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SOLVE THE FOLLOWING PROBLEM OF ACCOUNTING 1. Mr. Alfredo Mendaz gives us a loan of $160,000.00, for six months, charging us 42% annually. Make the entry at the time of the loan, and at the time of payment. 2. An entity obtains a net distributable profit of $175,00.00. The shareholders' meeting decrees a dividend of $50.00 per share, for each of the 2,500 subscribed shares. 3. Suppose that, at the end of the year, a bill of exchange for $160,000.00 is owed in favor of our creditor Carlos Pérez, due five months ago, on which the company has to pay interest Moratoriums of 6% per month. 4. An entity receives cash equivalent to 35% from a customer on a merchandise order with a value of $200,000.00. make the entry at the ti

SOLVE THE FOLLOWING PROBLEM OF ACCOUNTING 1. Mr. Alfredo Mendaz gives us a loan of $160,000.00, for six months, charging us 42% annually. Make the entry at the time of the loan, and at the time of payment. 2. An entity obtains a net distributable profit of $175,00.00. The shareholders' meeting decrees a dividend of $50.00 per share, for each of the 2,500 subscribed shares. 3. Suppose that, at the end of the year, a bill of exchange for $160,000.00 is owed in favor of our creditor Carlos Pérez, due five months ago, on which the company has to pay interest Moratoriums of 6% per month. 4. An entity receives cash equivalent to 35% from a customer on a merchandise order with a value of $200,000.00. make the entry at the ti

FINANCIAL ACCOUNTING
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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SOLVE THE FOLLOWING PROBLEM OF ACCOUNTING 1. Mr. Alfredo Mendaz gives us a loan of $160,000.00, for six months, charging us 42% annually. Make the entry at the time of the loan, and at the time of payment. 2. An entity obtains a net distributable profit of $175,00.00. The shareholders' meeting decrees a dividend of $50.00 per share, for each of the 2,500 subscribed shares. 3. Suppose that, at the end of the year, a bill of exchange for $160,000.00 is owed in favor of our creditor Carlos Pérez, due five months ago, on which the company has to pay interest Moratoriums of 6% per month. 4. An entity receives cash equivalent to 35% from a customer on a merchandise order with a value of $200,000.00. make the entry at the time of the advance, and when full payment is made and the merchandise is delivered. 5. Calculate the expenses and taxes pending payment, for each of the following concepts. CONCEPT salaries rents payroll taxes IMSS, SAR E fees INFONAVIT Electric energy service telephone service EXPENSES OF SALE 60,000.00 130,000.00 70,000.00 66,000.00 9,000.00 7,500.00 EXPENSES OF ADMON. 50,000.00 40,000.00 40,000.00 12,000.00 6,000.00 17,000.00 CREDITABLE VAT 6. On May 1, 2004, we requested a loan from Banamex for the amount of $250,000.00, payable in 16 months, for which the bank asks us for a mortgage as collateral for the loan. We will be charged interest at 1.5% per month. Make the amortization table, and the seats for the first 5 months. 7. Our company needs to acquire new machinery, so we requested a loan from Mr. Antonio López on February 1, 2005 for the amount of $150,000.00 payable in 14 months, charging us 2.3% per month, for which we had to sign a promissory note 8. On April 1, 2004, an advance payment of $32,500.00 was made, corresponding to 13 months of rent for a local with an amount of $2,500.00 per month. 25,500.00 2,250.00 3,675.00
Transcribed Image Text:SOLVE THE FOLLOWING PROBLEM OF ACCOUNTING 1. Mr. Alfredo Mendaz gives us a loan of $160,000.00, for six months, charging us 42% annually. Make the entry at the time of the loan, and at the time of payment. 2. An entity obtains a net distributable profit of $175,00.00. The shareholders' meeting decrees a dividend of $50.00 per share, for each of the 2,500 subscribed shares. 3. Suppose that, at the end of the year, a bill of exchange for $160,000.00 is owed in favor of our creditor Carlos Pérez, due five months ago, on which the company has to pay interest Moratoriums of 6% per month. 4. An entity receives cash equivalent to 35% from a customer on a merchandise order with a value of $200,000.00. make the entry at the time of the advance, and when full payment is made and the merchandise is delivered. 5. Calculate the expenses and taxes pending payment, for each of the following concepts. CONCEPT salaries rents payroll taxes IMSS, SAR E fees INFONAVIT Electric energy service telephone service EXPENSES OF SALE 60,000.00 130,000.00 70,000.00 66,000.00 9,000.00 7,500.00 EXPENSES OF ADMON. 50,000.00 40,000.00 40,000.00 12,000.00 6,000.00 17,000.00 CREDITABLE VAT 6. On May 1, 2004, we requested a loan from Banamex for the amount of $250,000.00, payable in 16 months, for which the bank asks us for a mortgage as collateral for the loan. We will be charged interest at 1.5% per month. Make the amortization table, and the seats for the first 5 months. 7. Our company needs to acquire new machinery, so we requested a loan from Mr. Antonio López on February 1, 2005 for the amount of $150,000.00 payable in 14 months, charging us 2.3% per month, for which we had to sign a promissory note 8. On April 1, 2004, an advance payment of $32,500.00 was made, corresponding to 13 months of rent for a local with an amount of $2,500.00 per month. 25,500.00 2,250.00 3,675.00
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