Reference no: EM132566127
Question - ABC Co. showed the following balances on December 31, 2018:
Accounts Receivable P2,000,000
Allowance for doubtful accounts (60,000)
The following transactions transpired for ABC Company during the year 2016:
1. On May 1, received a P300,000, six-month, 12% interest bearing note from Ed, a customer in settlement of an account.
2. On June 30, factored P400,000 of its accounts receivables to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the mount factored.
3. On August 1, ABC discounted the Ed note at the bank at 15%.
4. On November 1, Ed defaulted on the P300,000 note. ABC company paid the bank the total amount due plus a P12,000 protest fee and other bank charges.
5. On December 31, ABC Company assigned P600,000 of its accounts receivable to a bank under a non-notifcation basis. The bank advanced 80% less a service fee of 5% of the accounts assigned. ABC Company signed a promissory note for the loan.
6. On December 31, ABC collected from Ed in full including interest on total amount due at 12% since default date.
7. On December 31, it is estimated that 5% of the outstanding accounts receivable may prove uncollectible.
Required - Compute the amount of cash received on December 31 assignment of accounts receivable.
a. P480,000
b. P415,000
c. P430,000
d. P450,000
e. Answer not given
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