Reference no: EM133003523
Problem 1 - On June 30, 2020, Benedetta Company discounted at the bank a customer's P300,000, 6-month, 10% note receivable dated April 30, 2020. The bank discounted the note at 12%.
What amount should be reported as proceeds from the discounted note?
What amount should be reported as loss on discounting?
Problem 2 - Aldous Company accepted from a customer P5,000,000 face amount, 6-month, 8% note dated at the beginning of the current year. On the same date, Aldous discounted the note with recourse at the bank at a 10% discount rate. The discounting is accounted for as a secured borrowing.
What is the interest expense to be recognized on the date of discounting?
Problem 3 - Ling Company accepted from a customer P5,000,000 face amount, 6-month, 8% note dated at the beginning of the current year. On the same date, Aldous discounted the note with recourse at the bank at a 10% discount rate. The discounting is accounted for as a conditional sale.
What is the interest expense to be recognized on the date of discounting?
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What account and amount would we credit
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What amount should be reported as loss on discounting
: On June 30, 2020, Benedetta Company discounted at the bank a customer's P300,000, 6-month, What amount should be reported as loss on discounting
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Calculate the effect that increase will have on the profit
: Suppose sales increase by 10 percent next month. Calculate the effect that increase will have on her profit. She sells 360 bears this month.
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