On December 31, 2025 Blossom company performed environmental consulting service for Hindu company was short of cash and blossom company agreed to accept 340,000 zero interest Barry no due December 31, 2027 as payment in full is somewhat of a credit risk and typically borrows funds at a rate of 12% Blossom is much more credit worthy and has various lines of credit at 6%Assuming blossom companies physical year end is December 31, prepared the journal entry for December 31, 2027
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- The shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entrySolve by uilig tables Table 121 and Tabie 122. Paul and Donna Kelsch are planning a Maditerranean cruise in 3 years nd witl need $6,500 for the ti They dedde to t upaining funlvings atcount fir the sacaton. They Intend to make regular payments at the und of each 3 month period anto the account that pays o interest congounded quartely. What perlodc sinking fid payment On ) wil allow them to achieve their vacation goal (Round your anwer to the nearest cent.)You Answered orrect Answer An MBS has the following characteristics for the current month: Beginning principal outstanding (Millions) WAC (96 APR) Pass through rate (% APR) SMM (single monthly mortality) (9) Expected total mortgage payment (Millions) 746 2.09 margin of error +/- 1% 5.97 5,5 0,193 5,8 What is the scheduled principal repayment this month? Enter answer in millions.
- PROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under credit. terms of 10%, 15%, 3/10 2/15 1/20 n/30. 1. How much should be debited to Accounts receivable on January 1, 2022, under the net method? 2. Assuming the customer settled its account on January 11, 2022, what amount should be recognized as sales discount under the gross method? 3. Assuming the customer settled its account on January 16, 2022, what amount should be recognized as sales discount forfeited under the allowance method? 4. Assuming the customer settled its account on January 21, 2022, what amount should be recognized as sales discount forfeited under the net method? 5. Assuming the customer settled its account on January 31, 2022, what amount should be recognized as sales discount under the allowance method?choose the letter of the correct answer Log Company’s credit sales are P300,000, and the collection period is 90 days. Cost is 70 percent of selling price. Determine Log's average investment in accounts receivable. a. P32,500.00b. P42,500.00c. P52,500.00d. P62,500.00e. P72,500.00Current Attempt in Progress At December 1, 2022, Tamarisk, Inc. Accounts Receivable balance was $17470. During December, Tamarisk had credit sales of $46800 and collected accounts receivable of $37440. At December 31, 2022, the Accounts Receivable balance is O $64270 debit O $17470 debit O $26830 credit O $26830 debit Save for Later Attempts: 0 of 1 used Submit Answer
- Use the following information for the next two questions. BPI Davao provided the following information regarding its Loans Receivable at December 31, 2023: Loan A B C Gross CA P3,000,000 2,000,000 1,000,000 Lifetime ECL P300,000 400,000 500,000 12-month ECL P50,000 40,000 60,000 Credit risk assessment Low credit risk 31 days past due Credit-impaired The loss allowance that BPI Davao should recognize at December 31. 2023 is?07 Quiz Saved Help Save & Exit Submit TB MC Qu. O7-111 (Algo) Jasper makes... Jasper makes a $36,000, 90-day, 9% cash loan to Clayborn Company. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.) nts eBook Multiple Choice Ask Print eferences Debit Cash for $36,000; credit Notes Receivable $36,000. Debit Cash $36,810; credit Interest Revenue $810; credit Notes Receivable $36,000. Debit Cash $36,810; credit Notes Receivable for $36,810. Debit Notes Payable $36,000; Debit Interest Expense $3,240; credit Cash $39,240. raw ill TV MAR 15 tv MacBook Air 80 DD F1 F2 F3 F4 F5 F6 F7 F8 F9 @ %24 3 4 7 8. 9 Q W Y S D F G H J K2021 2022 2023 Year Forsen Computing Net Credit Sales $1,557,200 1,855,310 2,165,170 Ending Accounts Receivable $398,000 414,400 500,780 1. Compute the accounts receivable turnover ratios and the number of days' sales in receivables ratios for 2022 and 2023 (round answers to two decimal places) What do the outcomes tell a potential investor about Vortex Computing if industry average for accounts receivable turnover ratio is 4 times and days' sales in receivables ratio is 85 days? 94% See 2 Edito
- Choose the correct letter and provide solution A firm has total annual sales (all credit) of P100,000.00 and accounts receivable of P20,000.00. How rapidly (in how many days) must accounts receivable be collected if management wants to reduce the accounts receivable to P15,000.00? *a. 22.8 daysb. 34.8 daysc. 44.8 daysd. 52.8 dayse. 54.8 days13. AAA has a receivable from Client QRC amounting to P850,000 with existing credit term of 10/45, n/60. This was used by AAA to avail financing from C19 Finance Corporation. Client QRC is one of AAA’s credible client for the longest time which is its basis why this account was assigned to the finance provider. C19 has only extend 85% of the amount with 2% finance fee based on the face receivable assigned. A monthly interest of 4% will be charged by on the outstanding obligation of AAA. As this transaction was completed, AAA notified the finance department of QRC to pay its account directly to C19. Assuming AAA sold merchandise to Client QRC on April 1, 20A and the assignment transaction was completed on April 15, 20A. If Client QRC has paid its entire receivables availing the discount, of the amount received by the bank, which of the following entries is not found when the AAA was notified of the collection and the excess cash was received? a. Dr. Sales discount 85,000 b. Loan payable…PROBLEM NO. 1 The December 31, 2019 statement of financial position of Help Company included the following information: Notes receivable P 598,000 Less: NR discounted (380,000) P 218,000 Accounts receivable P2,240,000 Less: Allow. for D.A. ( 141,000) 2,099,000 Total receivables P2,317,000 The following transactions occurred during 2020: 1. Sales on account P8,812,000 2. Collections on accounts 8,410,000 3. Accounts receivable written off as uncollectible 138,000 4. Notes receivable collected 290,000 5. Customer notes received in payment of accounts receivable 740,000 6. Notes receivable discounted paid at maturity 360,000 7. Notes receivable discounted defaulted, including interest of P200 and a P100 fee. This amount is expected to be collected in 2021 20,300 8. Proceeds from customer notes discounted (face value P450,000, accrued interest…