The following balances are extracted from the records of CPA Corporation as of December 31, 2021: ·       Commercial savings account, BDO- P1,500,000 ·       Commercial checking account, BDO- P1,800,000 ·       Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000 ·       Cash fund for retirement of long-term debt- P2,000,000 ·       Petty cash fund- P20,000 ·       I.O.U. from an officer- P50,000 ·       Bank overdraft, BPI- P450,000 ·       Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000 ·       Check received from customer dated January 2, 2022- P175,000 ·       Maintaining balance at BDO to ensure future credit availability- P200,000 ·       Currency and coin on hand not yet deposited - P25,000  How much will be reported as cash and cash equivalents on December 31, 2021?

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Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 5% View transaction list Additional information: a. $11,800 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $136,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $150,000 given similar cases in the industry. c. During December, Mackenzie had sales of $720,000. 5% of sales typically require warranty work equal to 25% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,500 of the Unearned Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15, 2023. No 1 $ 6,560…

Required information [The following information applies to the questions displayed below.] On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $121,200 on December 31, 2019. The proceeds of the note were $115,800. Required: a. Calculate the discount rate used by the lender. (Enter your answer as a percentage rounded to 1 decimal place (l.e., 32.1).) Discount rate %

Cypress Oil Company's December 31, 2024, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance: Note 1 Dated 8/31/2024, principal of $300,000 and interest at 10% due on 2/28/2025. Note 2 Dated 6/30/2024, principal of $150,000 and interest due 3/31/2025. Note 3 $200,000 face value noninterest-bearing note dated 9/30/2024, due 3/31/2025. Note was issued in exchange for merchandise. The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2024. Required: 1. Determine the rate used to discount the noninterest-bearing note. 2. Determine the explicit interest rate on Note 2. 3. What is the amount of interest revenue that appears in the company's 2024 income statement related to these notes? 1. Discount rate 2. Interest rate 3. Interest revenue % %

can you show me how to solve this problem for accounting? Presented here are long-term liability items for Metlock, Inc. at December 31, 2022. Bonds payable (due 2026)   $660,000 Notes payable (due 2024)   90,000 Discount on bonds payable   28,000

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On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $277,500. The interest rate charged by the bank was 4.50%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell. Loan proceeds

The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay $ 93,000 ? 15,480 1,650 ? 25,455 ? Additional information: • For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. • For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee's annual earnings. • The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15,600 of the gross pay amount for the December 27, 2021, pay period was owed to employees who were still under the annual limit. b-2. Assuming that…