In the December 31, 2021 balance sheet, what amount of the note payable should Dean report as non-current liability?
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Dean Company has P2,000,000 of note payable due June 15, 2022. At the financial statement date of December 31, 2021, Dean signed an agreement to borrow up to 2,000,0000 to refinance the note payable on a long-term basis. The financing agreement called for borrowing not to exceed 80% of the value of the collateral Dean was providing. On December 31, 2021, the value of the collateral was P3,000,000. Under the existing loan facility, Dean has the discretion to refinance or roll over the note payable for at least twelve months after the balance sheet date.
In the December 31, 2021 balance sheet, what amount of the note payable should Dean report as non-current liability?
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- 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.)On July 1, 2019, Aldrich Company purchased as an available-for-sale security 200,000 face value, 9% U.S. Treasury notes for 194,000. The notes mature July 1, 2020, and pay interest semiannually on January 1 and July 1. The notes were sold on December 1, 2019, for 199,000. Aldrich normally uses straight-line amortization on all of its notes. In its income statement for the year ended December 31, 2019, what amount should Aldrich report as a gain on the sale of the available-for-sale security? a. 2,500 b. 3,500 c. 5,000 d. 6,000Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January 1, 2019. In addition, Spath agrees to sell inventory to the customer at reduced prices over a 5-year period. Spaths incremental borrowing rate is 12%. The customer agrees to purchase an equal amount of inventory each year over the 5-year period so that a straight-line method of revenue recognition is appropriate. Required: Prepare the journal entries on Spaths books for 2019 and 2020. (Round answers to 2 decimal places.)
- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?On April 1, 2020, Bonita Company assigns $533,000 of its accounts receivable to the Third National Bank as collateral for a $332,400 loan due July 1, 2020. The assignment agreement calls for Bonita to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the journal entry for Bonita’s collection of $374,800 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)On April 1, 2020, Bonita Company assigns $533,000 of its accounts receivable to the Third National Bank as collateral for a $332,400 loan due July 1, 2020. The assignment agreement calls for Bonita to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). On July 1, 2020, Bonita paid Third National all that was due from the loan it secured on April 1, 2020. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
- On April 1, 2020, Bonita Company assigns $533,000 of its accounts receivable to the Third National Bank as collateral for a $332,400 loan due July 1, 2020. The assignment agreement calls for Bonita to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 2020, journal entry for Bonita Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)On April 1, 2025, Sunland Company assigns $504,100 of its accounts receivable to the Third National Bank as collateral for a $314,000 loan due July 1, 2025. The assignment agreement calls for Sunland to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Prepare the April 1, 2025, journal entry for Sunland Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Apr. 1, 2025 Account Titles and Explanation Debit Credit10. Dear company has a 2,400,000 note payable due June 30, 2019. On December 31, 2018, the entity signed an agreement to borrow up to 2,400,000 to refinance the note payable on a long term basis. The financing agreement called for borrowing not to exceed 80% of the value of the collateral the entity was providing. On December 31, 2018, the value of the collateral was 1,800,000. On December 31, 2018, what amount of the note payable should be reported as current liabilities?
- On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2020. The assignment agreement calls for Rasheed to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Instructions a. Prepare the April 1, 2020, journal entry for Rasheed Company. b. Prepare the journal entry for Rasheed’s collection of $350,000 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. c. On July 1, 2020, Rasheed paid Third National all that was due from the loan it secured on April 1, 2020. Prepare the journal entry to record this payment.Trisha Company had a ₱2,400,000 note payable due June 30, 2021. On December 31, 2020, the entity signed an agreement to borrow up to ₱2,400,000 to refinance the note payable on a long-term basis. The financing agreement called for borrowing not to exceed 80% of the value of the collateral the entity was providing. On December 31, 2020, the value of the collateral was ₱1,800,000. On December 31, 2020, what amount of the note payable should be reported as current liability?Sigma Bank granted a loan to a borrower in the amount of P 5,000,000 on January 1, 2021. The interest rate on the loan is 10% payable annually starting December 31, 2021. The loan matures in five years on December 31, 2025. Sigma Bank incurs P 39,400 of direct loan origination cost and P 10,000 of indirect loan origination cost. In addition, Sigma Bank charges the borrower an 8-point nonrefundable loan origination fee. PV of principal .5674; PV of interest 3.6048 Prepare an amortization table. 1. The carrying amount of the loan as of January 1, 2021 is A. P 4,639,400 B. P 5,000,000 C. P 4,649,400 D. P 5,039,400 2. The effective interest of the loan is A. 9.80 % B. 10% C. 12% D. 11.94% 3. What is the carrying amount of the loan as at December 31, 2021? A. P 5,000,000 B. P 4,696,128 C. P 4,759,663 D. P 4,639,400 3.The interest income to be recognized in 2021 A. P 493,861 B. P 500,000 C. P 555,138 D. P 556,728 4. What is the amount of discount amortization as at December 31, 2021?…
