Question
On October 31, 2021, Bundle Company engaged in the following transactions: (1) Obtained a P500,000, six-month loan from City Bank, discounted at 12%. The company
On October 31, 2021, Bundle Company engaged in the following transactions: (1) Obtained a P500,000, six-month loan from City Bank, discounted at 12%. The company pledged P500,000 of accounts receivable as security for the loan. What is the total cash received from the financing of receivables?*
A) 500,000
B) 440,000
C) 470,000
D) 360,000
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Managerial Accounting
Authors: Sivaramakrishna, Ramji Balakrishnan
1st Edition
0471467855, 978-0471467854
