On September 30, 2023, Topake Company engaged in the following transactions: Factored P500,000 of accounts receivable without

Fantastic news! We've Found the answer you've been seeking!

Question:

On September 30, 2023, Topake Company engaged in the following transactions: Factored P500,000 of accounts receivable without recourse on a nonnotificaiton basis with Quick Finance: Quick Finance charged a factoring fee of 2% of the amount of receivables factored and withheld 10% of the amount factored. Obtained a P1,000,000, Jour-month loan from First Bank, discounted at 12%. The company pledged P1,000,000 of accounts receivable as security for the loan The total amount of cash received and the amount credited to accounts receivable are: a. 1,400,000

Posted Date: May 18, 2024 10:05 PM

See More Questions

What is the average US Gross of movies? What is the average Budget of movies? What is the average Run time of movies? Place the plot of Budget and US Gross here.
One integrated circuit design calls for the diffusion of arsenic into silicon wafers; the background concentration of As in Si is 2.5 x 1020 atoms/m3. The predeposition heat treatment is to be...
The implementation of the change method has two dimensions:___________ and ___________. a. cost and commitment b. timing and scope c. cost and timing d. timing and commitment
Why may a focus on operating revenue be preferable to a focus on total revenue?
Austin Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2012.. All sales and purchases are on account. Budgeted collections and disbursement data are given...
Adams Company, which expects to start operations on January 1 , year 2 , will sell digital cameras in shopping malls. Adams has budgeted sales as indicated in the following table. The company expects...
The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent...
Your customer is hiring a vehicle as follows: Hyundai Elantra or similar - Automatic Pick up: 1900 10 April Drop off: 1900 15 April They would like to reduce their excess by paying the Collision...
La Ronge Nature Adventures (LNA) maintains a strict debt to equity ratio of 0.60. The current market price per common share is $60. LNA expects this year's earnings to be $210 million. a.What will...
Ken is 6 3 years old and unmarried. He retired at age 5 5 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information...
How do advanced geospatial technologies, including LiDAR and remote sensing, contribute to the planning and management of transportation infrastructure projects, particularly in terrain analysis and...
0. The values of 0, where 180
Cedar Co., a U.S. corporation, sold inventory on December 1, 2023, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Date December 1,...
ABC Corp just issued 8% Coupon Bonds, with maturity of 10 years, worth $ 20m under Sinking Fund Provision that requires thatABC must put aside at the end of each year $X in an investment vehicle...
Suppose the government bond described in problem 1 above is held for five years and then the savings institution acquiring the bond decides to sell it at a price of $940. Can you figure out the...
Can a family member impair independence? Explain.
Would the receipt of a large percentage of total fees from one particular audit client impair the independence of an accountant in public practice? What are the circumstances where this is...
Ifan accountant is holding clients monies, under what circumstances may he draw from that account and to what extent?

On September 30, 2023, Topake Company engaged in the following transactions: Factored P500,000 of accounts receivable without

Question:

Expert Answer:

Students also viewed these accounting questions