User Account

All Pages

What amount should be reported as loss on note receivable

Assignment Help Financial Accounting
Reference no: EM132914159

Terizla Company accepted from a customer a P2,000,000, 90-day, 12% note dated August 31, 2020. On September 30, 2020, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2020.

Problem 1: In the income statement for the year ended September 31, 2020, what amount should be reported as loss on note receivable discounting?

Problem 2: In the income statement for the years ended September 31, 2020, what amount should be reported as proceeds from the discounted note?

Reference no: EM132914159

Questions Cloud

Facilitate interpersonal relational development : Choose two different mobile applications that facilitate interpersonal relational development.
Discuss how changing patterns in worldwide income : Discuss how changing patterns in worldwide income are impacting global marketing. In your discussion, identify a country with above average GDP growth and what
How can an organisation make business travel payments : How can an organisation make business travel payments? With whom would you confirm payment option or arrangement and how should receipts be handled?
Performance of work activities : "The manager's most basic responsibility is to focus people toward performance of work activities to achieve desired outcomes." What's your interpretation of th
What amount should be reported as loss on note receivable : Terizla Company accepted from a customer a P2,000,000, 90-day, What amount should be reported as loss on note receivable discounting?
Politics and social media : Explain whether or not the level of an individual's involvement in social media affects the level of participation in the political process.
What happened in terms of cash : Provide a brief description of what happened in terms of cash flows (both inflows and outflows) for Salza between years 2019 and 2020.
Strategy diamond and personal vision and mission : Create 4 to 5 S-M-A-R-T goals and objectives and demonstrate how they link to your Strategy Diamond and personal vision and mission statements.
How bundle payments are processed : You are the CEO of a 200-bed acute care facility and are challenged with the mandates of the Patient Protection and Affordable Care Act (PPACA) 2010.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd