Other information: • The bank notes issued on August 1, 2021 are due on July 31, 2022 and pay interest at a rate of 10% payable at maturity. • The mortgage note is due on March 1, 2022. Interest at 9% has been paid up to December 31.(assume 9% is a realistic rate). On March 1, 2022, Mangosteen Inc. issued a new 10-year mortgage note and paid P 250,000 in cash on the principal balance and refinanced the remaining P 950,000. • Included in the accounts receivable balance at December 31, 2021 were two customers' accounts that had been overpaid and has a credit balances totaling P 18,000. The accounts were of two major customers who were expected to order more merchandise from Mangosteen Inc. and apply the overpayment to those future purchases. • On November 1, 2021, Mangosteen Inc. rented out a portion of its factory to a tenant for P 30,000 per year, payable in advance. The payment for 12 months ended in October 31, 2022 as received and was credited to rent revenue. How much is the total current liabilities of Mangosteen Inc. as of December 31, 2021? A. P1,903,000 D. P 935,000 B. P1,835,000 C. P 953,000

Other information: • The bank notes issued on August 1, 2021 are due on July 31, 2022 and pay interest at a rate of 10% payable at maturity. • The mortgage note is due on March 1, 2022. Interest at 9% has been paid up to December 31.(assume 9% is a realistic rate). On March 1, 2022, Mangosteen Inc. issued a new 10-year mortgage note and paid P 250,000 in cash on the principal balance and refinanced the remaining P 950,000. • Included in the accounts receivable balance at December 31, 2021 were two customers' accounts that had been overpaid and has a credit balances totaling P 18,000. The accounts were of two major customers who were expected to order more merchandise from Mangosteen Inc. and apply the overpayment to those future purchases. • On November 1, 2021, Mangosteen Inc. rented out a portion of its factory to a tenant for P 30,000 per year, payable in advance. The payment for 12 months ended in October 31, 2022 as received and was credited to rent revenue. How much is the total current liabilities of Mangosteen Inc. as of December 31, 2021? A. P1,903,000 D. P 935,000 B. P1,835,000 C. P 953,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lowlife Company defaulted on a $200,000 loan that was due on December 31, 2024. The bank has agreed to allow Lowlife to repay the $200,000 by making a series of equal annual payments beginning on December 31, 2025. Required: 1. Calculate the required annual payment of the bank's Interest rate is 10% and four payments are to be made. 2. Calculate the required annual payment of the bank's Interest rate is 8% and five payments are to be made. 3. If the bank's Interest rate is 10%, how many annual payments of $28,156 would be required to repay the debt? 4. If three payments of $72,070 are to be made, what interest rate is the bank charging Lowlife? Note: For all requirements, Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the required annual payment if the bank's interest rate is 10% and four payments…
On December 31, 2024, when the market interest rate is 8%, McMann Realty issues $700,000 of 5.25%, 10-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance. (Round all currency amounts to the nearest whole dollar) (Click the icon to view Present Value of $1 table.) (Click the icon to view Future Value of $1 table.) The present value of the bonds at issuance amounts to (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) EXE
[The following information applies to the questions displayed below] On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage Installment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31, 2021. 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the first monthly mortgage payment.
see the attached picture
On June 1, 2021, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $430,000 and a discount rate of 7%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2021? (Round all calculations to the nearest whole dollar amount.)
. On April 30, 2022, Lenny Inc. borrowed $10 million cash from Colonial Bank and issued a 5-month, noninterest-bearing note, priced to yield an effective interest rate of 10%. The stated discount rate on this loan is: A. More than the effective interest rate. B. Less than the effective interest rate. C. Equal to the effective interest rate. D. Unrelated to the effective interest rate
On September 1, 2019, Silang Trading issued a note payable to Far East Bank in the amount of P500,000. The note had an interest rate of 12%and had a term of 1 year. Interest is payable upon maturity of the note. At December 31, 2019, Silang Trading should record accrued interest on the note in the amount of P60,000 P10,000 P20,000 P15,000
A loan of $10,000 is taken out on November 7, 2020 at a simple interest rate of r = 9%. The loan will be paid back on May 11, 2021. If the bank uses ordinary interest (the Banker's Rule), how much interest is charged? a $450.00 b $456.16 c $443.84 d $462.50
What is he initial carrying value of the loans receivable as of Dec 31, 2019?
Acc
Magic Finance Company reports a loan receivable from Blue Company in the amount of P5,000,000. The initial loan's repayments include a 10% interest rate plus annual principal payment of P1,000,000 on January 1 of each year. The loan was made on January 1, 2022. Blue made the P500,000 interest payments for 2022 but did not make the P1,000,000 principal payment nor the P500,000 interest payment in 2023. Blue is having financial difficulty and Magic has concluded that the loan is impaired. Analysis of Blue's financial condition on - December 31, 2023 indicates that the principal and interest currently due can be collected but it is probable that no further interest can be collected. The probable amounts and timing of collection are determined as follows: December 31, 2024 - P1,750,000December 31, 2025 - 2,000,000December 31, 2026 - 1,750,000Total P5,500,000 The preset value factors at 10% are as follows: 1 period - 0.09; 2…
3. On April 1, 2021, XYZ CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for the purchase of a machine. The note is payable in five equal annual installments starting on March 31,2022. Interest is payable annually base on the remaining balance. There is no established cash price for the equipment. The prevailing market rate of interest for a note of this type is 12%. How much should be presented as part of non-current liabilities in related to the notes as of December 31,2022 in the statement of financial position?