Answered: On December 31, 2022, the amount TCA…

Name: TCA Company issued on June 30, 2022 a P 1,200,000, 10% promissory note
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: TCA Company issued on June 30, 2022 a P 1,200,000, 10% promissory note due on June 30, 2025 for the purchase of an equipment. Equal principal amount plus interest on the outstanding balance of the principal are payable annually every June 30 starting

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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TCA Company issued on June 30, 2022 a P 1,200,000, 10% promissory note due on June 30, 2025 for the purchase of an equipment. Equal principal amount plus interest on the outstanding balance of the principal are payable annually every June 30 starting June 30,2023. The company’s reporting date is every December 31.
On December 31, 2022, the amount TCA Company will report in the non-current liabilities in its Statement of Financial Position is?

On December 31, 2023, the amount TCA Company will report in the current liabilities in its Statement of Financial Position is?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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