A company purchased machinery on December 31, 2026, paying P80,000 down and agreeing to pay the balance in 4 equal installments of P60,000 payable each December 31. Implicit in the purchase price is an assume interest of 12%. What is the carrying amount of the note at December 31, 2027? (PVF 5 decimal)
Q: Calculating Standard Quantities for Actual Production Guillermo's Oil and Lube Company is a service ...
A: The question is based on the concept of Cost Accounting.
Q: If a bank has the following ratios, it can pay up to of its earnings as dividends. Tier 1 leverage =...
A: In this question we will find Earning as dividend Given, Tier 1 leverage = 4.7 % Tier 1 common equit...
Q: A company that usually sells satellite TV equipment for $50 and two years of satellite TV service fo...
A: Revenue refers to the total amount of money received through the sale of items or services related t...
Q: Scenario: You're a savvy entrepreneur that wants to open an ice cream shop downtown near the colleg...
A:
Q: Net income at year end will be understated if Group of answer choices A. Inventory at year end is o...
A: A. Inventory at year end is overstated Net income will be overstated B. Sales revenue during the y...
Q: Which of the following statements regarding accounting change is correct? a. Change in depreciation...
A: Accounting changes means when there is some change in the process and methodologies related to accou...
Q: Fanelli Corporation, a merchandising company, reported the following results for July: Number of uni...
A: the income statement can be prepared using various methods as traditional method and contribution ap...
Q: Exercise 7-18 (Algo) Notes receivable [LO7-7] On June 30, 2021, the Esquire Company sold some mercha...
A: Notes receivable is considered a negotiable instrument. it is classified under current assets if the...
Q: Retained earnings at December 31, 2023 is not affected if Inventory at the beginning of year 2023 ...
A: If the beginning inventory of 2023 is overstated (or ending inventory of 2022 is overstated): Net i...
Q: Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry...
A: Solution Concept Accrued income means the income that is earned but not received yet The accrued inc...
Q: 3.1 Calculate the number of athletic scholarships Midwest University can offer each year. 3.2...
A: The number of scholarship can offer depend on fixed cost and variable cost of each of the scholarshi...
Q: Define and explain the relationship between simple variance analysis and flexible variance analysis.
A: Simple variances analysis is the study of deviations of the actual result against the forecasted be...
Q: Find out from the following a scientific and accurate method of factory overhead absorption: Percent...
A: Factory Overhead Absorption is an important matter in pricing a product or determining total cost of...
Q: Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry...
A: Accured income means income earned but yet not received. Following is the adjustment entry for accu...
Q: Net income at the end of the year is P100,000. Partners, A, B, C and D, share profits and losses in ...
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...
Q: red: Construct the company’s contribution approach income statement and determine the net income of ...
A: To construct the company’s contribution approach income statement and determine the net income of th...
Q: accrued income in retained earnings at the end of year 2? a.Understated b.Cannot be determined from...
A:
Q: Its omission at year end will result to understated net income Group of answer choices A. Accrued e...
A: Lets understand the meaning of all the options. Accrued expense means a expense which is incurred an...
Q: Mort is the owner of an apartment building containing ten identical apartments. Mort resides in one ...
A: Net income (NI), also known as net profits, is calculated by deducting sales from cost of goods sold...
Q: Carlton's Kitchens makes two types of pasta makers: Strands and Shapes. The company expects to manuf...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: Parks Inc. had recently completed construction of a new manufacturing facility. Prior to the approva...
A: GIVEN Parks Inc. had recently completed construction of a new manufacturing facility. Prior to the...
Q: If a company's selling prices are $5, variable costs are $3 and fixed costs are $100,000, The number...
A: Break even point is the point of zero profits. Or we can say that it is the point where the Contribu...
Q: The projected benefit obligation is the measure of pension obligation that __is not sanctioned und...
A: The three components of pension expense 1. Service cost, 2. the interest cost, 3. expected return o...
Q: How is the cost price of the finished product formed / shaped?
A: production of goods and providing of services various cost , These are variable and fixed , the vari...
Q: Calculating the Direct Labor Mix Variance Mangia Pizza Company makes frozen pizzas that are sold thr...
A: Mix varaince = [Actual Mix - Standard Mix] x Standard Price If actual mix is less than standard mi...
