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- Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, Ş in transfer taxes and a $ 1500 survey fee. General Journal Page Date Account Titles and Explanation Debit CreditVigan Corporation included the following in its notes receivable as at December 31, 2021: Note receivable from sale of land P 880,000 Note receivable from consultation 1,200,000 Note receivable from sale of equipment 1,600,000 In connection with your audit, you were able to gather the following transactions during 2021 and other information pertaining to the company’s notes receivable: On January 1, 2021, Vigan Corporation sold a tract of land. The land was purchased 10 years ago was carried on Vigan’s Corporation’s books at a value of P 500,000. Vigan received a noninterest bearing note for P 880,000 . The note is due on December 31, 2022. There is no readily available market value for the land but the current market rate of interest for comparable notes is 10%. On January 1, 2021, Vigan Corporation finished consultation services and accepted in exchange of a promissory note with a face value of P 1,200,000 , a due date of…Prepare the necessary joumal entries for the following fiscal year 2022 transactions made by Airflowing Corp. Additional Information: 1 Ai rflowing Corp. year-end is 12/31. 2 Assume straight-line amortization of discounts. 3 Ai rflowing Corp. records all purchases and payables at gross. Description Date February 2, 2022 Aiflowing Corp. purchased goods from Vents Inc for $ 250,00 ( 3/ 10, n 30 terms were February 26, 2022 Airfbwing Corp. paid Vents inc. for the 2/2/22 purchase. June 1, 2022 Arfbwing Corp. purchased a truck for $ 85,000 from Ford Mator Company Fleet Sales Division. The sales agreement call for Airfbwing Corp. to pay 10,000 on purchase date and to sign a 1-year, 10% note forthe remaning balance of the purchase price. July 1, 2022 Arfbwing Corp. borrowed from St. Paul Nat ibnalBank $ 3500,0 by signing a $ 3,700,000 zero-interest be aring note due one year from July 1 Airflowing Corp.s CFO has concerns re bted to cash the frst quarter of 2023.
- Vision Importing Company engaged in the following transactions involving promissory notes: Jul 2 Sold engines to morgan company for $180,000 to exchange for a 90-day, 12 percent promissory note. July 15 Sold engines to level company for $96,000 in exchange for a 90-day, 14 percent note. July 30 sold engines to level company for $90,000 in exchange for a 90-day, 11 percent note. Required: For each of the notes, determine the (a) maturity date, (b) interest on the note, and (c) maturity value. (Round to the nearest cent.) Assume that the fiscal year for Vision Importing ends on August 31. How much interest income should be recorded on that date? (Round to the nearest cent.)Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method: Determine the amount to be charged to the uncollectible expense account. Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31.On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During theyear, Kit Inc. transfers cash and merchandise to the branch worth P15,000 andP45,000 respectively. Freight was paid by the home office worth P1,500 included inthe cost of merchandise. The home office also incurred P5,700 expenses of which 30percent was allocated to the branch. On December 31, 2020, the branch incurred aloss of P4,000. What is the balance of the branch account as per home office books?*Please answer in good Acctg form. Thanks!
- Name different types of debenture. Pass the journal entries if a ABC Co. purchased a machinery of 240000 from CDE Co. and issued debenture of 100 each a. Issue at par b. Issue at 10% discount c. Issue at 10% premium Please help me to solve this questionOn January 1, 2022, the ledger of Sunland Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue 12 During January, these selected transactions occurred. 14 20 Jan. 5 Sold merchandise for cash totaling $20.520, which includes 8% sales taxes. 21 $56,500 • 25 7,900 15.500 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.] Paid state revenue department for sales taxes collected in December 2021 ($7,900). Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $24.750 from Girard Bank on a 3-month 8%, $24.750 note Sold merchandise for cash totaling $11,016, which includes 8% sales taxes. 4(c). Determine the loss on impairment that Culver Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to O decimal places, e.g. 5,275.) Loss due to impairment eTextbook and Media Save for Later Date 12/31/20 Prepare a note amortization schedule for Culver Bank up to December 31, 2022. (Round answers to O decimal places, e.g. 5,275.) 12/31/21 12/31/22 $ $ Current Attempt in Progress Cash Received 92079 92079 $ Note Amortization Schedule (Before Impairment) Interest Revenue Attempts: 0 of 3 used I $ Submit Answer Increase in Carrying Amount Carry Amour Not On December 31, 2020, Flounder Company signed a $1,023,100 note to Culver Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Flounder's financial situation worsened. On December 31, 2022, Culver Bank determined that it was probable…
- I need help to do this question for Accounting.tell me why the answer is cash and notes payable (last solution on multiple choice) as opposed to the other onesMaplewood Supply received a $5,430 invoice dated 4/15/20. The $5,430 included $330 freight. Terms were one discount, assume date of last discount.) a. If Maplewood pays the invoice on April 27, 2020 what will it pay? Payable amount b. If Maplewood pays the invoice on May 21, what will it pay? Payable amount 4 3 n 10 " (If more than ' 30 60
