How much is the notes receivable as presented in the balance sheet at Dec 31, 20X1?
Q: On January 1, 20x1, RELISH TASTE Co. acquired a machine by issuing a 3%, P4,000,000 note due on…
A: Semi annual interest payment= P 4000000*3%*1/2= P 60000
Q: Halep Inc. borrowed $56,000 from Davis Bank and signed a 4-year note payable stating the interest…
A: Amortization refers to expensing the acquisition cost minus residual value of assets in a systematic…
Q: On Jan 1, 20X1, ABC Corp received a P300,000 3-year note from a customer. The principal and interest…
A:
Q: On Aug 31, 20X1, ABC Corp received a P2,000,000 12% 4-year note from a customer. Note is collectible…
A: Principal payment on September 1, 20X2 = P2,000,000 / 4 = P500,000
Q: On April 1, 20X1, Nelsen Inc. accepts a $100,000, 8% note. The note receivable and interest are due…
A: Note Receivable: It implies a promissory note which is written by the borrower in the favor of…
Q: On January 1, 20x1, SCRUPULOUS EXACT Co., acquired a piece of equipment by issuing a P 12,000,000,…
A: Calculating the carrying amount as on January 1, 20X3:Total Amount= $12,000,000Installment Amount=No…
Q: On January 1, 20x1, SCRUPULOUS EXACT Co, acquired a piece of equipment by issuing a P12,000,000,…
A: The question is based on the concept of Financial accounting.
Q: NYJ, Inc. borrowed $500,000 on November 1, 20X1, and signed a nine-month note bearing interest at…
A: The notes payable require the borrower company to pay interest expense. The interest expense is…
Q: On January 1,20x1, ABC co. Sold a tract of land that was acquired several years ago for 2,000,000.…
A: The carrying value is a monetary worth assigned to a company's assets. It is normally calculated as…
Q: On January 1, 20x1, ABC Co. received a 3-year, noninterest bearing note of ₱133,100 in exchange for…
A: Notes payable are the promissory notes issued by the borrower, to acknowledge the debt. Notes…
Q: On August 1, Year 1, Hernandez Company loaned $58,800 cash to Acosta Company. The one-year note…
A: Accrued Interest: It refers to the interest charges or expenses that have been incurred by the…
Q: On Jan 1, 20X4, ABC Corp sold goods and receive a P400,000 non-interest bearing note due on Jan 1,…
A: Interest on the Note = Present value of the Note x rate of interest x no. of months / 12 where,…
Q: January 1, 2022, Abel Co. exchanged services for a $200,000 noninterest-bearing note due on January…
A: A note is a promise to pay a particular amount at some date in the future. It is also known as…
Q: A. 1. Entity A received a 12%, ₱200,000, one-year, note receivable on October 1, 20x1. Entity A uses…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units is calculated by adding equivalent…
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 January 1, 20x1, an entity issued an interest bearing note payable of P1,600,000 in exchange for…
A: All necessary entries for above transaction are as follows
Q: Amenadiel Co. has an 8% note receivable dated June 30, year 1, in the original amount of 150,000.…
A: A written promise to receive a sum of money at the pre determined future date is referred to as note…
Q: Omega Chemicals Ltd. took a $440,000 two-year note receivable from a customer in connection with a…
A: Price of the bond = c × F × (1 − (1 + r)-t)/r+F(1 + r)t C=Interest Rate F= Face Value r=Market…
Q: ANSWER: Complete the following amortization schedule: Cash Interest Amortized Carrying Dates…
A: Present Value of Note Receivable = Present Value of Interest Payments + Present Value of Redemption…
Q: On June 1, 20x4, a tract of land that originally cost P 800,000 was sold to SHE Company. The company…
A: Introduction The compensation received by an entity for borrowing its cash or permitting another…
Q: On Jan 1, 20X1 ABC received a P1,200,000 3-year 10% note. Interest and principal is collectible on…
A: Interest is the periodic obligation of the borrower to pay towards the sum borrowed. It is computed…
Q: On Jan 1, 20X1 ABC received a P1,200,000 3-year non interest note. Interest and principal is…
A: Maturity value is the obligation amount due or payable to the holder of the note on the due date of…
Q: On Jan 1, 20X1, ABC Corp received a P450,000 3-year note from a customer. The principal and interest…
A: The note seems a zero-interest note receivable. In a zero-interest note receivable the interest…
Q: How much interest receivable is reported on the December 31, 20x2 statement of financial position
A: Given face value as on Jan 1, 20x1 = P1200000 Interest rate = 10% Given Interest are net due as on…
Q: On Jan 1, 20X4, ABC Corp sold goods and receive a 12% P300,000 note is due in 3 annual installments…
A: Interest income for the Year = Outstanding face value of the note x rate of interest x no. of…
Q: BBY Company loaned $66,116 to Orwell, Inc, accepting Orwell's 2-year, $80,000, zero-interest-bearing…
A: Discount on Notes receivable = Face value - Issue price = $80,000 - $66,116 = $13,884
Q: On January 1, 2021, Chantal Company purchased equipment from Heidi Company amounted to P2,400,000.…
A: The question is based on the concept of business accounting.
