ABC Company insured the life of one of its officers. Yearly premium amount to P 75,000. At the end of 2020, cash surrender value of the policies totaled P 200,000. Dividends received by ABC from the insurance company amounted to P 10,000 in 2020. The insurance expense recognized by ABC in 2020 was P 45,000. How much was the cash surrender value of life insurance at the beginning of the year? a. P 230,000 b. P 180,000 c. P 220,000 d. P 170,000

Q: On January 1, 2019, Carson Inc sold used equipment with a cost of S15,000 and a carrying amount of…

A: ANSWER   On January 1, 2019, Carson Inc sold used equipment with a cost of S15,000 and a…

Q: What is the interest income for 2022? Based on preceding data, what is the carrying value of the…

A: On sale of equipment with deferred payment the fair value of consideration recognized on the date of…

Q: Bear Inc. issues a $600 million, 6-year note on June 30, 2021 that is payable in annual installments…

A: Lets understand the basics.Liabilities are mainly divided into current and non current…

Q: What are the three key sections of the Cash Flow Statement? What is each section designed to tell…

A: Cash flow statement is a financial statement that summarizes the details regarding the movement of…

Q: The balance of cash surrender value of life insurance policy on the books of Paulo Corporation…

A: Insurance: It is the agreement between the insurance company which called insurer and person…

Q: Boy should record the sale in January 2019 at

A: Sale value is the value which is received at the time of the sale of the asset or the inventory by…

Q: On December 31, 2022, the lender on a $5,400, 120-day, 12% note dated November 5, 2022, will…

A: The interest receivable is the amount of revenue which is earned but not received yet.  It is…

Q: e insurance policy. The annual premium is P100,000 and the policy is dated January 1, 2021 urrender…

A: Insurance contracts for life insurance are the contracts which are obtained to secure from the…

Q: How much must have been the cash surrender value of life insurance at Iris's December 31. 2020…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: Zuhoor Muscat Company borrowed RO 300,000 from the bank signing a 6%, 10-month note on September 1,…

A: Loan amount is 300,000, And he signed for 10 months for 6% interest. And the question is we have to…

Q: accrued interest expense o

A: It is pertinent to note that under accrual concept of accounting transactions are recorded and when…

Q: TRANK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from…

A: A cash flow statement is an important tool used to manage finances by tracking the cash flow for an…

Q: 2023 P 60,000 P 5,000 2024 72,000 3,000 2025 84,000 - 2026 92,000 4,000

A: B. - 4,874,000

Q: On January 1, 2021, Hosana Co. sold equipment in exchange for a P 850,000, 4 year, 11% note,…

A: Lets understand the basics. Compounded interest means interest on interest. In other words, it is a…

Q: On January 1, 2022, Cat Corporation sold goods to Rat Company. Rat Company signed a non-…

A: Notes Receivables: Notes receivables can be defined as the asset of the organization and they should…

Q: Ayayai Corporation, a publicly-traded company, agreed to loan money to another company. On July 1,…

A: The concept in this question is the present value of a promissory note, which refers to the current…

Q: 1 Assume that on July 1, 2021, General Mills bonowed $200,000 cash on a one-year note that required…

A: Notes payable: It implies to a written promise that is made by the maker of the note to other party…

Q: On January 1, 2021, Pindang Co. received a P1,000,000, noninterest bearing note in exchange land…

A: The note receivable can be referred to as a contractual note which specifies an amount to be…

Q: On June , 2019 , XYZ Company factored receivables of \$700,000 to ABC Company . ABC Company assesses…

A: A journal entry is a book which records all the activities and transactions of the business.

Q: On April 1, 2028, A Company issued a P 9.000,000 non-interest-bearing note due March 31, 2031, for a…

A: Interest expense = P469,112

Q: On July 1, 2019, GAH Company sold equipment to Babe Company for P2,000,000. GAH accepted a 10% note…

A: Net Proceeds = Value of note receivable less discount  Discount = ( Value of note ) * Discount rate…

Q: Lathrop Inc. purchased equipment on January 1, 2020, for $150,000 cash plus a note payable. The fair…

A: Date  Accounts, explanation and title  Debit  Credit  1 January 2020  Equipment (542,666 -…

Q: Silver Company purchased a 2,000,000 ordinary life insurance policy on its president and the company…

A: The cost of obtaining an insurance contract, as well as any outstanding monthly premium charges on…

Q: On December 31, 2021, AAA Company sold for P3,000,000 an old equipment having an original cost of…

A: This question deals with the calculation of interest income and carrying value of notes receivable.…

Q: On January 1, 2022, ABC Company signed a note payable to a bank for P3,000,000 with a stated rate of…

A: The notes payable are generally considered a long-term liability because it is issued normally for a…

Q: On January 1, 2022, Balance Bar Co. receives a 5-year, $100,000 zero-interest-bearing note for…

A: Fv=100,000 N=5 years i=6% Then principal:$100,000 (PVF$5,6%) = $100,000 x .74726 =$74,726…

Q: Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: On January 1, 2019, ABC Company sold an equipment with carrying amount of P1,500,000. The customer…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: On January 1, 2018, an individual (Lender) loaned a third party $25,000 at 5% annual interest.…

A: A lender sets up a reserve to deduct any unpaid interest from the borrower. As and when the borrower…

Q: On January 1, 2020, Heavy Corporation that manufactures heavy equipment sold an equipment for…

A: In the instalments type of sale, the income is not recognized until full instalments are received…

Q: On January 2, 2018, Keystone Company borrowed $60,000 from Bank Three. The loan was to be repaid in…

A: Solution: Total borrowings = $60,000 Annual payments = $10,000 Balance borrowings at Dec, 31, 2019 =…

Q: Company AAA borrowed P1,000,000 on July 1, 2021 and issued a 9% one-year note payable every after…

A: Notes payable refers to liability on a company's balance sheet that represents a formal written…

Q: A company borrowed P71,550 from Feb. 24, 2019 to May 28, 2023 with 0.25 simple interest. Find the…

A: Amount borrowed = P 71,550 Total days Feb 24, 2019, to May 28, 2023, = 1554 days as there are 4…

Q: Indicate the best answer(s) for each question: On June 1, 2018, Coast Financial loaned Barr…

A: The revenue that is earned but not received yet is recorded as accrued revenue and it's an asset for…

Q: business borrowed $200,000 on January 1, 2019 to be paid back on January 1 2022. On January 1, 2019,…

A: Loan to be repaid as on 1st January 2022 is $200000 The present Value as on 1st January 2019 =  $…

Q: ABC Corp. signed a notes payable with DEF Inc. on June 1, 2021. The note providesthat ABC Corp. must…

A: The problem is asking us to find out how much ABC Corp. borrowed from DEF Inc. on June 1, 2021. We…

Q: December 31, 2020. Cash surrender value of life insurance, December 31, 2020 -

A: Life insurance seems to be an agreement between an insurance policy owner as well as an insurance…

Q: On December 31, 2019, Magnet company sold for P 3,000,000 an old equipment having an original cost…

A: Annual Installment of Note P8,00,000 Fair Rate of Interest  10% Period 3 years PV of an…

Q: On July 01, 2019, SALUDO RAW SA'YO SI MAGELLAN SABI NI LOLA CO. received P1,032,880 for P1,000,000…

A: Market rate of interest = 10%/2 Market rate of interest = 5%