p9 On January 1, 2021, My Universe Corporation issued a three-year, non-interest bearing notewith face value of P3,000,000 for a piece of land purchased from Permission to DanceCorporation. The note is payable in annual installments of P1,000,000 every December 31,starting December 31, 2021. The land has an equivalent cash price of P2,400,000, a price thatprovides the note an effective interest of 12.0444%.How much is the Notes Payable, net of discount, should be reported as current liabilityas of December 31, 2021? *O P1,000,000P892,503.32O P710,934.40O P796,562.18

12 months from the end of reporting period date. in this case reporting period date is 31 dec 2021

Answered: On January 1, 2021, My Universe…

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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10:35 l ull a 25.0 68) KB/S f p1.png QUESTION 1 A and B formed a partnership. The following are their contributions: B Cash 500,000 Accounts receivable 100,000 700,000 Building Total 600,000 700,000 A, capital B, capital Total 600,000 700.000 600,000 700.000 Additional information: • The accounts receivable includes an 8% of the account that is deemed uncollectible. • The building is under-depreciated by P50,000. The building has an unpaid mortgage P100,000, which is not assumed by the partnership. Reguirement: Provide the journal entry to record the contributions of the partners in the partnership books.
n 13 h/w 6 ts https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fne... eBook Print erences Revenue: Net sales Dividend income Interest income Gain on sales of marketable securities Total revenue and gains Costs and expenses: Cost of goods sold Operating expenses Interest expense Income tax expense Total costs and expenses Net income Question 6 - Ch 13 h/w - Connect TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2021. Selected account balances: Saved ✪ Help Save & Exit Submit Check my work
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Required Information Target Case (Static) [LO7-2, 7-5] [The following Information applies to the questions displayed below.] Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 1, 2020, are available here. This material also is available under the Investor Relations link at the company's website (www.target.com). Target Case (Static) Part 1 Required: 2. What is Target's balance of cash equivalents for the fiscal year ended February 1, 2020? Note: Enter your answer in millions. Balance of cash equivalents 1,534 million 4. Does Target have accounts receivable? O Yes No
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of current year, an equipment was leased to another entity France Company is a dealer in equipment. At the beginning Problem 14-15 (IAA) with the following provisions: Annual rental payable at the end of each year Lease term and useful life of machinery Cost of equipment Residual value-unguaranteed Implicit interest rate PV of an ordinary annuity of 1 at 12% for 5 periods PV of 1 at 12% for 5 periods 1,500,000 5 year 4,000,000 500,000 12% 3.60 0.57 At the end of the lease term the equipment will revert to the lessor. The entity incurred initial direct cost of P200,000 in finalizing the lease agreement.
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CP 13–5The following data are taken from the records of Cronkite Corp.:2019$2,5201,890630510$ 1202018$1,440960480430$ 50SalesCost of goods soldGross profitOther expensesNet incomeRequired: Perform horizontal analysis on the above date and interpretyour results
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