interest income

Q: Determine the amount of cash Concord received from the loan on December 31, 2020. (Round present…

A: Answer:- 1195107 Amount of interest = signed amount*interst rate = 1290500*9% = 116,145 Present…

Q: QUELL Co. owes PUT DOWN Bank F4,000,000 plus accrued interest of P360,000. The unamortized discount…

A: Extinguishment of debt is made by the lender when the borrower is unable to pay its debt. When debt…

Q: Required: Round interim calculations to four decimals and final answers to the nearest dollar.…

A: Present Value-Present value is the concept that states that an amount of money today is worth more…

Q: What entry should National American Bank make to record this loss?

A: National American Bank should record the entry for the loss of $239,300.

Q: On May 1, 2020, People's Networks sold computer networking supplies to Florida Autos for $46,300.…

A: working notes : b)  ($ 46,300*10%*6/12)  =$ 2,315 c)  ($ 46,300*10%*2/12) =$771.66

Q: Swifty owes $ 3.6 million that is due on February 28. The company borrows $ 3000000 on February 25…

A: Since the $3.6 million note is repayable within 12 months from December 31 on the coming February…

Q: On December 31, 2017, Pharoah Co. sold equipment to Shamrock, Inc. Pharoah Co. agreed to accept a…

A: But in this case cash price is not given. Future value of consideration  is given ,consideration…

Q: Assume that Kingbird Company has recently fallen into financial difficulties. By reviewing all…

A: When financial institutions like Banks are probable that a loan including principal or interest or a…

Q: 3.1 Prepare the journal entry to record the transaction of December 31, 2019, for Halen company. 3.2…

A: Discount on notes receivable The present value of the payments to be received from a note receivable…

Q: Carla Vista Corp. currently has an issued debenture outstanding with Abbra Bank. The note has a…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Abbra Bank agrees to reduce the principal to $1.7 million and require interest only in the third…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: On December 31, 2021, the CPA Finance Company had a P3,000,000 note receivable from IntAcc1 Company.…

A: Debt restructuring is defined as the financial process that a debtor generally uses in order to make…

Q: Yolo Corporation experienced financial difficulty in 2020. It decided to go into note receivable…

A: Journal Entries- Journal entries are the visual representation of business transactions. A general…

Q: ABC Company is in financial difficulties and was not able to pay the 10% interest of P100,000 due on…

A: One of the source used by the business entities so as to raise the funds and meet the financial…

Q: On December 31, 2025, Waterway Company signed a $1,228,500 note to Wildhorse Bank. The market…

A: A loan is a legally binding arrangement whereby a creditor extends credit to another business in…

Q: On December 31, 2020, Grouper Company signed a $1,049,400 note to Monty Bank. The market interest…

A: The maturity value of the note is the sum of face value of note and the interest payable on note…