Q: how can it maximize profit if a minimum demand of 100 pounds for each drug also must be met?
A: Profit maximization is the act of strategy of the company to produce the products at that level at w...
Q: On dissolution of a firm, the Balance Sheet revealed that total creditors' 50,000, Total Capital 48,...
A: Solution... Creditors = ₹50,000 Capital = ₹48,000 Cash = ₹3,000 Loss on realisation = ?
Q: EBIT is Select one: O a. equity before tax and interest O b. gross profit O c. net profit O d. EBT p...
A: EBIT means earnings before interest and taxes. This is an important element of income statement of t...
Q: Prepaid Insurance of P 60,000 was overlooked at the end of 2021. What would be the adjusting entry i...
A: Prepaid expenses are expenses paid in advance.
Q: & Co. Sends cheque for the balance due. Show the journal entries and Nathan & Co. Godown Rent. Natha...
A: Solution A journal is a company's official book in which all business transactions are recorded in c...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Casey made a taxable gift = $5.7 million to both Stephanie and Linda Total taxable gifts = $11.4
Q: Accrued salaries of P 20,000 was overlooked at the end of 2021. What would be the adjusting entry if...
A: Note: Due to overlooking of accrued salaries, profit will be decline in the year of expense booking....
Q: How much is the cost of equity using the bond plus risk premium?
A: In the Bond plus Risk Premium Method, We take the Return on Company's Bond and add a premium for the...
Q: At the time of the event, which of the following does not result in a journal entry and an update of...
A: A general ledger is one of the basic foundations of any company's double-entry accounting system whi...
Q: Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falco...
A: Solution Working note - Sales 320000 Cogs -41000 Salary -40000 Employees wages -30000 D...
Q: True or False A NY LLC owned solely by a NY nonresident individual is sold during the tax year. ...
A: The following are subject to tax on NY source income: Non-resident individual Estate Trust Part-yea...
Q: Sarasota Importers provides the following pension plan information. Fair value of pension plan ass...
A: Plan assets are the assets/investments held by a long-term employee benefit fund for the purpose of ...
Q: please help me
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Non-recognition of deferral at the end of the accounting period will Group of answer choices unders...
A: Ans. In case of non-recognition of deferral the income or expenses which is deferred but not recogni...
Q: Calculated itemized Deductions. Robert and Jean Snyder have an adjusted gross income of $100,000 for...
A: Introduction Itemized deductions are personal expense items that are allowed as tax deductions, incl...
Q: Hideo Co. was organized on January 1, 2021, with 300,000 shares of common stock with a $6 par value ...
A: Cost method of treasury stock is simple as it considers the cost that is paid to repurchase that sto...
Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...
A: Liquidation of Partnership - Liquidation of partnership is the process of selling all the assets ava...
Q: Process costing method is suitable for:
A: Process costing: process costing is a costing method used by companies that produce homogeneous prod...
Q: Which of the following is not a counterbalancing error? O Omission of accrued interest expense at ye...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: The accounting records of Sandhill Inc. show the following data for 2020 (its first year of operatio...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Under the accrual basis of accounting, revenue is recorded a. when earned and realizable b. when ea...
A: Solution Accrual basis is the method of recording transaction for revenue when earned and expenses w...
Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Recording of next year's purchases as purchases of the current year will overstate retained earning...
A: Solution Concept Purchase is the recorded in the debit side of the income statement Purchase is the ...
Q: The accountant for Lucky Corporation has developed the following information for the company's defin...
A: Solution Working note Pension expense- Service cost 1000000 Add amortised prior service cost ...
Q: on-recording of purchases during the current and the non-inclusion of the goods purchased in ending ...
A: Errors in accounting are the mistakes conducted while entering the accounting transactions in the bo...
A company purchased machinery on December 31, 2026, paying P80,000 down and agreeing to pay the balance in 4 equal installments of P60,000 payable each December 31. Implicit in the purchase price is an assume interest of 12%. What is the carrying amount of the note at December 31, 2027?
