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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?
Compute the annual depreciation for each of the five years under each of the following methods: straight-line. units-of-activity.
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?
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 variable costgenerators inc. produced emergency backup
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..
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?
Do such depictions sensitize or desensitize one to violence, What are your reactions to the film's violence
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 on December 31? Capital, a business magazine, collected $480,000 in subscription revenue on May 31.
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..
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, and as a ratio. Using the contribution margin technique, compute the break-even point in dollars and in units.
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