Q: On January 1, 20x1, HYBE acquired a machine by using a 3%, P4,000,000 note due on January 1, 20x4.…
A: The initial recognition of the note payable will be recorded at present value of payments discounted…
Q: Leon Acrobats lent $12,174 to Donaldson, Inc., accepting Donaldson's 2-year, $15,000,…
A: The difference between Notes receivable and cash paid is called as discount on notes receivable.…
Q: On July 1 of the current year, an entity obtained a two-year 8% note receivable for services…
A: Issue price of the bonds = Present value of principal + Present value of interest payments where,…
Q: On July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and…
A: Interest Receivable at Dec 31, 20X1 = Face value of the note x Rate of Interest x No. of months…
Q: On January 1, 20x1, PRISM Co. acquired machinery by issuing a 3-year, P1,200,000 noninterest-bearing…
A: The present value of a future cash flow is the amount of all future cash flows. The present value of…
Q: Adams Acrobats lent $17,147 to Donaldson, Inc., accepting Donaldson's 2-year, $20,000,…
A: Journalizing is one of the important and beginning processes in the accounting cycle. According to…
Q: On July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and…
A:
Q: On January 1, year 8 Harper Co. finances the purchase of equipment by issuing a $15,000…
A: Given Purchase cost = 15000 The present value of an ordinary annuity of $1 at 5% for 10 periods…
Q: Dilraba Co. sold equipment in exchange for a P750,000, non-interest bearing note receivable in 5…
A: Unearned revenue is the revenue that has not been earned by the company but the payment for the same…
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- Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the market of interest was 9%. The company uses the effective-interest method of amortization. At the end of the year, the company will record ________. A. a credit to cash for $28,733 B. a debit to interest expense for $31,267 C. a debit to Discount on Bonds Payable for $1,267 D. a debit to Premium on Bonds Payable for $1.267Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.On January 1, 20x1, SCRUPULOUS EXACT Co, acquired a piece of equipment by issuing a P12,000,000, non- interest bearing note that is payable in three equal annual installments starting January 1, 20x4. The current market rate of interest on January 1, 20x1 is 12%. How much is the carrying amount of the note on initial recognition? (Hint Mind the payment dates.) O a. 7,740,084 O b. 7,124,844 O c. 7,412,769 O d. 7,658,901
- Amenadiel Co. has an 8% note receivable dated June 30, year 1, in the original amount of 150,000. Payments of 50,000 in principal plus accrued interest are due annually on July 1, year 2, year 3, and year 4. In its June 30, year 2 balance sheet, what amount should Amenadiel Co. report as a current asset for interest on the note receivable? *On January 1,20x1, ABC co. Sold a tract of land that was acquired several years ago for 2,000,000. ABC co.received a non interesr bearing note for 4,000,000. The note is payable in equal annual installments of 500,000 every December 31, starting December 31,20x1. The market interest for similar note was 16%. What is the carrying amount of the note receivable on January 1,20x1? What amount should be recognized as gain on sale of land in 20x1? What is the carrying amount of the note receivable on December 31, 20x1?On January 1, 20x1, HYBE acquired a machine by using a 3%, P4,000,000 note due on January 1, 20x4. Interest is payable semi-annually. The effective interest rate is 12%. How much is the carrying amount of the note on initial recognition?
- On January 1, 20x1, SCRUPULOUS EXACT Co., acquired a piece of equipment by issuing a P 12,000,000, non-interest bearing note that is payable in three equal annual installments starting January 1, 20x4. The current market rate of interest on January 1, 20x1 is 12%. How much is the carrying amount of the note on initial recognition?On Jan. 1, 20x1, Bernie Bird Co., received a 10% note with face amount of P1,200,000. Both principal and compounded interests are due on Jan. 1, 20x4. How much interest receivable is reported on the December 31, 20x2 statement of financial position? a. 120,000 b. 132,000 c. 252,000 d. 168,000On Aug 31, 20X1, ABC Corp received a P2,000,000 12% 4-year note from a customer. Note is collectible in 4 equal annual installments every Sept 1 , including the interest. On Dec 31, 20X1 ABC recorded an accrued interest of P80,000. If NO reversing entries are made at Jan 1, 20X2, the adjusting entry to record the accrued interest at Dec 31, 20X2 will include: Cr Interest Income 60,000 Dr Interest Income 20,000 Dr Interest Receivable 20,000 Cr Interest Receivable 60,000
- On Jan 1, 20X1 ABC received a P1,200,000 3-year non interest note. Interest and principal is collectible on due date. How much is the maturity value? 120,000 360,000 1,200,000 1,560,000TRUE/ FALSEOn January 1, 20x1, PRISM Co. acquired machinery by issuing a 3-year, P1,200,000 noninterest-bearing note payable due as follows: Date Amount of installment December 31, 20x1 600,000 December 31, 20x2 400,000 December 31, 20x3 200,000 TOTAL 1,200,000 The prevailing rate of interest for this type of note is 10%. How much is the carrying amount of the note on December 31, 20x1? Select the correct response: 867,312 1,026,296 528,926 489,762