Receivables increased by P240, 000. Planned assets increased by P600,000. Inventory decreased by P1, 500,000. Notes payable: a P800, 000 decline More details: BT21 Co. received a P2, 000,000 bank loan throughout the year and paid P100, 000 in interest. On December 31, 2021, P80, 000 in interest will have accrued. The amount of interest due at the end of 2020 was P120, 000. A shareholder gave equipment worth P800, 000 in carrying value and P1,000,000 in historical cost to BT21 Co. in 2021. The item's fair market value is P600, 000. In 2021, BT21 declared dividends of P160, 000. nnual profit (loss)?

Receivables increased by P240, 000. Planned assets increased by P600,000. Inventory decreased by P1, 500,000. Notes payable: a P800, 000 decline More details: BT21 Co. received a P2, 000,000 bank loan throughout the year and paid P100, 000 in interest. On December 31, 2021, P80, 000 in interest will have accrued. The amount of interest due at the end of 2020 was P120, 000. A shareholder gave equipment worth P800, 000 in carrying value and P1,000,000 in historical cost to BT21 Co. in 2021. The item's fair market value is P600, 000. In 2021, BT21 declared dividends of P160, 000. nnual profit (loss)?

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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1. On December 31, 2018, Conchita Martinez Company signed a P1,000,000 noninterest bearing note to Sauk City Bank. The market interest rate at that time is 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Considering these data, the bank released cash to the company amounting to P927,908; i.e., the total of the present value of the principal and interest. Unfortunately, because of lower sales, the company's financial situation worsened. On December 31, 2020, when the carrying amount of the loan is determined to be P951,968, Sauk City Bank determined that it was probable that the company would pay back only P600,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the P1,000,000 loan. The present value of 1 at 12% for 3 years is 0.71178 and the present value of an ordinary annuity of 1 at 12% for 3 years is 2.40183. 1.In the note amortization schedule before impairment, how…
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