The amount of current liabilities on December 31, 2001 is:P455,000480,000450,000485, 000The amount of noncurrent liabilities on December 31, 2001 is:455,000480,000450,000485,000 On December 31, 2001, the bookkeeper of Glory Corporation provided the following information:Accounts payable, including deposits and advances fromcustomers of P25,000Notes payable, including note payable to bank onDecember 31, 2003 of P50,000P125,000150,00010,00080,000200,00020,000Serial bonds payable in semiannual installment of P50,000_ 500,00015,00070,00030,0005,000Acceptances payableLiabilities under trust receiptsStock dividends payableCredit balances in customers' accountsAccrued interest on bonds payableDividends in arrears on preferred stockContested BIR assessmentUnearned rent income

Current & Non-Current liabilities Current liabilities are short-term liabilities which are…

On December 31, 2001, the bookkeeper of Glory Corporation provided the following information Accounts payable, including deposits and advances from customers of P25,000 P125,000 Notes payable, including note payable to bank on December 31, 2003 of P50,000 150,000 10,000 80,000 200,000 20,000 Serial bonds payable in semiannual installment of P50,000_500,000 15,000 70,000 30,000 5,000 Acceptances payable Liabilities under trust receipts Stock dividends payable Credit balances in customers' accounts Accrued interest on bonds payable Dividends in arrears on preferred stock Contested BIR assessment Unearned rent income

On December 31, 2001, the bookkeeper of Glory Corporation provided the following information Accounts payable, including deposits and advances from customers of P25,000 P125,000 Notes payable, including note payable to bank on December 31, 2003 of P50,000 150,000 10,000 80,000 200,000 20,000 Serial bonds payable in semiannual installment of P50,000_500,000 15,000 70,000 30,000 5,000 Acceptances payable Liabilities under trust receipts Stock dividends payable Credit balances in customers' accounts Accrued interest on bonds payable Dividends in arrears on preferred stock Contested BIR assessment Unearned rent income

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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Following is a table for the present value of $1 at compound interest: Year 6% 10% 12% 1 0.943 0.909 0.893 2 0.890 0.826 0.797 3 0.840 0.751 0.712 4 0.792 0.683 0.636 5 0.747 0.621 0.567 Following is a table for the present value of an annuity of $1 at compound interest: Year 6% 10% 12% 1 0.943 0.909 0.893 2 1.833 1.736 1.690 3 2.673 2.487 2.402 4 3.465 3.170 3.037 5 4.212 3.791 3.605 Using the tables provided, the present value of $57,000 (rounded to the nearest dollar) to be received 3 years from today, assuming an earnings rate of 6%, is a.$71,501 b.$152,361 c.$47,880 d.$57,000
Following is a table for the present value of $1 at compound interest: Year 6% 12% 1 0.943 0.909 0.893 2 0.890 0.826 0.797 3 0.840 0.751 0.712 4 0.792 0.683 0.636 5 0.747 0.621 0.567 Following is a table for the present value of an annuity of $1 at compound interest: Year 6% 10% 1 0.943 0.909 2 1.833 1.736 3 2.673 2.487 4 3.465 3.170 4.212 3.791 10% 12% 0.893 1.690 2.402 3.037 5 3.605 Using the tables provided, the present value of $15,007 (rounded to the nearest dollar) to be received 4 years from today, assuming an earnings rate of 10%, is Oa. $11,886 Ob. $47,572 Oc. $10,250 Od. $15,007
The exact simple interest of P7,000 invested from April 28, 2002 to December 25, 2002 is P700. What is the rate of interest? percent=? round 2 decimal place
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H1.
Following is a table for the present value of $1 at compound interest: Year 6% 10% 1 0.943 0.909 0.890 0.826 0.840 0.751 0.792 0.683 5 0.747 0.621 Following is a table for the present value of an annuity of $1 at compound interest: Year 6% 10% 12% 1 0.943 0.909 0.893 2 1.833 1.736 1.690 3 2.673 2.487 2.402 3.465 3.170 3.037 5 4.212 3.791 3.605 Using the tables provided, the present value of $9,186.00 (rounded to the nearest dollar) to be received at the end of each of the next 4 years, assuming an earnings rate of 12%, is Oa. $9,186 Ob. $22,065 2 3 4 4 Oc. $27,898 Od. $33,116 12% 0.893 0.797 0.712 0.636 0.567
OurNewCO sold its Boring bond (AFS) for its fair value, $900,000) January 1, 2021. The balances from 12/31/2020 are follows: CASH REVENUE АMORT CV 885301 6/30/2020 50,000 53118.06 3,118 888,419 12/31/2020 50,000 53305.14 3,305 891,724 On 12/31/2020 the FV adjustment account had a debit balance of $8276. The face amount of the Boring Bonds is $1,000,000. Write out the journal entries needed to record this sale. Then complete the statements below.
A4
P16.1 (LO 1) (Debt Securities) Presented below is an amortization schedule related to Spangler Company's 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2023, for $108,660. Date Cash Received 12/31/23 12/31/24 $7,000 12/31/25 7,000 12/31/26 7,000 12/31/27 12/31/28 7,000 7,000 Interest Revenue $5,433 5,354 5,272 5,186 5,095 Bond Premium Amortization The following schedule presents a comparison of the amortized cost and fair value of the bonds at year-end. Instructions Amortized cost Fair value 12/31/24 $107,093 106,500 12/31/25 $105,447 107,500 $1,567 1,646 1,728 1,814 1,905 Carrying Amount of Bonds $108,660 107,093 105,447 103,719 101,905 100,000 12/31/26 $103,719 105,650 12/31/27 $101,905 103,000 a. Prepare the journal entry to record the purchase of these bonds on December 31, 2023, assuming the bonds are classified as held-to-maturity securities. b. Prepare the journal entry (entries) related to the held-to-maturity bonds for 2024. c. Prepare…
2020 commmon size liabilities accounts payable $41,498.00 notes payable $18,064.00 2021 common size common based year 14.67% $46,484.00 6.38% $17,635.00 14.52% 5.50% 1.1201
Following is a table for the present value of $1 at compound interest: Year 6% 10% 12% 1 0.943 0.909 0.893 2 0.890 0.826 0.797 3 0.840 0.751 0.712 4 0.792 0.683 0.636 5 0.747 0.621 0.567 Following is a table for the present value of an annuity of $1 at compound interest: Year 6% 10% 12% 1 0.943 0.909 0.893 2 1.833 1.736 1.690 3 2.673 2.487 2.402 4 3.465 3.170 3.037 5 4.212 3.791 3.605 Using the tables provided, the present value of $6,000 to be received at the end of each of the next 4 years, assuming an earnings rate of 10%, is Group of answer choices $25,272 $19,020 $20,790 $14,412
E14.4 (LO 1) Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and January 1. Dion Company uses the straight-line method of amortization for bond premium or discount.Instructions Prepare the journal entries to record the following. a. The issuance of the bonds. b. The payment of interest and the related amortization on July 1, 2020. c. The accrual of interest and the related amortization on December 31, 2020.