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On July 1, 2020, Julio Company assigned P1,000,000 accounts receivable to a bank to secure an P800,000 loan, with 1% monthly interest. The customer was not notified. Collections were: P200,000 in July P600,000 in August, and P200,000 in September. At the end of each month, the entity remitted the collections (or amount due) to the bank plus interest.
Problem 1: How much is the total interest expense incurred in 2020?
Problem 2: How much was the final payment to the bank?
A 5 year $10,000 loan with a 5 year amortization period requiring monthly payments at 10% interest compounded monthly what are the monthly payments
The computer equipment had a carrying value of $19,200 on Crane's books, and a fair value of $19,200. Show the journal entries for both Nash and for Crane
Let's assume that Greshak Company projects its Free Cash Flow to be $100,000 next year. Further, the company estimates its WACC to be 13% and long-term sustainable growth rate to be 3%. Based on these factors, what is your estimate of the value of Gr..
List the three main types of business activities on the statement of cash flows and give an example of each.
Data in the accounting information system are stored electronically, such as on a disk. “Truth” is one of the qualitative characteristics identified by the FASB conceptual framework. Information you find on the Internet is reliable. Cost-effectivenes..
Record the first interest payment and amortization for CCC transaction in general journal form. CCC Corporation issued 10-year, 5% bonds with a face value
On January 1, 2014, VAIN Inc. purchased a machinery for P6,000,000. What is the depreciation expense of the equipment for the year ended December 31, 2016?
What the cash paid by Jump is? Hip and Hop who share profits and losses in the ratio of 3:7 are partners with capital balances.
The first step in the liquidation of a the partnership is to sell non-cash assets and recognize a gain or loss on realization- True/ False
What effect do these types of leases have on the balance sheet? What is a capital lease? How does application of capital lease accounting provide insight into a company’s financial health?
In 2017, $60000 of dividends are declared and paid. What are the dividends recieved by the common stockholders in 2017?
The following credit sales are budgeted by Polex Electronics: Two percent are uncollectible. How much does the company anticipate as cash receipts for March
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