What is the unearned interest income on January 1, 2021?

Q: What is the interest income for 2022? Based on preceding data, what is the carrying value of the…

A: On sale of equipment with deferred payment the fair value of consideration recognized on the date of…

Q: On January 1, 2021, Roy Company sold a machine with a cost of P500,000 and carrying value of…

A: Cumulative present value of 14% for 3 years = 2.322

Q: On July 1, 2019, Lp Manufacturing Co. issued a five-year note payable with a face amount of P250,000…

A: The current liabilities section would include the maturity payment of $50000 and the interest…

Q: On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a…

A: Fair value of equipment = Present value of installments       Quarterly installments $20,000.00…

Q: LINDT Corporation manufactures and sells electrical generators. On May 31, 2020, it sold an…

A: Present value of Note =  Installments x present value of an ordinary annuity of 1 for three periods…

Q: Boy should record the sale in January 2019 at

A: Sale value is the value which is received at the time of the sale of the asset or the inventory by…

Q: On January 1, 2020, Smith Company signed a five-year Note for the acquisition of equipment. Annual…

A: As the payments are made at the end of the year i.e. December 31,2020, we will use present value of…

Q: On September 1, 2020, Halley Co. issued a note payable to Fidelity Bank in the amount of $2,700,000,…

A: The question is based on the concept of Financial Accounting.

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A:

Q: On January 1, 2021, Hosana Co. sold equipment in exchange for a P 850,000, 4 year, 11% note,…

A: Lets understand the basics. Compounded interest means interest on interest. In other words, it is a…

Q: April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for the…

A: Equated principal payments over 5 year period = P30, 000,000/5 =P6000, 000

Q: On January 12019, Aquarius Co. sold a machine with a cost of P500,000 for P800,000The buyer paid a…

A: Gain on the sale of the machine is calculated by deducting the cost of the machine from the present…

Q: pany carrying exchange interest bearing note of P5,000,000 requiring ten annual payments of…

A: Present value means the actual amount is adjusted with the interest rate so as to get the present…

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: Notes Payable: In the financial world, notes payable are short-term obligations that represent the…

Q: On January 1, 2021, Pindang Co. received a P1,000,000, noninterest bearing note in exchange land…

A: The note receivable can be referred to as a contractual note which specifies an amount to be…

Q: On January 1, 2021, Dreamlover Corporation purchased equipment from Daydream Company for P3,600,000.…

A: Present value refers to the current value of all the cash flows which is to be received in the…

Q: Note Payable problem. On November 1, 2021, Good Luck Inc. received Equipment valued at $600,000 in…

A: ANSWER     The journal entries are prepared to keep the record of day to day transactions of the…

Q: What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold…

A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the…

Q: On October 1, 2025, Oriole Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm,…

A: The Company's financial year ends on December 31st, and  interest is collected on 1st October, so…

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: A note payable is indeed a promissory note that has been drafted. A borrower borrows a particular…

Q: On January 1, 200A, ABC rendered services to XYZ at a price of P450,000. ABC received P500,000…

A: ABC delivered services to XYZ at a cost of P450,000, as stated on January 1, 200A. XYZ issued ABC a…

Q: RED Corporation

A: Current liabilities square measure a company's short-run money obligations that square measure due…

Q: On January 1, 2021, Diggs Co. lends some money in exchange for a 10% $100,000 10-year note.  The…

A: a)Coupon Rate =10%Market rate=8%The coupon rate is more than the Market rate i.e. It is issued at a…

Q: On December 31, 2021, AAA Company sold for P3,000,000 an old equipment having an original cost of…

A: This question deals with the calculation of interest income and carrying value of notes receivable.…

Q: On January 1, 2022, ABC Company signed a note payable to a bank for P3,000,000 with a stated rate of…

A: The notes payable are generally considered a long-term liability because it is issued normally for a…

Q: On January 1, 2019, ABC Company sold an equipment with carrying amount of P1,500,000. The customer…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: On July 1, 2021, ABC Co. issued a 9% interest bearing note with a face amount of P 10,000,000 for…

A: carrying value of the notes as of December 31,2022  is P 8,227,384.90  accrued interest P 354,289.30…

Q: On January 1, 2020, Heavy Corporation that manufactures heavy equipment sold an equipment for…

A: In the instalments type of sale, the income is not recognized until full instalments are received…

Q: A 13.2% P600,000 note payable was issued by Robin Company on March 1, 2020. The principal and…

A: It is pertinent to note that liabilities that are not settled with in 12 months from the end of the…

Q: Company AAA borrowed P1,000,000 on July 1, 2021 and issued a 9% one-year note payable every after…

A: Notes payable refers to liability on a company's balance sheet that represents a formal written…

Q: On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a…

A: Notes payable are long-term commitments that indicate the amount of money owing by a company to its…

Q: On January 1, 2019, Love Co. sold merchandise to Kit Store in exchange for a non-interest bearing…

A: Value of notes receivable as of January 1, 2019 = Annual payment x PVIAF (8%, 10 years) = P100,000 x…

Q: On January 1, 2020, Gibson Co. purchases equipment having a fair value of $200,000 by issuing a…

A: Zero coupon bonds means those bonds which were issued for money or any assets but for which no…

Q: On September 30, 2019, Lakatan Inc. borrowed P1,000,000 on a 9% note payable. The entity paid the…

A: solution given Date of issue September 30 2019 Amount of note 1000000 Rate of…