Reference no: EM132996718
Questions -
Q1. On January 2, 2021, Toto Company received a promissory note from a customer, 10% P250,000, due in 180 days. Toto Company discounted the note with a bank on a without recourse basis on February 16, 2021, at 12%.
1. How much is the proceeds?
2. How much is the loss on discounting?
Q2. On June 1, 2020, Kielvj company discounted a 6-month P1,500,000 customer note at 11% with a bank on a with recourse basis. the note has a nominal rate of 9% and dated May 1, 2020.
1. How much is the net proceeds from the discounting?
2. Under secured borrowing, how much is the increase (decrease) in liability on June 1, 2020?
3. Under the conditional sale, how much is the increase (decrease) in assets on June 1, 2020?
4. Under secured borrowing, how much is the net interest income (expense)?
|
What is june margin of safety in dollars
: The company has fixed expenses of $1,035,000 each month plus variable expenses of $3.60 per carton of calendars. What is June margin of safety in dollars
|
|
What is the ev-ltm sales multiple for targetco
: Target Sales (As of March 31, 2014 -YTD Financial Statement) $1500. What is the EV/LTM Sales multiple for TargetCo? Show your work
|
|
Outline the access controls that would be appropriate
: Outline the access controls that would be appropriate for this situation. Explain why these controls are necessary
|
|
Prepare the full costing income statement
: For the current period it is expected to produce and sell 3,200 pieces. Prepare the Full Costing Income Statement and Variable Costing Income Statement
|
|
How much is the net proceeds from the discounting
: On June 1, 2020, Kielvj company discounted a 6-month P1,500,000 customer note. How much is the net proceeds from the discounting
|
|
Prepare a partial income statement
: Prepare a partial income statement and a partial balance sheet for the year ended December 31,2019 to show the effect of the adjusting entries
|
|
Determine the possible transfer prices
: Determine the possible transfer prices under the (1) Comparable Uncontrolled Price method and (2) Resale Price (Comparable Gross Profit) method
|
|
How does Paty Pets account for this receipt
: Patty's Pets had good second quarter (April, May, June) and will receive a check for 3% of their purchases in July. How does Paty Pets account for this receipt
|
|
How much is the adjusted capital of Y after the formation
: If the goodwill method is to be used in determining the capital of each partner, how much is the adjusted capital of Y after the formation
|