Included in Panera Corporation’s liability account balances at December 31, 2004 was a Note payable for 2,800,000. The principal amount of the note payable is P2,800,000 and bears interest at 15%. The note is dated April 1, 2004 and is payable in four equal installments of P700,000 beginning April 1, 2005. The first principal and interest payment was made on April 1, 2005. Determine the non-current portion of the note payable as of December 31, 2005

Q: Taken from the records of Care Company as of December 31, 2021 are the following information: …

A: As per IAS 1 of International financial reporting standards Current liabilities are those…

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: The information in the following table relates to the accounts receivable and allowance for doubtful…

A: Solution a:   2020 2021 Accounts receivables (Ending balance at 30 june) $560,000.00…

Q: Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…

A: Notes Payable are the debt instrument which has been used by the organisation to arrange a short…

Q: The information in the following table relates to the accounts receivable and allowance for doubtful…

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: Accounts receivable can be defined as the money balance due for the goods being delivered or…

Q: What are three accounting assumptions

A: While preparing financial statements, there are various assumptions to be followed and implemented…

Q: On December 31, 2011 , Bunny Co. received a 10% note with face amount of P1,500,000. Both principal…

A: Interest receivable on December 31, 2012 = Face value of notes x rate of interest x no. of months in…

Q: On January 1, 2021, a company issued $2,000,000, 10-year, 7% bonds, when the market rate was 8%.…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.

Q: At December 31, 2017, Burr Corporation owes $500,000 on a note payable due February 15, 2018. (a) If…

A: Current liabilities: Current liabilities are the liabilities that are payable within a period of one…

Q: On 30 June 2018, Chiron Ltd borrowed $400,000 as an interest-only loan at 9% for 5 years. In…

A: Following is the answer to the given question

Q: Cute Company disclosed the following information on December 31, 2021:   Mortgage payable, issued…

A: Current Liabilities are the obligations which will be due for repayment within a year .

Q: The following liability account balances of ABC Company as of December 31, 2020: 12% Notes Payable,…

A: Interest is that amount that is paid to the receiver of notes payable for forgiving an opportunity…

Q: On June 30, 2024, the High Five Surfboard Company had outstanding accounts receivable of $780,000.…

A: Finance charge expense = Outstanding account receivable×1.5%Cash = Financing arrangement (Liability)…

Q: .Trillanes Company completed the following selected transactions during 2021:              Oct.   1…

A: Amount advanced = Assigned accounts x 75% = P2,000,000 x 75% = P1,500,000

Q: Headland Corporation issued a 5-year, $65,000, zero-interest-bearing note to Brown Company on…

A: Note payable: It implies to a written promissory note issued by lender to the borrower against the…

Q: On January 1, 200A, ABC rendered services to XYZ at a price of P450,000. ABC received P500,000…

A: ABC delivered services to XYZ at a cost of P450,000, as stated on January 1, 200A. XYZ issued ABC a…

Q: 2020 2021 Accounts receivable (ending balance at 30 June) $560,000 $630,000 Bad debts written…

A: as said in the question here  % of Account receivable method is used for provisioning  allowance for…

Q: Sapphire Company completed the following selected transactions during 2021:              Oct.   1…

A: Amount advanced = Assigned accounts x 75% = P2,000,000 x 75% = P1,500,000

Q: Riverbed Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on…

A: This transaction involves issuing a note at a discount. The discount represents the implicit…

Q: On January 1, Amil Corp. lent $37,000 to Windsor Ltd., accepting Windsor's $49,247, three-year,…

A: Zero interest-bearing note refers to a note that does not pay interest like a normal note. The…

Q: Marigold, Inc., purchased $372,000 of its bonds at 95 on June 30, 2020, and immediately retired…

A: Bond's Payable = $372,000 Discount On Bond's Payable = $372,000 — $360,000 = $12,000   Cash =…

Q: Determine the amount that will be received by the bank in settlement of the note and interest.

A: Creditors are the person to whom the company owes some amount of money . The creditors can be…

Q: On October 1, 2021, Smash Company discounted its own note of $500,000 at 10% for 1 year. In its…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

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: Headland Corporation issued a 5-year, $65,000, zero-interest-bearing note to Brown Company on…

A: Zero interest notes: The notes payable which are not issued with an interest rate are known as…

Q: "On 1 September 2014, Select Company borrowed P600,000 from a bank and signed a 12%, six-month note…

A: Borrowed amount = P 600,000 Interest rate = 12% Period from 1 September 2014 to 31 December 2014 = 4…

Q: On December 31, 2019, Kale Bank entered into a debt restructuring agreement with Miserable Corp.,…

A: Ans. P 56,000 Working Notes: Principle :  P 700,000 Rate of Interest: 8% Time : 1 Year

Q: On January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of…

A:

Q: On January​ 1, 2018​, Technicians Credit Union, ​(TCU​), issued 8%​, 20​-year bonds payable with a…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On December 1, 2024, Modern Dining Products borrowed $97,000 on a 6%, 10-year note with annual…

A: The current portion of long term debt is that portion of long term liability which is due within…

Q: NNN Company factored P5,000,000 of accounts receivable to ABC Company on July 1, 2020. Control was…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: The following amortization schedule indicates the interest and principal to be repaid on an…

A: Note payable is a financial instrument which is used to make a certain amount of payment at the date…

Q: Your answer is incorrect. If Bridgeport refinances the obligation by issuing a long-term note on…

A: Liabilities are the debts owed by the corporation to third parties. It is a legal duty imposed on a…

Q: On January 1, 2015, Buchheit Enterprises reported $95,000 in a liability called “Bonds Payable,Net.”…

A: We have the following information:  Reported $95,000 as Bonds Payable in Liability section of…

Q: On September 30, 2019, Lakatan Inc. borrowed P1,000,000 on a 9% note payable. The entity paid the…

A: solution given Date of issue September 30 2019 Amount of note 1000000 Rate of…

Q: no adjustment has yet been made for accrued interest receivable on a bond receivable for the year…

A: Bond receivable refers to the amount of money owed to a company or entity from the issuance of a…

Q: In June 2016, Goslyn Corporation issued a three-year non-interest-bearing note with a face value of…

A: The effective interest method is a popular accounting practice used basically for discounting a…

Q: On October 1, 2021, Smash Company discounted its own note of P500,000 at 10% for 1 year. In its…

A: When a business makes discounting of its own note, then Notes payable will become a liability for…

Q: On July 1, 2020, Thomas Company, which follows calendar year accounting,  issued $240.000 note to be…

A: Long -term debt-  Long term debt refers to the liability which is repaid after 12months or more.…

Q: The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.