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Determine the amount of accounts receivable to be presented

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Reference no: EM133012179

Specific customer accounts receivable totaling P1,850,000 were assigned to Georgetown Finance Company by Thompson Inc. as collateral for a P1,470,000 loan. The finance company charged a 3 percent finance charge on the total accounts receivable assigned. The note bears interest at 12 percent per year. During the first month, Thompson collected P680.000 on the assigned accounts. This amount plus one month's interest was remitted to the finance company

Problem 1: Determine the cash received from financing

Problem 2: Determme the Interest expense

Problem 3: Determine the amount of accounts receivable to be presented in the face of the statement Of financial position

Reference no: EM133012179

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