As of April 30, 2019, Marcus Tools has assets of $107,000 and liabilities of $26,000. How much is the owner's equity for Marcus Tools as of April 30, 2019?

For the year ended Dec. 31, 2020, The Company paid interest totaling P100,000. The prepaid interest expense is P23,500 and P18,000, respectively,on December 31, 2019and 2020. The interest payable is P45,000 and P53,500, respectively,on December 31, 2019and 2020. What amount of interest expense should be reported on December 31, 2020?

What was the interest revenue that techprime earned in this period??

On November 1, 2019, Holiday, Inc. received $16,000 that it would earn over the next 16 months. Which of the following correctly states the 2020 annual financial statements? Unearned revenue of $0; revenue of $16,000 O Unearned revenue of $2,000; revenue of $12,000 Unearned revenue of $2,000; revenue of $14,000 O Unearned revenue of $4,000; revenue of $12,000 Unearned revenue of $0; revenue of $0

Under the accrual basis rental income of EL Company for the calendar year 2020 is P600,000. Additional information regarding rental income are presented below:                  Unearned rental income, January 1, 2020                            P50,000                Unearned rental income, December 31, 2020                     75,000                Accrued rental income, January 1, 2020                                 30,000                Accrued rental income, December 31, 2020                         40,000 Under the cash basis, how much rental income should be reported by EL Company in year 2020? Group of answer choices   d. P655,000   c. P625,000   b. P615,000   a. P585,000

Ajam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000 102,000 Accounts Payable Wages Payable Accumulated Depreciation – Machinery Income Taxes Payable Note Payable, due May 15, 2021 Note Payable, due November 30, 2019 Mortgage Payable 69,000 92,000 108,000 64,000 320,000 71,000 Accounts Receivable Note: $240,000 of the mortgage payable balance is due one year beyond the balance sheet date; the remainder will be paid within the next 12 months. Required: Prepare the liability section of Ajam's March 31, 2019 balance sheet.

What amount of interest expense would the company report in 2019 on these financial accounting question?

On April 1, 2019, Flamengo Co. signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Flamengo Co. maintains its books on a calendar year basis, how much interest expense should be reported in the 2020 income statement? a.$1,000. B.$2,000. C.$4,000. D.$3,000.   Which of the alternatives results from the accrual of interest: A.Increase in liabilities and decrease in stockholders' equity. B.Increase in assets and stockholders' equity. C.Increase in assets and liabilities. D.Increase in liabilities and increase in stockholders' equity.   Unfortunately, Flamengo Co. is involved in a lawsuit. When would the lawsuit be recorded as a liability on the balance sheet? A.When the loss is probable and the amount can be reasonably estimated. B.When the loss probability is reasonably possible and the amount can be reasonably estimated. C.When the loss is probable regardless of whether the loss can be reasonably estimated. D.When the loss…

Under accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000. Additional information regarding the rental income are as follows: Unearned rental income, Jan. 1, 2020- P50,000 Unearned rental income, Dec. 31, 2020- P75,000 Accrued rental income, Jan. 1, 2020- P30,000 Accrued rental income, Dec. 31, 2020 P40,000 Under cash basis, how much is the rental income should be reported in year 2020?     P585,000 P615,000 P625,000 P655,000

On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Donna Equipment maintains its books on a calendar year basis (December 31 as fiscal year end), how much interest expense should be reported in the 2020 income statement? Select one: a. $2,000. b. $4,000. c. $1,000. d. $3,000.