Find what is equity in assigned accounts of alpha on dec

Assignment Help Financial Accounting
Reference no: EM132811502

Problem 1: On Nov. 1, 2020, Alpha Corporation assigned specific accounts receivable totaling P3,000,000 as a collateral on a P2,500,000, 12% note from a certain bank. The entity will continue to collect the assigned accounts receivable. Of the receivables assigned, P1,800,000 was settled by customers as of Dec. 30. This resulted to total cash discount of P200,000. On Dec. 31, 2020, the entity remitted the collections until Dec. 30 to the bank in payment for the interest accrued up until December 31, 2020 and a portion of the note payable. If the related allowance for doubtful accounts is P50,000, what is the equity in the assigned accounts of Alpha on Dec. 31, 2020?

Reference no: EM132811502

Questions Cloud

Why businesses use different methods that result in the need : An accelerated method for the tax return. Explain why businesses use these two different methods that result in the need for two sets of records.
Discuss variables that you will be using in change project : A theoretical framework provides a rationale for predictions about the relationship among variables. Discuss the variables that you will be using in your change
Record the conversion using the book value approach : The bonds are converted on December 31, 2020, when the unamortized discount is $36,600. Record the conversion using the book value approach
What role does aca have in widening or closing coverage gap : The ACA was meant to provide quality health care coverage for all yet a coverage gap for some populations especially in states that oppose Medicaid expansion.
Find what is equity in assigned accounts of alpha on dec : On Nov. 1, 2020, Alpha Corporation assigned specific accounts receivable, what is the equity in the assigned accounts of Alpha on Dec. 31, 2020?
If 3(np2 + 24) = 2np2, find the positive value of n : If 3(nP2 + 24) = 2nP2, find the positive value of n
Find out the depth of the kerosene : The kerosene exerts a force of 16.4 kN on the tank's bottom, which has an area of 0.0700 m2. Find out the depth of the kerosene
Calculate the total cost of the two production departments : The direct costs of Departments P1 and P2 are $9,000 and $15,000, respectively. Calculate the total cost of the two production departments
How would bonds appear on the september balance sheet : If Grand Junction uses the straight-line method of amortization, how would these bonds appear on the September 1, 19X4, balance sheet?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd