Chapter 4, Problem 19Q

BT21 Corp. collected P24,700 in interest during 2021.  BT21 showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BT21 Company’s statement of comprehensive income for 2021?

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How much is the interest expense to be reported by the company for the year ended December 31, 2022? How much is the amount attributable to the principal portion of the note on the payment made on August 1, 2023? How much is the interest expense to be reported by the company for the year ended December 31, 2023?

The following data are taken from the financial statements of Pharoah Company. 2021 2020 Accounts receivable, end of year $559,500 $ 579,000 Net credit sales 4,098,600 3,385,125 Terms for all sales are 1/10, n/60.

How long did it take Dark Knight to collect from its customers who were extended credit in Year 2022? Use Year 2022 balance sheet figures when needed. Round you answer to three decimal places, e.g., 124.4456 days should be entered as 124.446.

The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019:    12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851   Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.)   b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…

For the year ended Dec. 31, 2020, The Company paid interest totaling P100,000. The prepaid interest expense is P23,500 and P18,000, respectively,on December 31, 2019and 2020. The interest payable is P45,000 and P53,500, respectively,on December 31, 2019and 2020. What amount of interest expense should be reported on December 31, 2020?

Determine the due date and the amount of interest due at maturity on the following notes dated in 2016:

Using the attached financial statement footnote. Explain why the application of time value is appropriate to account for the transaction.