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Question - On January 2, 2020, Anlene Company received an P800,000, 8%, 2-year note from Milo Corporation as settlement for an outstanding past due account. The interest is payable every December 31 and the interest due in 2020 were collected on time. In 2021, Milo Corporation was in financial crisis, as a result of this development, Anlene Company expects that the interest accruing for 2021 will not be collected and that only P600,000 of the principal amount will be collected in equal installment over the next three years starting December 31, 2022. As of December 31, 2021, the market rate of interest for a similar instrument is 9%. What amount of impairment loss should Anlene Company recognize on December 31, 2021 related to its notes receivable?
Sales returns in 2020 amounted to P400,000. All returns were from charge sale. Determine the Accounts Receivable balance as of December 31, 2020
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Assume that the NCCP Act apply to Sleepy's loan. Has ABC Ltd engaged in "irresponsible lending"?
Describe two transactions, the accounts that are affected and the affect on the respective financial statements.
Capstone Research Project
the accounting records of tuel electronics show the following data.beginning inventory3880 units at8purchases8660 units
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