World Bank loaned P9,000,000 to aProblem 7-13 (IAA)borrower on January 1,December 31, 2021.The bank considered the loan impaired and projected thecash flows from the loan on December 31, 2022. The bank hasAmount projectedon December 31, 20221,500,0002,000,0002,500,0003,000,000accrued the interest on December 31, 2022.Date of cash flowDecember 31, 2023December 31, 2024December 31, 2025December 31, 2026The present value of 1 at 12% is .89 for one period, .80 fortwo periods, .71 for three periods, and .64 for four periods.1. What amount should be reported as loan impairment lossfor 2022?a. 2,370,000b. 3,450,000c. 6,630,000d. 2,450,0002. What amount should be reported as interest income for2023?795,600b.a.900,000180,000d.C.0.3. What is the carrying amount of the loan receivable onDecember 31, 2023?a. 5,925,600b. 4,845,600c. 6,330,000d. 7,500,000

SOLUTION WORKING NOTE DEC 31 2023 (1500000*0.89) 1335000 DEC 31 2024 (2000000*0.80) 1600000…

Answered: Problem 7-13 (IAA) D 2025, plus annual…

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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Required 1 Calculate the future value. On January 1, 2020, $30,000 is deposited into a savings account. Assuming a 4% interest rate, calculate the amount accumulated on January 1, 2023, if interest is compounded annually. N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) On January 1, 2020, $30,000 is deposited into a savings account. Assuming a 4% interest rate, calculate the amount accumulated on January 1, 2023, if interest is compounded semi-annually. N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) Page 1 On January 1, 2020, $30,000 is deposited into a savings account. Assuming a 4% interest rate, calculate the amount accumulated on January 1, 2023, if interest is compounded quarterly. N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) 2 In each of the three scenarios the FV should continue to increase. Explain why this passes the reasonablenes test.
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required:a-1. Calculate the loan proceeds made available to Powell.
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A bank makes a 5-year $75,000 loan with no principal payments in years 1-2 and principal payments of $25,000 in Years 3, 4 and 5. The interest rate is 8% and will be paid every year. What interest and principal is paid in year 4 A $6,000 + $25,000 B $6,000+$50,000 C $4,000+$25,000 D $4,000+$50,000
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Exercise 9-5 (Algo) Compute total interest and record installment notes (LO9-2) A company decides to obtain a small-business loan of $227,000. The financial institution from which the company borrows offers two options: a. Borrow $227,000 at 6% with monthly payments of $4,388.55 over 5 years. b. Borrow $227,000 at 7% with monthly payments of $2,635.66 over 10 years. Required: 1. Record the issuance of an installment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of interest paid under each option over the full period of the note. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the issuance of an installment note payable under each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.) General Journal Credit No 1…
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 the forecasted current portion of bank loan on comfy homes 2018 pro forma financial statements. The $45000 current portion of the bank loan will be paid in December 31, 2018. Of the $255000 in long term debt, another $45000 comes due on December 31, 2019. Comfy home does not plan to obtain any additional loans in 2018. The interest rate for comfy homes borrowing has declined to 6%. It is expected to be the average rate of interest for comfy home short and long term borrowings in 2018. Revenues believe to increase 30% in 2018.
H3. Show proper step by step calculation
On December 31, 2025 Blossom company performed environmental consulting service for Hindu company was short of cash and blossom company agreed to accept 340,000 zero interest Barry no due December 31, 2027 as payment in full is somewhat of a credit risk and typically borrows funds at a rate of 12% Blossom is much more credit worthy and has various lines of credit at 6%Assuming blossom companies physical year end is December 31, prepared the journal entry for December 31, 2027
Novak Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows: Indirect labor: $1.10, Indirect materials: 0.80, Utilities: 0.50. Fixed overhead costs per month are Supervision $4, 000, Depreciation $1, 200, and Property Taxes $800. The company believes i will normally operate in a range of 7, 000-10, 000 direct labor hours per month. Prepare a monthly manufacturing overhead flexible budget for 2022 for the expected range of activity, using increments of 1, 000 direct labor hours. (List variable costs before fixed costs.)

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