User Account

All Pages

How much was the final payment to the bank

Assignment Help Accounting Basics
Reference no: EM133006816

Problem - On July 1, 2020, Julio Company assigned P1,000,000 accounts receivable to a bank to secure an P300,000 loan, with 1% monthly interest. The customer was not notified. Collections were: P200300 in July, P6005000 in August, and [#200,000 in September. At the end of each month, the entity remitted the collections (or amount due) to the bank plus interest.

Required -

1. How much is the total interest expense incurred in 2020?

2. How much was the final payment to the bank?

Reference no: EM133006816

Questions Cloud

How a literature review differs from a traditional research : How a literature review differs from a traditional research paper for a course. In your explanation, address the function of a literature review.
What is the amount of stock-based compensation expense : The plan allows the purchase of one share of $1 par value common stock at an option price of $30 per share. What is amount of stock-based compensation expense
Describe several ways to collect information on a job duties : Describe several ways to collect information on a job's duties and be sure to provide the pros and cons to each method.
How much is the unrealized gain-loss : Quoted price of the bonds on different dates are as follows: December 31, 2019 - 105; How much is the unrealized gain-loss
How much was the final payment to the bank : Julio Company assigned P1,000,000 accounts receivable to a bank to secure an P300,000 loan, How much was the final payment to the bank
How much would you have to deposit at the beginning : You want to receive $375 at the end of each month for 2 years. Interest is 7.4% compounded monthly. How much would you have to deposit
Difference between mission statement and vision statement : Discuss each example statement in terms of its role for the company and how it drives company decisions and actions
What is a lama in the tibetan buddhist tradition : What is a lama in the Tibetan Buddhist tradition? What is the Dalai Lama's religious significance to followers of Tibetan Buddhism?
Provide journal entries to record the transactions : A total of 250 000 shares of the total capital of 400,000 shares ar paid up om the required call. Provide journal entries to record the transactions

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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