Reina Company maintained its books on a cash basis. During the current year, the entity collected P50,000,000 from customers and paid P42,000,000 in expenses. January 1 December 31 Increase (Decrease) Accounts receivable 2,000,000 1,700,000 (300,000) Prepaid expenses 200,000 300,000 100,000 Advances from customers 500,000 900,000 400,000 Accrued expenses 1,000,000 800,000 ( 200,000) Accounts payable 1,400,000 2,500,000 1,100,000 500,000 Depreciation for current year What amount should be reported as accrual basis net income? a. 6,500,000 b. 6,000,000 c. 8,000,000 d. 7,500,000 000

Vikarmbhai

Chang Co. issued a $45,750, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. are Select the correct answer. $50,783 $46,169 $44,073 $45,750

10- SK Inc, factors $400,000 of accounts receivable with Mars Finance Company on a without recourse basis on July 1,2020. The receivables records are transferred to Mars Finance, which will receive the collections. Mars Finance assesses a finance charge of 1 ½% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.Instructions:a) Prepare the journal entry on July1,2020, for SK Inc. to record the sale of receivables without recourse.b) Prepare the journal entry on July1,2020, for Mars Finance Company. to record the purchase of receivables without recou

Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. note to Locust at the maturity date. Paid the amount due on the Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $33,000 cash fro Fargo Bank by signing a 60-day, 7%, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _____?_ Paid the amount due on the note to Fargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described. Maturity date Locust NBR Bank Fargo Bank