ABC Co. showed the following balances on December 31,2018: Accounts...

ABC Co. showed the following balances on December 31,2018:Accounts Receivable P2,000,000

Allowance for doubtful accounts (60,000)

The following transactions transpired for ABC Company during the year 2016:

On May 1, received a P300,000, six-month, 12% interest bearing note from Ed, a customer in settlement of an account.

On June 30, factored P400,000 of its accounts receivables to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the mount factored.

On August 1, ABC discounted the Ed note at the bank at 15%.

On November 1, Ed defaulted on the P300,000 note. ABC company paid the bank the total amount due plus a P12,000 protest fee and other bank charges.

On December 31, ABC Company assigned P600,000 of its accounts receivable to a bank under a nonnotifcation basis. The bank advanced 80% less a service fee of 5% of the accounts assigned. ABC Company signed a promissory note for the loan.

On December 31, ABC collected from Ed in full including interest on total amount due at 12% since default date.

On December 31, it is estimated that 5% of the outstanding accounts receivable may prove uncollectible.

1. What amount of cash received on Dec 31 assignment of accounts receivable?

2. What is the Net realizable value of the accounts receivable at Dec 31?

ABC Co. showed the following balances on December 31,2018:

Accounts Receivable P2,000,000

Allowance for doubtful accounts (60,000)

The following transactions transpired for ABC Company during the year 2016:

On May 1, received a P300,000, six-month, 12% interest bearing note from Ed, a customer in settlement of an account.

On June 30, factored P400,000 of its accounts receivables to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the mount factored.

On August 1, ABC discounted the Ed note at the bank at 15%.

On November 1, Ed defaulted on the P300,000 note. ABC company paid the bank the total amount due plus a P12,000 protest fee and other bank charges.

On December 31, ABC Company assigned P600,000 of its accounts receivable to a bank under a non notification basis. The bank advanced 80% less a service fee of 5% of the accounts assigned. ABC Company signed a promissory note for the loan.

On December 31, ABC collected from Ed in full including interest on total amount due at 12% since default date.

On December 31, it is estimated that 5% of the outstanding accounts receivable may prove uncollectible.

Compute for the following

1.Amount received on June 30 factoring

2.Amount of cash received on Aug 1 discounting

3.Amount paid on Nov 1 default on the P300k loan

4.Amount of cash received on Dec 31 assignment of accounts receivable

5. Amount of cash received on Dec 31 collection of accounts from MN

6. Net realizable value of the accounts receivable at Dec 31