What is total amount collected from customer on december

Assignment Help Financial Accounting
Reference no: EM132795695

problem 1: On April 1, 2020, Shalimar Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with face of P6,000,000. The bank discount rate is 12%. The discounting transaction is accounted for as a conditional sale with recognition of a contingent liability. On October 1, 2020, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus protest fee of P50,000. On December 31, 2020, the entity collected the dishonored note in full plus 12% (annual interest rate) from the maturity date up to settlement date based on face amount of the note for humanitarian reasons. What is the total amount collected from the customer on December 31, 2020?

Reference no: EM132795695

Questions Cloud

Determine the depreciation expense for year x would be : If the Production company were to use the declining balance method for its equipment, the depreciation expense for year X5 would be
What is the elasticity of course grade : Economist David Romer found that in introductory economics classes a 10% increase in class attendance is associated with a 4% increase in course grade
Find how much impairment loss bank recognize on december : On December 31, 2020, when the carrying amount of the loan is determined, How much impairment loss should the bank recognize on December 31, 2020?
What would be the obstacles faced by people of color : Assume an African American character and write from the perspective of the character. What would be the obstacles faced by people of color during.
What is total amount collected from customer on december : The entity paid the bank the maturity value of the note plus protest fee of P50,000. What is the total amount collected from the customer on December 31, 2020?
Why was the madagascar plan not used : What were the four stated goals of Operation Reinhard and how were these implemented? How did Treblinka, Sobibor, and Belzec differ from other concentration.
What is the depreciation expense : The management changed the remaining useful life of the computers to two years. What is the depreciation expense for 2020
Compute depreciation expense using the straight line : On January 1st 2018 the useful life was increased to 7 years and residual value has increased to 15,000. What is the depreciation for 2018?
Determine the kinds of economic and political opportunities : The establishment of New Spain and the translation of Spanish concepts into the New World context, along with the physcial movement of Spanish colonists.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Shareholders as the annual dividend

Michael's, Inc. just paid $2.55 to its shareholders as the annual dividend. Simultaneously, the company announced that future dividends will be increasing by 5.50 percent. If you require a rate of return of 9.7 percent, how much are you willing to pa..

  Find how much would be willing to pay for the complex today

Find How much would be willing to pay for the complex today if will have to be torn down in 30 years, and the land could be sold for a net amount

  Increase in the market risk premium

The returns on the three stocks are independent of one another (i.e., the correlation coefficients all equal zero). Assume that there is an increase in the market risk premium, but the risk-free rate remains unchanged. Which of the following state..

  How do solve denise boutique inventory-on-hand period

How do Solve Denise's Boutique's inventory-on-hand period under both LIFO and FIFO. Which method generates the 'better' inventory-on-hand' ratio?

  Stockholders equity section of balance sheet

Stockholders equity section of balance sheet - List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the current year.

  Assets must grow at the same rate as projected sales

Broussard Skateboard's sales are expected to increase by 20% from $7.8 million in 2016 to $9.36 million in 2017. Its assets totaled $4 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as proj..

  What is your estimate of the stock current price

The company's stock has a beta of 1.8, the risk-free rate is 8.5%, and the market risk premium is 4%. What is your estimate of the stock's current price

  What is the value of a share of kcp at the start

What is the value of a share of KCP at the start of 2009? Kenneth Cole Productions (KCP), an all-equity financed firm, just reported EPS of $4.43 in 2018

  Evaluate what is the stock price today

Dividends will grow by 5% per year. The required rate of return on the stock is 16% compounded annually. What is the stock price today?

  Maximization of total revenue to maximize profit

Find Maximization of total revenue to maximize profit

  Prepare the amortization schedule for the note

Batonica and Northern Savings Bank use the effective interest method to amortize the discount, prepare the amortization schedule for the note.

  What does mean to be independent

What does it mean to be independent? Why is independence important? Describe and illustrate each of the seven threats to independence

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!

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