How much is the remittance of MedLab Inc. to the bank by the end of September?
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How much is the remittance of MedLab Inc. to the bank by the end of September?
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- At the beginning of July, ABC assigned P2,000,000 out of its P10,000,000 outstanding accounts receivable to BDOin consideration of a P1,400,000, 12% loan. BDO charged the company 5% of the loan principal as a service charge. By the end of July, ABC collected P600,000 cash from the assigned accounts net of a P50,000 sales discount. Also, by the end of July, the company accepted a customer return of merchandise amounting to P60,000. By the end of August, ABC collected another P700,000 from the assigned accounts after P40,000 sales discount. The company also wrote off P80,000 as worthless accounts by the end of August. By the end of September, ABC collected another P300,000 without sales discounts. The agreement with the bank provides a monthly remittance from customer collections and it will cover both the principal and interest. How much is the remittance of ABC to BDO by the end of September? *Jennie Company assigned on a notification basis P4,000,000 of accounts receivable to a finance entity as security for a loan of P3,500,000. The finance entity charged a 6% commission on the amount of loan and interest on the note of 10%. During the first month, the finance entity collected P1,200,000 on the assigned accounts after deducting sales discounts of P150,000. The finance entity accepted sales returns worth P100,000 and wrote assigned accounts totaling P50,000. What is the amount of cash received from the finance entity at the time of the transfer?On March 1, 20x1, ABC assigned its P4,000,000 accounts receivable to XYZ Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables. ABC received the loan proceeds after a 2% deduction for service fee based on the assigned notes. During March, P2,500,000 were collected from the receivables. Sales returns and discounts amounted to P50,000. By the end of March, equity on assigned accounts shall be
- On March 1, 2016, ASG Co. assigned its P1,900,000 accounts receivable to DXB Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables. ASG Co. received the loan proceeds after a 1.5% deduction for service fee based on the assigned notes. During March, P500,000 were collected from the receivables. Sales returns and discounts amounted to P150,000. How much net cash is received from the assignment transaction on March 1, 2016?VKS Corp. assigned P500,000 of accounts receivable to RK Finance Co. as security for a loan of P420,000. IntAcc1 charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, VKS collected P110,000 on assigned accounts after deducting P380 of discounts. VKS accepted returns worth P1,350 and wrote off assigned accounts totaling P3,700. The amount of cash VKS received from RK at the time of the transfer was ___________CPA Co. assigned P500,000 of accounts receivable to IntAcc1 Finance Co. as security for a loan of P420,000. IntAcc1 charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, CPA collected P110,000 on assigned accounts after deducting P380 of discounts. CPA accepted returns worth P1,350 and wrote off assigned accounts totaling P3,700. The amount of cash CPA received from IntAcc1 at the time of the transfer was
- Starlight Ltd. assigned $600,000 of Accounts Receivable to Moonbeam Management as security for a loan of $580,000. Moonbeam charged a 3% commission on the amount of the loan; the interest rate on the loan was 10%. During the first month, Starlight collected $320,000 of the assigned accounts, after deducting $500 of discounts. As well, Starlight accepted returns worth $2,600 and wrote off assigned accounts totalling $4,500. Entries made by Starlight during the first month would include a O debit to Accounts Receivable of $324,500. debit to Cash of $322,600. O debit to Bad Debts Expense of $4,500. debit to Allowance for Doubtful Accounts of $4,500.Pepper, Inc. had the following receivable financing transactions in 2021:a) At the beginning of November, Pepper, Inc. assigned P2,000,000 out of its P10,000,000 outstanding accounts receivables to Metrobank in consideration of a P1,500,000, 12% loan. Metrobank charged the company 5% of the loan principal as service charge. By the end of November, Pepper collected P600,000 cash from the assigned accounts net of a P50,000 sales discount. Also, by the end of November, Pepper accepted from customers merchandise originally invoiced at P60,000 as returns.By the end of December, Pepper collected another P700,000 from the assigned accounts after P40,000 sales discount. The company wrote-off P80,000 of the assigned accounts as worthless.The agreement with Metrobank calls for monthly remittance of customer collections for the month. The collections will cover both interest and loan principal.b) Also, at the beginning of November, Pepper, Inc. factored another P500,000 of its accounts…PELADRA Company assigned P500,000 of accounts receivable to PANCHO Finance Company as a security for a loan of P420,000. PANCHO charged a 2% commission on the amount of the loan. The interest rate on the note was 2% a month. During the first month, PELADRA collected P110,000 on assigned accounts after deducting P380 of discounts. PELADRA accepted returns worth P1,350 and wrote off assigned accounts totaling P3,700. PELADRA remitted the collections on the assigned accounts as payment for interest and the loan. 29. The amount of cash PELADRA received from PANCHO at the time of the transfer was: 30. How much is the equity in the assigned accounts receivable as of the end of the first month?
- On November 30, accounts receivable in the amount of P900,000 were assigned to Turon Finance Co. by Pinaypay as security for a loan of P1,500,000. Turon charged a 3% commission on the accounts; the interest rate on the note is 8%. During December, Pinaypay collected P350,000 on assigned accounts after deducting P600 of discounts. Pinaypay wrote off a P500 assigned account. On December 31, Pinaypay remitted to Turon the amount collected plus one month's interest on the note. How much is Pinaypay's equity in the assigned accounts receivable as of December 31? P148,900 P143,900 P144,500 P149,5003. ABC Co assigned P500,000 of its account receivables to XYZ Bank as a security for a 10% loan of P420,000. XYZ charged a 2% commission on the amount of the loan. During the first month, ABC collected 110,000 on assigned accounts after deducting P380 of discounts. ABC accepted returns of P1,350 and wrote off assigned receivables amounting to P3,700. The entries during the first month should include: Dr Cash 110,380 Dr Bad debts expense 3,700 Dr Allowance for bad debts, 3,700 Dr Accounts Receivable 115,4302. On March 1, 20x1, ABC assigned its P4,000,000 accounts receivable to XYZ Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables. ABC received the loan proceeds after a 2% deduction for service fee based on the assigned notes. During March, P2,500,000 were collected from the receivables. Sales returns and discounts amounted to P50,000. By the end of March, equity on assigned accounts shall be The correct answer is: 950,000 REQUIRED: Provide the step-by-step solution.