22- On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9 months, amounting to TL 500,000. The annual interest rate is 20% and the principal is transferred to the demand deposit account of the enterprise in the same bank together with the interest at the end of the maturity. (Financial statements will be prepared annually and the tax rate is 15%) . According to this, what is the amount of interest income corresponding to the current period as of the end of the period?    a) 75.000 TL  B) 50,000 TL  NS) 25.000 TL  D) 60.000 TL  TO) 20.000 TL

Q: On January 1, 2020, MP's customer issued a 3 year 8% note, PHP 3,000,000 for services billed to be…

A: Carrying amount is also known as carrying value or book value. The carrying amount of a note issued…

Q: On 1 November, Year 1, Noble Co. borrowed P80,000 from South Bank and signed a 12%, six-month note…

A: Solution: Interest on note at maturity = P * R* T = P80,000 * 12%*6/12 = P4,800

Q: Rose Company provided the following selected transactions related to liabilities: 2020 Feb. 1…

A: Journal entry records the transactions of the business into the books of the company and it is…

Q: using 360 days in a year, how much cash did thunder company receive from the bank?

A: Given information is: On september 1 thunder company received an p80,000, 12%, 120-day note from a…

Q: Precision Castparts, a manufacturer of processed engine parts in the automotive and airline…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: 1. A debt of P15,000 now will be paid in the following schedule: a. P4,000 at the end of three…

A: Debt amount = P 15000 Payment after 3 months (Q1) (P1) = P 4000 Payment after 12 months (Q4) (P2) =…

Q: Florenda Quino Forwarders borrowed P600,000 from the bank on Sept. 1, 2019. The note carried an 8%…

A: Solution: The interest rate is missing, so I looked for similar questions and found that it is 8%:…

Q: On May 1, 2020, Janine Company secured a loan from NorthSouth Bank, P1,250,000 with 1% monthly…

A: Here in this question, we are required to calculate the interest amount and final payment amount.…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…

A: Interest = Principal x rate of interest x no. of months / 12 months

Q: 14. On August 31, 2020, a company lent money to a customer for P30,000. The customer signed a note…

A: Given, Principal amount, P = P 30,000 Interest rate, i = 9% No. of years, n =1

Q: Colson Company has a line of credit with Federal Bank. Colson can borrow up to $457,500 at any time…

A:

Q: 2. A loan of P2,000 is made for a period of 13 months. from January 1 to-lanuary 31 the following…

A:

Q: At the 31th of December, 2014. Liverpool. Co got long term loan of $1000,000 from TSB bank. if the…

A: On 31.12.2014, Liverpool Co. got long term loan = $1000000 from TSB bank Annual interest rate = 12%…

Q: Given: Find the interest deducted in advance of a P90,000.00 bank discount note with an interest…

A: The bank discount note duration is from 4 June 2011 to 3 March 2012.

Q: amount of interest income corresponding to the current period

A: Interest income = Amount of deposit * Annual interest rate * Number of months till maturity/Number…

Q: Other information: • The bank notes issued on August 1, 2021 are due on July 31, 2022 and pay…

A: Current liabilities are the liabilities which are liable to be paid in 12 months.

Q: On June 8, Williams Company issued an $85,200, 9%, 120-day note payable to Brown Industries.…

A: Note payable is issued by the debtor as a. Promise note that he would make the payment on time with…

Q: Assume that on 15th January 2019 Mustafa and Sons LLC sold OMR 15000 goods to Ibri traders on…

A: The maturity value is the amount to be paid at the time of maturity of note note receivable by the…

Q: Stern Corporation borrowed $10 million cash on September 1, 2021, to provide additional working…

A: Here the interest is divided for the first 4 months and the next 2 months.

