On January 16, K Corp, accepted a P600,000, 9%, 90 day note from a customer. On February 10, the note was discounted at 12%. Assume the note was discounted on a without recourse basis. Compute for the cash received from discounting. a. 613,500 b. 600,000 c. 600,207.50 d. 595,095 Gain (or Loss) on notes receivable discounting a. (3,542.50) b. 207.50 c. 13,500 d. 3,750 Assume that the note was discounted with recourse and treat the discounting as a conditional sale. Compute for the gain (or loss) on notes receivable financing

Assuming a 360-day year, proceeds of $43,722 were received from discounting a $44,958, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was O a. 12.24% b. 11.00% c. 9% Od. 12.75%

LO 8-3 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest domic The following transactions took place for Smart Solutions Inc. 2020 a. July 1 b. Dec. 31 2021 c. July 1 250 06 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. shunt at las Accrued interest on the notes. d. July 1 berupa wollReceived interest on the notes. (No interest has been recorded since December 31.) ele St Received principal on the notes. noxidoa bed to Jouons tedW oli ni songly Bubanu adi 11 sqx mis bs& lo tuoms isrw Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.

Assuming a 360-day year, proceeds of $46,510 were received from discounting a $47,941, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was a.13.18% b.13.69% c.9.94% d.11.94%

Use the following information about a company's receivable transactions to determine relevant balances. * Account balances at 1/1/x2 Accounts receivable $100,000 Allowance for doubtful accounts 7,000 Allowance for sales returns 2,000 During the year, 20x2, the company had the following transactions related to receivables: • Credit sales revenue of $350,000 recorded. • Cash collections from accounts of $370,000. • Customer account write-offs in the amount of $10,000 • Customer returns of credit sales in the amount of $3,500. • Bad debt expense of $5,000 recorded at the end of the period. • The company estimates sales returns at 2% of credit sales revenue for the period. Determine the net realizeable value of receivables at the end of the year as disclosed on the balance sheet.

The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Value Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $750 141 June 9 135 ---Select--- * $ 794.96 2 Date of Discount Discount Period (days) Sept. 5 × Discount Rate (%) 15.5 $ tA Proceeds (in $)

25. The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)   FaceValue InterestRate (%) Date ofNote Term ofNote (days) MaturityDate MaturityValue(in $) $2,200 12 Mar. 7 80                  $     Date ofDiscount DiscountPeriod (days) DiscountRate (%) Proceeds(in $)   Apr. 15 19 $

am. 135.