P-1*** CHRIST Company provided the following information on December 31, 2012: 250,000 2,000,000 Credit balance of customers' accounts Serial bonds payable in annual installments of P200,000 Income tax payable Deferred tax liability Unearned subscription revenue 300,000 100,000 150,000 Accrued rent revenue 120,000 Mortgage payable, in annual payments of P500,000 Accrued salaries and wages Cash dividends payable Notes payable-due April 30,2014 sSS Premium Payable Unexpired insurance premium Estimated warranty payable 5,000,000 300,000 1,000,000 500,000 100,000 120,000 50,000 1. Current liabilities 2. Noncurrent liabilities

P-1*** CHRIST Company provided the following information on December 31, 2012: 250,000 2,000,000 Credit balance of customers' accounts Serial bonds payable in annual installments of P200,000 Income tax payable Deferred tax liability Unearned subscription revenue 300,000 100,000 150,000 Accrued rent revenue 120,000 Mortgage payable, in annual payments of P500,000 Accrued salaries and wages Cash dividends payable Notes payable-due April 30,2014 sSS Premium Payable Unexpired insurance premium Estimated warranty payable 5,000,000 300,000 1,000,000 500,000 100,000 120,000 50,000 1. Current liabilities 2. Noncurrent liabilities

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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Below information is excerpt from ABC Company's Dec. 31, 2021 financial records:
Subject:- accounting
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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Chico Company borrowed $40,000 on a four-year, 8% installment note. How will this transaction affect Chico's financial statements? Multiple Choice O O Cash and notes payable increase by $43,200 Cash and interest payable increase by $40,000 Cash and notes payable increase by $40,000 Cash and interest payable increase by $43,200
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POLKADOT Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
Accrued Interest PayableCompute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31:Use 360 days for calculations and round to the nearest dollar. Lender Date of Note Principal Interest Rate (%) Term Maple 11/21 $18,000 11 120 days Wyman 12/13 14,000 8 90 days Nahn 12/10 16,000 12 60 days Lender Accrued Interest Maple Answer Wyman Answer Nahn Answer
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On November 1, Year 1 Shelter Company loaned $4,000 cash to Cove Company. The one-year note carried a 5% rate of interest. Which of the following shows how the loan will affect Shelter's financial statements on November 1, Year 1? A. B. C. D. Assets Cash -4,000 -4,000 -4,000 -4,000 Multiple Choice O Net + Receivable = 4,000 4,000 ΝΑ ΝΑ Option A Option C Option D Balance Sheet = Liabilities+ Stockholders' Equity Accounts Common Retained Stock + Earnings Payable + ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ Option B 4,000 -4,000 Revenue ΝΑ ΝΑ ΝΑ ΝΑ Income Statement Expense Net Income ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ Statement of Cash Flows -4,000 IA -4,000 OA 4,000 IA -4,000 OA
10- SK Inc, factors $400,000 of accounts receivable with Mars Finance Company on a without recourse basis on July 1,2020. The receivables records are transferred to Mars Finance, which will receive the collections. Mars Finance assesses a finance charge of 1 ½% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.Instructions:a) Prepare the journal entry on July1,2020, for SK Inc. to record the sale of receivables without recourse.b) Prepare the journal entry on July1,2020, for Mars Finance Company. to record the purchase of receivables without recou