The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019: 2020: Accounts payable - P3,500,000; Notes payable - P4,000,000 2019: Accounts payable - P2,500,000; Notes payable - P1,500,000 On July 1, 2020, the company issued a one-year, 12% note for a bank loan of P1,000,000. Al other notes payable arose from purchases of merchandise. Total payment to suppliers in 2020 amounted to P11,000,000, after purchase discount of P250,000. During 2020, company returned defective merchandise costing P500,000. What is the amount of gross purchases for 2020 under the accrual basis? *

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 % %

At December 31, 2021, Sheridan Company had a five-month, 5%, $79,200 note receivable that was issued on October 1, 2021. Interest and principal are payable at maturity on March 1, 2022.   Prepare the March 1, 2022, entry to record the receipt of cash at maturity for the note

Vishanu

Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.

On November 1, 2021, FDN Trading accepted a 90-day, 8% P45,000,000 note from ABC Co. FN immediately discounted with recourse the note to a bank that offers a 12% discount rate. FDN assumes the interest expense associated with this transaction. How much interest expense should FN Trading debit on its records? Calculate the total interest expense and NOT the net interest expense.

please answer correct