You borrow $2,000 from gougo’s, a well-known loan consolidation outfit. the loan is an "unbelievably low" 2.5% per month compounded monthly. you have 2 years to pay back the loan. a. what is the nominal interest rate? b. what is the effective interest rate? c. if you wait until the end of year 2 to pay it off in one lump sum, how much must you pay? use the "period interest rate" approach. d. if you wait until the end of year 2 to pay it off in one lump sum, how much must you pay? use the "effective interest rate" approach. e. of your payment in parts (c) or (d), how much is interest? f. suppose you make equal end-of-month payments. how much is the monthly amount?

The manda panda company uses the allowance method to account for bad debts. at the beginning of 2018, the allowance account had a credit balance of $92,400. credit sales for 2018 totaled $3,190,000 and the year-end accounts receivable balance was $507,500. during this year, $88,500 in receivables were determined to be uncollectible. manda panda anticipates that 3% of all credit sales will ultimately become uncollectible. the fiscal year ends on december 31. required: 1. does this situation describe a loss contingency? 2. what is the bad debt expense that manda panda should report in its 2018 income statement? 3. prepare the appropriate journal entry to record the contingency. 4. complete the table below to calculate the net realizable value manda panda should report in its 2018 balance sheet?