What amount of cash was received

Assignment Help Financial Accounting
Reference no: EM132922011

Question - On December 1, 2021, Bamboo Co. assigned specific accounts receivable totaling P4,000,000 as collateral on a P3,000,000, 12% note from a certain bank. The entity will continue to collect the assigned accounts. In addition to the interest on the note, the bank also charged a 5% finance fee deducted in advance on the P3,000,000 value of the note. The December collections of assigned accounts receivable amounted to P2,000,000 less cash discounts of P100,000. On December 31, 2021, the entity remitted the collections to the bank in payment for the interest accrued on December 31, 2021 and the note payable. The entity accepted sales returns of P150,000 on the assigned accounts and wrote off assigned accounts of P200,000. What amount of cash was received from the assignment of accounts receivable on December 1, 2021?

Reference no: EM132922011

Questions Cloud

What are the main components of attitudes : What are the main components of attitudes? Are these components related or unrelated?
Identify three specific uses-of-force policies : Identify three specific uses-of-force policies that could help provide for transparency within the criminal justice organization.
Explain ethical considerations involved in moving from free : Wanda knows that she is going to incur increased costs if she expands her business. She is concerned about the impact these costs will have on her profit margin
Explain three types of cashy room : Explain Three types of cashy room
What amount of cash was received : The entity accepted sales returns of P150,000 on the assigned accounts and wrote off assigned accounts of P200,000. What amount of cash was received
Identify the manager responsibilities in resolving : The manager of a business has many responsibilities to both employees and customers. Sometimes it may be difficult to meet both groups' needs.
Child body movements accompany rhyming : If a child's body movements accompany rhyming words, would those words be easy for the child to remember? Why?
What is the cash received from discounting : The market of interest was 12%. The entity discounted the note at 10% on September 1, 2021? What is the cash received from discounting
Topic on epilepsy : Find a peer-reviewed research article discussing the effects epilepsy has on a person's everyday life.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute the annual depreciation for each of the five years

Compute the annual depreciation for each of the five years under each of the following methods: straight-line. units-of-activity.

  How do explain the to owner penelope hassey

Penelope's Candy Store (PCS). You have determined that PCS has a Profit Margin of 19%. How do you explain this to owner Penelope Hassey?

  What journal entry to record the stock issuance will include

Torres Inc. issues 40,000 shares of its $0.05 par value common stock for $70 per share. The journal entry to record the stock issuance will include a

  Decision on proposal where contract price is lesser than

decision on proposal where contract price is lesser than variable costgenerators inc. produced emergency backup

  Recruited for the senior accountant position

This was Joel Craig's first visit to the controller's corner office since being recruited for the senior accountant position in May. Because he'd been directed to bring with him his preliminary report on year-end adjustments, Craig presumed he'd done..

  Considering investing in annuity contract

Carla Vista Co. is considering investing in an annuity contract that will return $29,490 annually at the end of each year for 18 years. What amount should Carla Vista Co. pay for this investment if it earns an 4% return?

  Discuss what are your reactions to the films violence

Do such depictions sensitize or desensitize one to violence, What are your reactions to the film's violence

  Calculate the current number of shares and the market value

The current price of the stock is $12. Calculate the current number of shares and the market vlue of your investment

  What is the balance in the unearned revenue account

What is the balance in the Unearned Revenue account on December 31? Capital, a business magazine, collected $480,000 in subscription revenue on May 31.

  Either of his dependents qualifies for the child tax credit

Jeremy earned $220,000 in salary and $3,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $18,500 in itemized deductions. Neither of his dependent..

  What is its equity multiplier

Calculate Caulder's profit margin and debt-to-capital ratio assuming the firm uses only debt and common equity,so total assets equal total invested capital

  Find out the contribution margin in dollars per unit

Find out the contribution margin in dollars, per unit, and as a ratio. Using the contribution margin technique, compute the break-even point in dollars and in units.

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