question archive 1) On January 1, 2020, ABC Company sold for 17,500 a heavy appliance which had a cost of 11,375
1) On January 1, 2020, ABC Company sold for 17,500 a heavy appliance which had a cost of 11,375
Subject:AccountingPrice: Bought3
1) On January 1, 2020, ABC Company sold for 17,500 a heavy appliance which had a cost of 11,375. The company received a down payment of 1,875 with the provision that additional payments of 1,562.50 be made monthly thereafter. Interest was to be charged at a monthly rate of 2% on the unpaid balance of the principal. After completing four months of installment, the customer defaulted, and the heavy appliance was repossessed. At this time, the net realizable of the heavy appliance (used) was computed at 4,687.50. Compute the loss on repossession.
2) Los Angeles Co. has forced into bankruptcy and liquidated. Unsecured claims will be paid at the rate of 0.50 on the peso. Las Vegas Co. holds a non-interest- bearing note receivable from Los Angeles Co. in the amount of 50,000, collateralized by machinery with a liquidation value of 10,000,000. The total amount to be realized by Las Vegas Co. on this note receivable is?
