User Account

All Pages

What amount should be disclosed as the equity

Assignment Help Accounting Basics
Reference no: EM132836897

Question - Missandei Company assigned specific accounts receivable totaling 3,100,000 as collateral on a 2,500,000, 12% note from a certain bank on December 1, 2020. 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 charge deducted in advance on the 2,500,000 value of the note. The December collections of assigned accounts receivable amounted to 1,000,000 less cash discounts of 50, 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.

Required -

1. What is the carrying amount of note on December 31, 2020?

2. What amount should be disclosed as the equity of Missandei Company in assigned accounts on December 31, 2020?

3. What amount of cash was received from the assignment of accounts receivable on December 1, 2020?

Reference no: EM132836897

Questions Cloud

Attention of the municipal government : Romblon is known for its beautiful marble. To satisfy the increasing demands for marble, enterprising residents intensified the marble quarrying.
What is the best trade for chandrika to make : What is the best trade for Chandrika to make that will pay her if view about the dividend is correct? What is the 2 month forward price?
Develop a physical prototype for the product : Find an unmet need, or a problem needing a solution (new product or improved product to a new market).
Explain thee psychological and behavioral characteristics : Identify and explain some of the psychological and behavioral characteristics of learners with ADHD. Identify and explain five empirically - based strategies.
What amount should be disclosed as the equity : What amount should be disclosed as the equity of Missandei Company in assigned accounts on December 31, 2020
What does the balance sheet look lik : Betancourt International has operations in Arrakis. If exchange rate at the end of the year is 1.25 solaris per dollar, what does the balance sheet look like?
Why are organizational skills important : Why are organizational skills important? How can you usually identify a person who exhibits these skills? What observable characteristics does the person posses
How will you develop clear lines of communication : How will you develop clear lines of communication with families to ensure diverse learning needs are met? What challenges might you face in communicating with.
Smaller countries deal with their food crisis : Research and discuss ways that larger countries try to help smaller countries deal with their food crisis.

Reviews

Write a Review

Accounting Basics Questions & Answers

  By what amount will net income increase

The company is considering a proposal that will increase sales by $10,000 and total fixed costs by $6,000. By what amount will net income increase

  What is the cost basis for each asset

A business is purchased for 250,000. The fair market value of assets are equipment 90,000, building 135,000, and goodwill 15,000. What is the cost basis for each asset?

  What is the amount of each semiannual interest payment

Birmingham Company issues bonds with a par value of $800,000 on the stated issue date. What is the amount of each semiannual interest payment for these bonds

  Incredible apps adopt the minto pyramid principle

1. Should IncredibleApps adopt the Minto Pyramid Principle? If yes, why? If no, why not? question. (Please remember that your grammer should not have any issues) -> Answered 'Yes'

  Prepare an amended profit curve where the market forces

Prepare an amended profit curve where the market forces have led to a switch of Shs. 200,000 of sales from product A to product C

  What is the ending balance for property

Silverstone Company has the following balances as of December 31, 2016: What is the ending balance for property, plant and equipment

  What is the market value of the house

What is the market value of the house?What value should the appraisal state?The property is listed for sale at $200,000 and has not sold

  ACC 410 Auditing Assignment

ACC 410 Auditing Assignment Help and Solution - Ashford University, USA. Describe the purpose of analytical procedures performed in the planning stage of audit

  What would be the entry to record this transaction

A sales invoice totaling $3,000 and dated January 14 has discount terms of 2/10, n/30. If it is paid January 23, what would be the entry to record this transaction?

  Compute the production cost budget variance

Acme Manufacturing uses flexible budgeting. Variable Production Costs 120,000. Compute the Production Cost budget variance

  What is the basic elimination entry parent would use

If Parent were to prepare a consolidated balance sheet on acquisition date, what is the basic elimination entry Parent would use in the consolidation worksheet?

  Speedy taxi service uses the units-of-activity method in

speedy taxi service uses the units-of-activity method in computing depreciation on its taxicabs. each cab is expected

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd