Reference no: EM132965572
Questions -
Q1) In your examination of the books and accounts of Graciella Corporation for the year 2018, you have noted that the entire past due accounts of the company amounting to P400,000 should be set up as allowance for uncollectible accounts. On these past due accounts, management with proper recommendation from the company's legal counsel, had decided to write-off accounts with balance, totaling P80,000. As of December 31, 2018, the balance of "allowance for uncollectible accounts" was P250,000.
As part of your adjustment, how much additional uncollectible accounts expense should be provided at December 31, 2018?
Q2) On December 1, 2019, the State Finance Company gave Conanan Company a P2,000,000, 12% loan. Conanan Company received proceeds of P1,940,000, after deduction of non-refundable finance and other processing charges of P60,000. Principal and interest are due in 60 monthly installments of P44,500 beginning January 1, 2020. The repayment yields an effective interest rate of 13.4% based on the proceeds of P1,940,000. State Finance Company has the intention of collecting the contractual cash flows from this loan over the full term of the loan, thus, does not elect to measure this ate fair value.
What amount of interest revenue should State Finance Company recognize for the year 2019 as a result of this loan?
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