Reference no: EM132913395
On December 1, 2020, Jawhead Company assigned specific accounts receivable totaling P2,500,000 as collateral on a P2,000,000 12% note from Alice Bank. The entity will continue to collect the assigned accounts receivable. In addition to the interest on the note, the bank also charged a 5% finance fee deducted in advance on the assigned accounts. The December collections of assigned accounts receivable amounted to P1,000,000 less cash discount of P100,000. On December 31, 2020, the entity remitted the collections to the bank in payment for the interest accrued on December 31, 2020 and the note payable. The entity accepted sales returns of P50,000 on the assigned accounts and wrote off assigned accounts of P150,000.
Question 1: What amount of cash was received from the assignment of accounts receivable on December 1, 2020?
Question 2: What is the carrying amount of note payable on December 31, 2020?
Question 3: What amount should be disclosed as the equity of Jawhead Company in assigned accounts on December 31, 2020?
What amount of cash was received on the sale of accounts
: Lesley Company factored with recourse P2,000,000 of accounts receivable. What amount of cash was received on the sale of accounts receivable?
|
What changes do you foresee if the age structure changes
: What changes do you foresee if the age structure changes in the way suggested by the projection to 2040 in that graph? What might cause the actual age structure
|
What amount was initially received by hanzo company
: What amount was initially received by Hanzo Company from the factoring? Hanzo Company factored P4,000,000 of accounts receivable to a finance entity.
|
Transferable Skills
: Transferable Skills (TS) are typically not associated with a specific job or assignment (Bertrand et al., 2020).
|
What amount should be disclosed as equity of jawhead company
: What amount should be disclosed as the equity of Jawhead Company? What is the carrying amount of note payable on December 31, 2020?
|
What is the couple marriage penalty or benefit
: In 2020, Lisa and Fred, a married couple, had taxable income of $315,700. What is the couple marriage penalty or benefit
|
How much is the balance of allowance for loan impairment
: How much interest income is recognized in 2022? How much is the balance of allowance for loan impairment on December 31, 2022?
|
What are the tax consequences to leah estate
: Cabana Corporation redeemed all of its stock from the estate for $800,000 when its E&P was $1,000,000. What are the tax consequences to Leah's estate
|
Creating security policy framework
: When creating a security policy framework, it's important to align business objectives with the correct framework.
|