024 and a started rate of 5%, with interest receivable at the end of the each year. The fair value of the service is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. What is the amortized cost of the note on December 31,2022? P 175,131 P182,645 P190,909 P200,000During 2020, Lomi, Co.filed suit against Ocean, Inc seeking damages for patent infringement. At December 31, 2020. Lomi’s legal counsel believed that it was probable that Lomi would be successful against Ocean for an estimated amount of P 1,500,000. In March 2021, Lomi was awarded P 1,000,000 and received in full payment thereof. In Lomi’s 2020 financial statements issued February 2021, how should this award be reported? a. As a receivable and revenue of P 1,500,000b. As a receivable and revenue of P 1,000,000c. As a disclosure of a contingent asset of P 1,500,000d. As a disclosure of a contingent asset of P 1,000,000
- Morley Manufacturing has notes receivable that have a fair value of P810,000 and a carrying amount of P620,000. Morley decides on December 31, 2021, to use the fair value option for these recently-acquired receivables. Which of the following statements is correct regarding the election of the fair value option by Morley? a. Morley can elect to use the fair value option or amortized cost at each statement of financial position date. b. Morley reports the receivables at fair value, with any unrealized holding gains and losses reported as a separate component of comprehensive income. c. The unrealized holding gain is the difference between the fair value and the carrying amount. d. All of the choices are correct regarding the fair value option.On June1, S offered to sell a specific generator set to B for P300,000. B sent a letter for acceptance to S on June 8. On June10, however, S became insolvent. On June 12, S received the letter of acceptance. Was the Contract perfected?On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation, a VAT registered company, goods and paid a total amount P156,800, inclusive of VAT. on February 1, 2021, XYZ Corporation became liable to VAT. The goods were sold on February 28, 2021 for P280,000, VAT inclusive. Compute for the VAT payable P30,000 P13,200 P27,200 P16,800
- If in the contract of sale, it is indicated that the car which normally costs P1Million pesos was bought for P20,000.00, the contract is rendered? A. Valid B. Invalid C. Unenforceable D. ObligatoryOn January 1, 2023, Green Company finished consultation services and accepted in exchange a promissory note with a face value of $600,000, a due date of January 1, 2026, and a stated rate of 4%, with interest receivable at the beginning of each year (the first interest will be received on January 1, 2024). The fair value of the services is not easily determined and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. The company has a fiscal year-end of December 31. Required: a) Calculate the present value of the note, using a financial calculator. b) Prepare a Schedule of Note Discount Amortization for Green Company under the effective interest method. (Round to whole dollars) c) Prepare the journal entries for 2023. Plz answer fast i give up voteP is in dire need of cash. He then approaches M and requests that M issue a negotiable bill of exhange in P's favor at P50,000 so that P can sell the instrument to A. So M issued a negotiable BOE to P, then P endorsed it to A. Upon due date of the said BOE, who are the primarily liable party/parties to the instrument who should pay A? a. M and P b. M or P c. M d. P
