Reference no: EM132906001
Questions -
Q1. Max Corporation factored, with guarantee (recourse), P100,000 of accounts receivable with Husky Financing. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. What amount of cash would Max receive on the sale of receivables?
a. P95,000
b. P92,000
c. P97,000
d. P100,000
Q2. On December 31, 2019, Flint Corporation sold for P75,000 an old machine having an original cost of P135,000 and a book value of P60,000. The terms of the sale were as follows:
P15,000 down payment; P30,000 payable on December 31 each of the next two years
The agreement of sale made no mention of interest; however, 9% would be a fair rate for this type of transaction. What should be the amount of the notes receivable net of the unamortized discount on December 31, 2019 rounded to the nearest peso? (The present value of an ordinary annuity of 1 at 9% for 2 years is 1.75911.)
a. P60,000
b. P52,773
c. P105,546
d. P67,773
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