TS Corp. collected P24,700 in interest during 2021.  BTS 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 BTS Company’s statement of comprehensive income fo

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A: Ratio analysis is a method of measuring the financial position of the organization with different…

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A:

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Q: The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts…

A: Hi student Since there are multiple questions, we will answer only first question.

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A: When a company follows accrual basis of accounting, there may be differences between the interest…

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A: A note receivable seems to be a written commitment to pay a certain sum of money to some other party…

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A: Accrual basis of accounting says that all expenses and revenue belonging to a particular period…

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A: The accrual basis accounting records the revenue and expenses when they are incurred irrespective of…

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A: Current assets are used or sold within a year whereas, non current assets are sold or utilized after…

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A: Balance Sheet:   It is a financial statement that reports the financial position of an organization…

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A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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A: Introduction Total liability includes all liability accept owner's equity, It includes current and…

Q: 2. For the year ended Dec. 31, 2020, Taehyung Company paid interest totaling P prepaid interest…

A: Answer: Given is the interest paid for year ended 2020 and some adjustments of prepaid expenses.…

Q: Yana Co. collected P15,000 interest during 2020. It showed P2,000 interestreceivable on its December…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

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A: Here in this question, we are required to calculate two ratios. Debt to asset ratio showing how much…

Q: For the year ended Dec. 31, 2020, The Company paid interest totaling P100,000. The prepaid interest…

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A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

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A: Notes Receivables: If the notes receivable have a life of less than a year, they are generally shown…

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A: Accounts receivable is the term, which is defined as the payment or proceeds that the company or…

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A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: mount of the receivable according to their age and percent of uncollectible based on observable data…

A: The estimated uncollectible is calculated by multiplying the percent of uncollectible into the…

Q: Bell Company provided the following trial balance on December 31, 2019 which had been adjusted…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: RM Company disclosed the following information on December 31, 2021: Accrued rent expense Share…

A: Current Liabilities: When referring to current liabilities, we mean obligations that must be paid…

Q: The adjusted trial balance for Carla Vista Ltd. at October 31, 2021, contained the following:…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Hokusai Creative's 2018 balance sheet showed long-term debt of $450,000, the 2019 balance sheet…

A: Solution: Increase in long term debt = Ending long term debt - beginning long term debt = 490000 -…

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A: Allowance for doubtful debt: It can be defined as a contra asset account that reduces the amount of…

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Q: For the year ended Dec. 31, 2019, Nando Company paid interest totaling P100,000. The  prepaid…

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A: Tax base is the amount attributed to that asset or liability for the tax purpose.

Q: The cash received for interest during 2020 was

A: Here interest recievable is an asset  Interest revenue is recognized as and when it is recievable as…

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A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…

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A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or…

A: Uncollectible accounts expense = Credit sales x 2%

Q: The following Is a portion of the current assets section of the balance sheets of Avantl's, Inc., at…

A: a) Therefore, the bad debt expense recognized for the year is $2,708.

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is