Twice KPOP Company disclosed the following information on December 31, 2021:   SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years P1,500,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 P150,000   Required: Compute for the Current liabilities as of December 31, 2021

Recording Accrued Interest Expense Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears interest at 10% and interest is payable upon maturity of the note. a. Record this financing transaction on November 1, 2020. b. Record the year-end adjusting entry required on December 31, 2020. Hint: Prorate the annual interest of 10% for two months. c. Record the entry to repay the note on November 1, 2021. Note: Round your answers to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.5

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, 6% $ 6,590 133,100 480,000 120-day note payable, 5% Unearned revenues Warranty expense $ 93,000 309,000 7,700 Additional information: a. $12,100 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 $139,040. 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 $153,000 given similar cases in the industry. c. During December, Mackenzie had sales of $723,000. 6% of sales typically require warranty work equal to 15% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,800 of the Unearned Revenues remain unearned at…

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BBY Company loaned $66,116 to Orwell, Inc, accepting Orwell's 2-year, $80,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare BBY's journal entries for the initial transaction, recognition of interest each year, and the collection of $80,000 at maturity. Debit - Notes Receivable $80,000 Credit - Credit - Cash Debit - Credit - Debit - Credit - Interest Revenue 6.026 DEC 16 618 10

Culver Company shows a balance of $237,880 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021   $23,900 Installment accounts due after 2021   38,300 Overpayments to vendors   3,540 Due from regular customers, of which $39,570 represents accounts pledged as security for a bank loan   87,500 Advances to employees   1,740 Advance to subsidiary company (due in 2021)   82,900 Illustrate how the information above should be shown on the balance sheet of Culver Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2018 (Customers) are collectible within the operating cycle of the business. The company’s operating cycle is such that all installment receivables are classified as current.   CULVER COMPANYBalance Sheet (Partial)

On December 1, 2024 Modern Deing Products borrowed $97,000 on a 0% 10-year note with annual installment payments of $9 700 plus interest due on December 1 of each succeeding year On December 1. the principal was recorded as a What amount of the nole will be shown as portion of 20247 (Round your answer to nearest whole number) Nole Payable on OA $19,400 OB $15.500 OC. $9,700 OD $5,820

On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable

Lewis Company had the following transactions involving notes payable. July 01, 2022 ... Borrows $50,000 from First Bank signing a 9-month, 8% note. Nov 01, 2022 ... Borrows $60,000 from Lyon Bank signing a 3-month, 6% note. Dec 31, 2022 ... Prepares annual adjusting entries. Feb 01, 2023... Pays principal and interest to Lyon Bank. Apr 01, 2023... Pays principal and interest to First National Bank. July 01 2022 Nov 01 2022 Dec 31 2022 Feb 01 2023 Apr 01 2023 On day note is created - is there interest exp? Or just the principal? DR 8% int $ DR 6% int $ CR Total $ 2 diff entries! A single CR to for each entry. Each entry pays note principal (can't be more), PLUS interest (and any publ from adj). Interest calc: Principal x Interest % = a full years int exp. BUT, notes often less than a full year. "Term" (length) of the note tells how many of the 12 months (or 365 days) apply. Eliminate any Int Pobl if ADJ were needed cuz some INT EXP is 2022, and some is 2023.

Universal Travel Incorporated borrowed $518,000 on November 1, 2024, and signed a twelve-month note bearing interest at 6% Prinopal and interest are payabl amount of interest payable that should be reported by Universal Travel Incorporated on December 31, 20257 Mutiple Choice 50 $31000 $5.00 $040