(PVF 5 decimal)
Step by step
Solved in 2 steps
- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold equipment with historical cost of P10,000,000 and accumulated depreciation of P5,500,000 in exchange for a P6,000,000 non-interest bearing note due in annual installments as follows: December 31, 2022 - P3,000,000 December 31, 2023 - P2,000,000 December 31, 2024 - P1,000,000 There was no exchange price for the equipment. The prevailing rate of interest for a note of this type on January 1, 2022 was 10%. (Round off present value factors to four decimal places.)On September 30, 2022 World Company borrowed P1, 000, 000 on a 9% note payable. The entity paid the first of four quarterly payments of P264, 200 when due on December 31, 2022. 1. What amount should be reported as interest expense for 2022? A. 90, 000 В. 22,500 C. 67,500 D. 30,000 2. On December 31, 2022, what is the carrying amount of the note payable? A. 758, 300 В. 750, 000 С. 825, 800 D. 735, 800
- What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold equipment with a historical cost of P10,000,000 and accumulated depreciation of P5,500,000 in exchange for a P6,000,000 non-interest-bearing note due in annual installments as follows: December 31. 2022 - 3, 000, 000 December 31, 2023 - 2, 000, 000 December 31 2024 - 1, 000, 000 There was no exchange price for the equipment. The prevailing rate of interest for a note of this type on January 1, 2022, was 10%. (Round off present value factors to four decimal places.On January 1, 2019, a company acquired transportation equipment by paying cash ofP400,000 and issuing a noninterest-bearing note payable of P4,000,000 due in 4equal annual installments starting December 31, 2019. The prevailing rate of interestof this type of note is 12%.(PVF 6 decimal) 1. How much is the interest expense in 2019? 2. How much is the carrying amount of the note on December 31, 2019? 3. How much is the noncurrent portion of the note on December 31, 2019? 4. How much is the current portion of the note on December 31, 2019?On Janaury 1, 2021, ABC Company acquired equipment by issuing a 3-year, P4,800,000 non-interest bearing note due in semi-annual payment starting July 1, 2021. The prevailing rate of interest of this type of note is 10%. (PVF 5 decimal) How much is the carrying amount of the note on INITIAL recognition?a. 4,060,552b. 4,000,000c. 3,980,342d. 3,786,309 How much is the CARRYING amount of the note on December 31, 2021?a. 3,463,580b. 3,343,341c. 2,836,760d. 2,279,830
- ML Company purchased merchandise for resale on January 1, 2021, for P5,000 cash plus a P20,000, two-year note payable. The principal is due on December 31, 2022; the note specified 8% interest payable each December 31. ML's going rate of interest for this type of debt was 15%. How much is the carrying amount of the note payable on December 31, 2021 (round off to four decimal places)? A.P20,000B.P19,142C.P17,724D.P18,783On April 1, 2028, A Company issued a P 9.000,000 non-interest-bearing note due March 31, 2031, for a piece of land with a cash price of P 6,949,800. Effective interest rate is 9%. Determine the interest expense for the year ended December 31, 2028 Round off final answer to the nearest peso.A company issued a P3 million three-year non-interest-bearing note on January 1, 2021, for a piece of land. The note was payable in three equal annual installments every December 31 starting December 31, 2021. The cash price equivalent of the land on January 1, 2021, was P2,401,800. What is the balance of the discount on notes payable on December 31, 2021? Note: Round off PV factor to 4 decimals. round off final answer to the nearest peso
- On January 1, 2021, Chantal Company purchased equipment from Heidi Company amounted to P2,400,000. Chantal issued a noninterest-bearing note with an effective interest rate of 9% as payment. It is payable in 8 equal payments beginning January 1, 2021, and afterward, every end of the year. (Use 2 decimal places for PVF). How much is the present value of the note payable on December 31, 2021?Dilraba Co. sold equipment in exchange for a P750,000, non-interest bearing note receivable in 5 equal annual installments starting December 31, 2021. The cash selling price for this equipment is P675,000. (use fraction method) How much in the unearned income on December 31, 2023? What is the denominator of the fraction used to distribute the unearned interest? ( Previous Continue >On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and issuing a noninterest- bearing note payable of P4,000,000 due in 4 equal annual installments starting December 31, 2019. The prevailing rate of interest of this type of note is 12%. 1. How much is the interest expense in 2019? 2. How much is the carrying amount of the note on December 31, 2019? 3. How much is the noncurrent portion of the note on December 31, 2019?