Q: Dirk Ward borrowed $12,000.00 for investment purposes on May 8 on a demand note providing for a…

A: Accrued Interest - It is the amount of interest has been incurred over a specific period / date, on…

Q: On March 1, 2020, LINGATONG Company has received a P10,000, two year note bearing interest at 12%…

A: Lingatong Company Receive P10,000  Accrued Interest Receivable at 31st Dec,2021 is Interest Expense…

Q: Rublin Company applies for a one-year, P1 million loan from RY Bank. The term of the loan requires…

A: Future value  = Present value ×(1+periodic interest rate)^number of periods

Q: You company provided the following information on Dec. 31, 2019: Accounts Payable Bank note payable…

A: Current Liabilities are those liabilities which are due and payable within one year. Out of the…

Q: China Banking Corporation granted a loan to a borrower on January 1, 2020.  The interest rate on the…

A: The carrying amount is the cost of a resource as reflected in an organization's books or accounting…

Q: At year end, Rei company issued a P2,000,000 face amount note payable in exchange for services…

A: Note payable ::::P2,000,000.... Interest expenses::2000000*3%*9/12 months=P45,000...... The compound…

Q: On September 1, 2019, a company borrowed on a P5,400,000 note payable from a bank. The note bears…

A: Accrued Interest Payable: Accrued interest due is the amount of interest that has been recognized as…

Q: On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9…

A: Time Deposit amounting 500,000 Maturity time = 9 month Interest Rate = 20% p/a Interest at the end…

Q: To finance the purchase of the machine by issuing RM6 million, six-year, zero interest-bearing note…

A:

Q: TORR, Inc. issues a $500,000, 6%, six-year note on January 1, 20X1. If the monthly payment is…

A: A note is one of the debt instruments that is issued by companies in order to raise funds. Note…

Q: Colson Company has a line of credit with Federal Bank. Colson can borrow up to $457,500 at any time…

A: Compute annual interest rate for Colson company for first four month of 2018 as shown below:

Q: On September 1, 2020, a company borrowed on a P5,400,000 note payable from a bank. The note bears…

A: Accrued interest payable on December 31, 2021 = Note payable outstanding on September 1, 2021 x rate…

Q: Isko Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: The company had note receivable of P 3,000,000 on November 1, 2020 Out of which P 1,000,000 is…

Q: Flipco signed a 10-year note payable on January 1, 2018, of $800,000. The note requires annual…

A:

Q: . On April 1, 2021, XYZ CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: Interest of a note = principal x rate x time Interest of note from 1.1.2022 - 31.3.2022 = 30,000,000…

Q: On October 1, Dalton Corp. borrows $100,000 fromNational Bank, signing a six-month note payable for…

A: Interest amount: Interest charged on the borrowed principal amount. Interest is charged…

Q: On January 10th a bank sold a P100,000 certificate of deposit to mature on March 10th and bear…

A: 1. Certificate of Deposit is held for 2 month from January 10 to March 10. 2. Interest rate 5% is…

Q: On June 8, Williams Company issued an $80,400, 7%, 120-day note payable to Brown Industries.…

A: Given: Face value = $80,400 Interest rate = 7% Days = 120

Q: on nov, 1. Alan co. signed a 120 day, 12% note payable, with a fac valus of 9,900. what is the…

A: Notes payable is known as a negotiable instrument signed by the promisor who agreed to pay a certain…

Q: On June 8, Williams Company issued an $92,400, 11%, 120-day note payable to Brown Industries.…

A: Solution: Maturity value of note is computed as principal amount of note plus interest amount till…

Q: On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries.…

A: maturity value of the note = issue price + Interest accrued

Q: Isko Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: Interest revenue for the period November 1, 2020 to  October 31, 2021 = principal x interest rate x…

Q: On January 1, 2021. This Company acquired a machine by issuing a 3-year, 3%, P4,000,000 note…

A: As per IFRS 9, a Financial instrument, the financial liability is initially recognized at amortized…

Q: Pam Company borrowed $75,000 on June 1, 2020, by issuing an 11-month, 8% interest-bearing note. The…

A: The note was issued for 11 month on June 1,2020.

Q: On January 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in eight…

A: Simple Interest: When at the time of returning the loan to the bank, we have to pay back an amount…

Q: On September 12, 2021, an entity received a 120-day, 9% note for P50,000 for an overdue account from…

A: Total interest on the note = face value of the note x rate of interest x no. of days/360 =…

Q: At year-end, Roth Company issued a P1,000,000 face value note payable to Wake Company in exchange…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: on september 1 excellent company received an p80,000, 12%, 120-day note from a credit customer…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.