How much is the notes receivable as presented in the balance sheet at Dec 31, 20X1?
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- Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the market of interest was 9%. The company uses the effective-interest method of amortization. At the end of the year, the company will record ________. A. a credit to cash for $28,733 B. a debit to interest expense for $31,267 C. a debit to Discount on Bonds Payable for $1,267 D. a debit to Premium on Bonds Payable for $1.267Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.On January 1, 20x1, SCRUPULOUS EXACT Co, acquired a piece of equipment by issuing a P12,000,000, non- interest bearing note that is payable in three equal annual installments starting January 1, 20x4. The current market rate of interest on January 1, 20x1 is 12%. How much is the carrying amount of the note on initial recognition? (Hint Mind the payment dates.) O a. 7,740,084 O b. 7,124,844 O c. 7,412,769 O d. 7,658,901
- Amenadiel Co. has an 8% note receivable dated June 30, year 1, in the original amount of 150,000. Payments of 50,000 in principal plus accrued interest are due annually on July 1, year 2, year 3, and year 4. In its June 30, year 2 balance sheet, what amount should Amenadiel Co. report as a current asset for interest on the note receivable? *On January 1,20x1, ABC co. Sold a tract of land that was acquired several years ago for 2,000,000. ABC co.received a non interesr bearing note for 4,000,000. The note is payable in equal annual installments of 500,000 every December 31, starting December 31,20x1. The market interest for similar note was 16%. What is the carrying amount of the note receivable on January 1,20x1? What amount should be recognized as gain on sale of land in 20x1? What is the carrying amount of the note receivable on December 31, 20x1?On Aug 31, 20X1, ABC Corp received a P2,000,000 12% 4-year note from a customer. Note is collectible in 4 equal annual installments every Sept 1 , including the interest. On Dec 31, 20X1 ABC recorded an accrued interest of P80,000. If NO reversing entries are made at Jan 1, 20X2, the adjusting entry to record the accrued interest at Dec 31, 20X2 will include: Cr Interest Income 60,000 Dr Interest Income 20,000 Dr Interest Receivable 20,000 Cr Interest Receivable 60,000
- On January 1, 20x1, SCRUPULOUS EXACT Co., acquired a piece of equipment by issuing a P 12,000,000, non-interest bearing note that is payable in three equal annual installments starting January 1, 20x4. The current market rate of interest on January 1, 20x1 is 12%. How much is the carrying amount of the note on initial recognition?On Jan. 1, 20x1, Bernie Bird Co., received a 10% note with face amount of P1,200,000. Both principal and compounded interests are due on Jan. 1, 20x4. How much interest receivable is reported on the December 31, 20x2 statement of financial position? a. 120,000 b. 132,000 c. 252,000 d. 168,000On January 1, 20x1, PRISM Co. acquired machinery by issuing a 3-year, P1,200,000 noninterest-bearing note payable due as follows: Date Amount of installment December 31, 20x1 600,000 December 31, 20x2 400,000 December 31, 20x3 200,000 TOTAL 1,200,000 The prevailing rate of interest for this type of note is 10%. How much is the carrying amount of the note on December 31, 20x1? Select the correct response: 867,312 1,026,296 528,926 489,762
- On Jan 1, 20X1 ABC received a P1,200,000 3-year non interest note. Interest and principal is collectible on due date. How much is the maturity value? 120,000 360,000 1,200,000 1,560,000On July 1 of the current year, an entity obtained a two-year 8% note receivable for services rendered. At that time, the market rate of interest was 10%. The face amount of the note and the entire amount of interest are due on the date of maturity. Interest receivable on December 31 of the current year is a. 5% of the face amount of the note’ b. 4% of the face amount of the note c. 5% of the present value of the note d. 4% of the present value of the noteOn July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and interest of the note is collectible in 3 equal payments every June 30, starting June 30, 20X2. How much is the Interest Receivable at Dec 31, 20X1? 22,500 45,000 135,000 0