(C) The following information were gathered relating to the financingand construction of the entity's customized equipment.Cumulative Amount SpentDateP 3,000,0007,000,00012,000,000Jan. 1, 2021Mar. 30, 2021Sept. 30, 2021Borrowing DetailsAcquisition DatePrincipal Amount P10,000,000 P15,000,000AAA BankВBB BankJan. 1, 2020Jan. 1, 2021Interest Rate5%8%Due DateJan. 1, 2025Jan. 1, 20256. How much is the average carrying value of the equipmentduring the year?7. What is the average interest rate from the generalborrowings? Answer in the format xx.xx (e.g. 5.25 for5.25%).How much is the capitalizable borrowing cost for the year?9. How much is the interest expense to be reported in theincome statement for the year?8.

Avg carryigng value of equipment is calculated by multiplying the no. months that expenses is put in…

(C) The following information were gathered relating to the financing and construction of the entity's customized equipment. Cumulative Amount Spent P 3,000,000 7,000,000 12,000,000 Date Jan. 1, 2021 Mar. 30, 2021 Sept. 30, 2021 АAА Bank ВBB Bank Borrowing Details Acquisition Date Principal Amount Jan. 1, 2020 Jan. 1, 2021 P10,000,000 P15,000,000 Interest Rate 5% 8% Due Date Jan. 1, 2025 Jan. 1, 2025 6. How much is the average carrying value of the equipment during the year? 7. What is the average interest rate from the general borrowings? Answer in the format xx.xx (e.g. 5.25 for 5.25%). 8. How much is the capitalizable borrowing cost for the year? 9. How much is the interest expense to be reported in the income statement for the year?

(C) The following information were gathered relating to the financing and construction of the entity's customized equipment. Cumulative Amount Spent P 3,000,000 7,000,000 12,000,000 Date Jan. 1, 2021 Mar. 30, 2021 Sept. 30, 2021 АAА Bank ВBB Bank Borrowing Details Acquisition Date Principal Amount Jan. 1, 2020 Jan. 1, 2021 P10,000,000 P15,000,000 Interest Rate 5% 8% Due Date Jan. 1, 2025 Jan. 1, 2025 6. How much is the average carrying value of the equipment during the year? 7. What is the average interest rate from the general borrowings? Answer in the format xx.xx (e.g. 5.25 for 5.25%). 8. How much is the capitalizable borrowing cost for the year? 9. How much is the interest expense to be reported in the income statement for the year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate: Tax management efficiency Expense control efficiency Asset management efficiency
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The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
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