PROBLEM 13 LIGO Company has P3,000,000 note receivable from sale of plant bearing interest at 12% per annum. The note is dated June 1, 2020. The note is payable in three annual installments of P1,000,000 plus interest on the unpaid balance every June 1. The initial principal and interest payment was made on June 1, 2021. 36. The interest income from this note for 2021 is:

Q: nformation on a note receivable: Face amount ₱800,000 Effective interest 14% 1. The note is due in…

A: Carrying amount of notes receivable is the present value of the notes plus the interest charged on…

Q: 7. AP150,000 loan is to be paid as follows: P 10,000/month Final payment If the annual rate of…

A: Loan amount = P 150,000 First 10 monthly payment = P 10000 Annual interest rate = 12% Monthly…

Q: 12 –Khamis Electronics issues a $700,000, 10-year, 7% mortgage note payable on December 31, 2020, to…

A: Installment paid for any loan consists of principle portion and also interest portion. Out of the…

Q: On January 1, 2020, Molina Company sold a special machine that had a cash price of P900,000.  The…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

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: Part 1 Cucina Corp. signed a new installment note on January 1, 2018, and deposited the proceeds of…

A: Year Beginning notes payable Payment Interest expenses Repaid principal on Notes Payable Ending…

Q: information on a note receivable at december 31,2021 face amount P800,000 effective interest rate…

A: Notes receivable is a credit instrument like promissory notes.…

Q: PROBLEM 16 GAMAY Corporation sold a machine on July 1, 2021. The cash price of the machine is…

A: The cash price of the machine=P79,000, out of which the company made a down payment of P10000 and…

Q: 47. A debt of P20,000 with interest at rate of 14% compounded semi- annually is to be amortized by 4…

A: Debt (D) = P 20000 r = 14% per annum = 7% semiannually n = 4 payments First payment occurs after 2…

Q: 14% term note, due 2017 11% term note, due 2019 30,000.00 1,070,000.00 8% note, due in 11 equal…

A: Current Liabilities are the amount which is due for payment within a pwriod period of one year or in…

Q: A 13.2% P600,000 note payable was issued by Robin Company on March 1, 2020. The principal and…

A: The current liability represents the amount that is payable within a year from the reporting date.…

Q: Warranty 40 provides extended service contracts on electronic equipment sold through major…

A: Accounting principles are those rules, regulations and guidelines which are used by all the…

Q: Problem 7-9 (IFRS) Moderate Bank granted a loan to a borrower on January l, 2020. The interest on…

A: Loan receivable is described as that amount which is to be received by the bank or company from the…

Q: tioh pertain to installment sales of Lapillus Variety Store: payment: 20% ment sales: P545, 000 in…

A: Unrealized Gross Profit: It is profit which is not earned but expected as per the market value of…

Q: FERB Company obtained a loan on June 26, 2020 and will pay a total amount of P2,473,515 (i.e.…

A: Maturity value is the value which includes both principal and interest amount.  Therefore Maturity…

Q: Problem 19 Marianne Company is a dealer in equipment. On December 31, 2019, Marianne Company sold…

A: Since the fair market value of the equipment and the fair market value of the note are not provided,…

Q: National Bank loaned 5,000,000 to Bank net company on Jan. 1, 2018. The terms of the loan require…

A: Begiining Loan receivable          5,000,000 Less: principal payment (1000000*2)…

Q: Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable…

A: Principal amount 1,500,000 Add: Direct origination cost 130,150 Less: Origination fee received…

Q: ABC Corp received a three-year 10% P2,000,000 on January 1, 20X1.  Principal and interest are due…

A: Interest is the periodic obligation of the borrower to pay towards the sum borrowed. It is computed…

Q: Problem 6: Carmen Corporation uses the installment sales method. On January 1, 2020, The corporation…

A: Down payment = Total sales value x 30% = P2,000,000*30% = P600,000

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: Problem 13  On January 1, 2020, Magbaril Company sold equipment with a carrying amount of P800,000…

A: Answer carrying amount of equipment = P800,000 Sale Value of equipment = P1,200,000 Calculation of…

Q: 21. Using simple interest formula, determine the simple interest that will be paid on a P300,000.00…

A: The simple interest rate is the regular interest income or payment for a deposit or a loan amount.…

Q: Problem 25 Davao Bank loaned P7,500,000 to a borrower on January 1, 2018. The terms of the payment…

A: Loan Amount = P7,500,000  Interest Rate = 12% Accrued Interest = 12% of  P7,500,000 = P900,000…

Q: On January 1, 2020, Bridgeport Company contracts to lease equipment for 5 years, agreeing to make a…

A: As per US GAAP, the implicit rate is known by the lessee. Therefore, implicit rate of 10% is used by…

Q: Cucina Corp. signed a new installment note on January 1, 2018, and deposited the proceeds of $70,000…

A: Interest Expense is a non operating expenditure incurred on the amount owed as fixed income…

Q: January 1, 2020, Bridgeport Company contracts to lease equipment for 5 years, agreeing to make a…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: CLTV Section  A company secured a contract that will result in income payments received  of…

A: Present value =Future value/(1+r)n r=rate of interest  n=period

Q: PART 1. SIMPLE INTEREST, SIMPLE DISCOUNT, PROMISSORY NOTE. a. What is the principal invested from…

A: Simple Interest Calculation of simple interest is Principle amount into interest percentage into…

Q: Problem 19 Marianne Company is a dealer in equipment. On December 31, 2019, Marianne Company sold…

A: Five annual payments = P 1000000 Market interest rate = 8% Note receivables is reported in Statement…

Q: Problem 11 On January 1, 2020, Molina Company sold a special machine that had a cash price of…

A: Notes receivable is the current asset for company , which is the amount to be received in future…

Q: 3. On January 1, 20x1, Otters Co. issued a 3-year, noninterest bearing note of P1,200,000 in…

A: Calculation of Equal Annual Installment:  =P1,200,000/PVAF (10%,3years) =P1,200,000/2.4867…

Q: On January 1, 2021, Divino Company sold equipment with carrying amount of P800,000 to  Jocelle…

A: Computation of Present Value of Notes Payable   Year  Interest @5% Cash Inflow  PV Factor@10%…

Q: An installment note payable for a principal amount of $48,000 at 6% interest requires Lawson Company…

A: preparation of an amortization table amount borrowed = 48,000 rate of interest = 6%annually annual…

Q: 16.) A S10, 000 Treasury Bill earned 16% compounded monthly. If the bill matured in 2 years, what…

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

Q: A 13.2% P600,000 note payable was issued by Robin Company on March 1, 2020. The principal and…

A: Interest expense for 2021 = Face value of note payable x rate of interest x No. of months  / 12

Q: "ROBLEM 15 In December 30, 2021, JALINON Company sold a machine to GONZALES Company in xchange for a…

A: An annuity refers to the series of payments or receipts lasting for some specific period of time.…

Q: 18.On January 1, 2021, REEDY SLENDER Co. purchased fixtures at an installment price of ₱520,000.…

A: Fixed assets means the assets which is used for many years in business and depreciated over the…

Q: PROBLEM 8: On December 31, 2015, Park Bo Gum Co. sold used equipment with a carrying amount of…

A: Notes receivable are the asset of the firm where a borrower gives a written promise to lender to pay…