Question: step by step solution Miraculous Company accepted from a customer a P4,000,000, 90-day 12% interest bearing note dated August 31, 2019. On September 30, 2019,

step by step solution

step by step solution Miraculous Company accepted from a customer a P4,000,000,

Miraculous Company accepted from a customer a P4,000,000, 90-day 12% interest bearing note dated August 31, 2019. On September 30, 2019, Miraculous discounted the note at the Apex State Bank at 15%. How much is the gain / (loss) on discounting if the note discounted is accounted for as secured borrowing

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

For a random sample of 60 overweight men, the mean of the number of pounds that they were overweight was 30. The standard deviation of the population is 4.2 pounds. a. Find the best point estimate of...

Q:

Please provide explanation and solution for my guidance thank you ?? Take time to answer ? Im not in a rush :) Problem 9-4 (LAA) Neophyte Company has experienced a critical cash flow problem largely...

Q:

Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not...

Q:

Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not...

Q:

Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not...

Q:

Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not...

Q:

Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not...

Q:

22. Tender Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31,2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds...

Q:

Can someone help me find the answer and solutions for these questions? Rommel Company included the following in inventory at year-end: Merchandise out on consignment, at sale price, including 40%...

Q:

Randy Company accepted from a customer a P4,000,000, 90-day, 12% interest bearing note dated August 31, 2005.On September 30, 2005, Randy discounted the note at Family Bank at 15%.However, the...

Q:

Urdaneta Company accepted from a customer P5,000,000, 120-day, 12% note dated August 31, 2019. On September 30, 2019, Urdaneta discounted the note at the National Bank. However, the proceeds were not...

Q:

You are offered an investment that will make three payments. The first payment of $8,000 will occur four years from today. The second of $7,000 will occur in five years, and the third of $6,000 will...

Q:

The veterinarian office needs to create a database to keep track of owner and pet information. They also need to track appointments and treatments for each pet. Use the following business rules for...

Q:

What is the derivative d f d x of f ( x ) = acos ( x ) - bsin ( x ) evaluated at x = 2 9 degrees if b = 3 and a = 4 ?

Q:

Capacitors of values 1.0 F, 2.0 F, 3.0 F, and 6.0 F are connected in series across a 12 V power supply. Which capacitor has the greatest charge on it? they are all equal the 6.0 F capacitor the 2.0 F...

Q:

A certain substance A has a boiling point of 78 degrees Celsius and substance B has a boiling point of 110 degrees Celsius. Answer the following questions: a. Which substance has a higher vapour...

Q:

Assume gm-5ms, the input impedance Zin (in KQ) is: A) 64 B) 54 C) 32 D) 40 +0 Vin 320k E) 48 80k VDD 80k F) 144 luf 3.1k 4+ IDSS-11mA VP--4V HI 0.6k 0.3k VSS Vo Figure (2)

Q:

Moonlight, Inc. has issued two types of bonds. A1 and A2 . Both of them is paying annual interst of80$. Maturity of A1 is12 years. Maturity of A2 is1 year. a. Find the value A1 and A2 when the market...

Q:

Here is question 6 information: The EagleEye is a small firm that manufactures special ski goggles. The company has the opportunity to sell a particular model to The Outdoor Store, a well-known...

Q:

1. Explain the following statements: a) Objective reality is always subjectively interpreted. b) What we know depends on whom we got to know it from.

Q:

4. Give examples from your everyday life where the process affects the result, but where the result also affects the process.

Q:

6. Give examples of circular patterns in a communication situation that you have participated in, where element A affects B, and B affects A.