he company has a ₱54,783 10% 120-day Notes Receivable dated September 30, 2020. On maturity date, the company is expecting to receive cash amounting to how much?
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The company has a ₱54,783 10% 120-day Notes Receivable dated September 30, 2020. On maturity date, the company is expecting to receive cash amounting to how much?
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- Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022, 2023 and 2024. What is the balance of note receivable on July 1, 2022?On june 30,2023, what amount should be reported as accrued interest receivable on the note receivable? Hook Inc. accepts on April 1, 2022 a 120-day 12% note for $8,000 worth of accounts receivable past due. Calculate the amount of cash Hook should collect on the note at maturity.The owner of Jewel Company had a loan from Metrobank amounting to ₱500,000. The bank requires the borrower to pay interest of 12% per annum and a yearly installment of ₱100,000 on the principal starting October 31, 2021. The loan was taken November 1, 2020. What would be the proper accounting of the given transaction at the end of 2020? A.Long term Loans payable, ₱500,000; Interest payable, ₱10,000 B.Long-term Loans payable, ₱400,000, Short-term Loans payable, ₱100,000; Interest Payable, ₱10,000 C Short-term Loans payable, ₱500,000; Interest Payable, ₱10,000 D Long-term Loans payable, ₱400,000; Short-term Loans payable, ₱100,000
- FDN Company received a 60-day 10% promissory note as settlement for goods sold on March 1, 2022 for P25,500. How much should be debited to Cash upon collection of the note on maturity date?On December 31, 2020, BROWN Bank has a 5-year loan receivable with a face value of ₱6,000,000 dated January 1, 2019 due on December 31, 2023. Interest is payable annually every December 31 at 9%. The borrower made the required interest payment on December 31, 2019 but informed the bank that interest accrued for 2020 will be paid together with the principal at maturity. There is a high probability that remaining interest payments will not be paid. The prevailing market rate is 10%. What is the loan impairment loss for 2020? (Round PV factors to 2 decimals)On December 31, 2020, BROWN Bank has a 5-year loan receivable with a face value of ₱6,000,000 dated January 1, 2019 due on December 31, 2023. Interest is payable annually every December 31 at 9%. The borrower made the required interest payment on December 31, 2019 but informed the bank that interest accrued for 2020 will be paid together with the principal at maturity. There is a high probability that remaining interest payments will not be paid. The prevailing market rate is 10%. What is the loan impairment loss for 2020? (Round PV factors to 2 decimals) ₱ 1,635,000 ₱ 1,111,800 ₱1,504,200 ₱ 1,046,400
- The company issued a note receivable on September 30th, 2020 for OMR 10,000 with an interest rate of 5%. The maturity date of the note is 11th December, 2020. The note was honored on the maturity date. Calculate the interest amount received by the company on the maturity date assuming 360 days in a year. OMR 101.388 OMR 97.22 OMR 98.61 OMR 100 Calculate the amount of cash and cash equivalents if bank balance is OMR 50, Post-dated cheques are OMR 35, Cash in hand is OMR 75, Advance granted to employees is OMR 85, stationery on hand is OMR 36: ull lis is! TOSHIBAOn January 1, 2018, a company received ₱2,000,000, 12% notes. The effective interest rate for similar notes is 11%. The principal of the notes is paid in series of ₱500,000 annually, together with any accrued interest on the outstanding notes, every December 31, starting December 31, 2018. How much is the total amount of receivables to be included as part of current assets on December 31, 2019? How much is the total amount of receivables to be included as part of non-current assets on December 31, 2019?The following information was extracted from ABC Ltd’s financial statements for the year ended 31 December 2019. Sales on 30 November 2019 were K100 million and K110 million on 31 December 2019. For the year 2020, sales are expected to double at a constant monthly rate. 80% of the sales made are on account; the remainder on cash. From past experience, 5% of the receivables have turned out to be irrecoverable. Credit customers pay as follows: 75% in the month following the sale; 15% two months after the sale month. Inventory levels are maintained at 20% of the following month’s sales. Accounts payables are at settled at 30 days after purchase. Required: Prepare a collections schedule for the three-month period from January to March 2020.
- The following information was extracted from ABC Ltd’s financial statements for the year ended 31 December 2019. Sales on 30 November 2019 were K100 million and K110 million on 31 December 2019. For the year 2020, sales are expected to double at a constant monthly rate. 80% of the sales made are on account; the remainder on cash. From past experience, 5% of the receivables have turned out to be irrecoverable. Credit customers pay as follows: 75% in the month following the sale; 15% two months after the sale month. Inventory levels are maintained at 20% of the following month’s sales. Accounts payables are at settled at 30 days after purchase. Required: Prepare a cash forecast for the three-month period from January to March 2020.TAEHYUNG Company reported a total cash and cash equivalent of P6,500,000 on December 31, 2019, which includes the following information: Two certificates of deposit, each totaling P600,000. These certificates of deposit have a maturity of 120 days A check that is dated January 12, 2020 in the amount of P150,000 A commercial paper of P2,500,000 which is due in 120 days Currency and coins on hand amounted to P10,500 TAEHYUNG Company has agreed to maintain a cash balance of P500,000 in one of its banks at all times and it is not available for withdrawal and to ensure future credit availability (this amount was included in the above balance). How much is the correct amount of cash and cash equivalents that TAEHYUNG Company should report in its December 31, 2019 statement of financial position?On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers 10% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2021?