on september 1 excellent company received an p80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. on october 2, 2020, thirty days after the note was received, excellent discounted the note at the bank at 14%. using 360 days in a year, how much cash did thunder company receive from the bank?

Q: Lexter Corporation borrows cash by signing a $90,000, 8%, eight-month note on December 1with its…

A: Interest = Principle x Rate/100 x Time/12 so, according to given information Principle amount is…

Q: Oriole Supply Co. has the following transactions related to notes receivable during the last 2…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: On December 1, 2020, Papa Po Company assigned specific accounts receivable totaling P200,000 as…

A: Written promissory notes grant the receiver, or bearer, the right to obtain the sum specified in an…

Q: On May 15, Maynard Co. Borrowed cash from texas bank by issuing a 60 day note with a face amount…

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Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Given information is: Selkirk Company obtained a $15,000 note receivable from a customer on January…

Q: using 360 days in a year, how much cash did thunder company receive from the bank?

A: Given information is: On september 1 thunder company received an p80,000, 12%, 120-day note from a…

Q: On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount…

A: A promissory note can be described as a legal document that documents a loan between the lender and…

Q: On July 31, 2020, Clear Company discounted at the bank a customer's 600,000 interest-bearing note,…

A: Solution: Maturity value of note = Principal + Interest = 600,000 + (600,000*10%*6/12) = 600,000 +…

Q: Florenda Quino Forwarders borrowed P600,000 from the bank on Sept. 1, 2019. The note carried an 8%…

A: Solution: The interest rate is missing, so I looked for similar questions and found that it is 8%:…

Q: DE LA CRUZ Company received a 10%,180 day note from its customer on April 1, 2021. The note has a…

A: Solution : Given Face value          =P500,000 interest rate      =10% discount rate     = 12 % date…

Q: On july 1, 2017 LA company sold equipment to NA company for 1,000,000. LA accepted a 10% note…

A: Discounting a note receivable refers to the selling of the notes receivable in the future for a…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x period = $18,000 x 5% x…

Q: Al Havier Manufacturing received a Php 350,000 promissory note at 11% simple interest for 96 days…

A: Asper the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: On July 31, 20A, ABC company discounted at the bank, a customer's 1,200,000, 6-month 10% notes…

A: Notes payable are signed arrangements (promissory notes) between two parties whereby one offered to…

Q: Anderson Co. issued a $50,932, 60-day, discounted note to National Bank. The discount rate is 1196.…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: s at December 31, 2020, compute for the following: 1. What is the  Total current assets

A: Account receivables:Account receivables are the current assets of the company that record the amount…

Q: Cornbip Company received from a customer a on-year, $500,000 note bearing annual interest of 8%.…

A: The interest amount to be received by the company shall be considered while calculating the amount…

Q: LISA Corp. received from MIK Corp. a one-year, $375,000 note bearing annual interest of 8%. After…

A: Maturity value of Note = Face value of note + interest = $375000 + 375000*8%*12/12 = $405,000

Q: Anderson Co. issued a $55,000, 60-day, discounted note to National Bank. The discount rate is 6%. At…

A: In the above case, the borrower must pay the par value at the maturity which is $55,000. The…

Q: On May 15, FDN Trading signed a P150,000, 12 percent, 150-day note payable with the bank. The note…

A: Notes payable is defined as the liabilities that are usually issued for the long term. It indicates…

Q: On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount…

A: a. In this case, the note is not discounted. Hence, the proceeds amount of the note is equal to the…

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Formula: Discount amount = Face value amount x Discount rate

Q: On December 1, 2020, Papa Po Company assigned specific accounts receivable totaling P200,000 as…

A: Carrying amount is defined as the asset original cost minus the accumulated depreciation, and at…

Q: On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On September 1, 2015, Excellent Company received an $80,000, 12%, 120-day note from a credit…

A: Cash received from bank = Maturity value - Discount charged by the bank

Q: Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of…

A: Prepare the Journal Entries on July 1 Detailed Journal Entries are given below:

Q: Chang Co. issued a $59,741, 120-day, discounted note to Guarantee Bank. The discount rate is 8%.…

A: Discounting of note means receiving payments from a note from the bank after deduction of bank…

Q: How much cash did Thunder Company receive from the bank? *

A: Given information is: On September 1, 2020, Thunder Company received an P80,000, 12%, 120-day note…

Q: On June 30, 2002, Simon Company discounted a customer's $180,000, 6 month, 10 percent note…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a…

A: Effective interest rate is calculated after considering all the compounding effect.

Q: Bibimbap Company received from a customer a on-year, P500,000 note bearing annua nterest of 8%.…

A: Solution: Formula Sheet:   Answer Sheet:

Q: 17. Walnut company received from a customer an 1-year, P200,000 note bearing annual interest of 8%.…

A: The maturity value of note is calculated as sum of principal value of note and interest earned.

Q: On Nov 1 2021, Calixo Co. accepted a 90 day, 8% $2,000,000 note from Harmony Trading. Calixo Co.…

A: Maturity value of the note = Face value + interest   = $2,000,000+2,000,000 *8%*90/360   =…

Q: What is the amount shown as Cash on Mickey Mouse’s December 31, 2019 Statement of Financial…

A: The balance as per the bank statement and as per the books is reconciled and adjusted to deduce the…

Q: On December 15, FDN Trading signed a P120,000, 4 percent, 120-day note payable with the bank. The…

A: Financial markets are venues where individuals and businesses may purchase and sell assets such as…

Q: 3. Total current assets 4. Expenses to be recognized in the statement of comprehensive income in…

A: Current assets: Resources held by the company that can be converted into cash within period of one…

Q: ABC Company accepted a P400,000 face value, 6-month, 10 percent note dated May 15 from a customer.…

A: The discounted note receivable is getting money from bank against customers' note receivable.

Q: On August 31, 2022, Prestige Co. discounted at a bank a customer's P1,200,000, 9-month, 10% note…

A: The discount of note receivable is a way to get money from bank against note receivable before due…

Q: On July 20, 2021, Benildo Corp. discounts a 120 days, 15% P250,000 note of a customer dated July 10,…

A: Notes are given interest rate and they are paid on maturity with interest also but they can be…

Q: and credit) during the year amounted P5,000,000. Ninety percent of these were made on credit. • The…

A: To Calculate the current assets, Accounts receivable and cash and cash equivalents need to be…

Q: On June 04, FDN Company sold merchandise to ABC Company and accepted a 90-day, 12% P90,000 note.…

A: calculation of cash received upon discounting are as follows

Q: Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1,…

A:

Q: ctions during the year: • Sales (cash and credit) during the year amounted P5,000,000. Ninety…

A: There are multiple parts to the question and only first two parts are specified to be solved. Hence,…

Q: BAYAN Company had a 60-day note of P10,000 dated May 15 with a 9% interest rate, discounted at the…

A: The note receivable is a current assets, which is issued by the debtors of the business. Discounting…

Q: On November 15, FDN Trading signed a P360,000, 12 percent, 180-day note payable with the bank. The…

A: Solution: Discount amount = P360,000 * 12%*180/360 = P21,600