,000 on November 1, 2020. On the same date, the company issued a 60 day, 12% promissory note to the bank. Upon closing of the company’s book on December 31, 2020, adjustment for accrued interest expense must be prepared in the

Q: On December 31, 2020, Coronado Company has $6,976,000 of short-term debt in the form of notes…

A: Balance Sheet includes: Assets accounts Liabilities accounts Capital accounts Assets accounts…

Q: On January 1, 2020, Victoria Company borrowed ₱600,000 8%, noninterest-bearing note due in four…

A: solution : given face value of note  = 600,000 present value of note    =441000 date of issue   =…

Q: Solid Bank loaned P5,000,000 to a borrower on January 1, 2018 The terms of the loan require…

A: Calculation of carrying amount of loan as on 31 December 2021 - Year Instalments Interest Total…

Q: A Bank granted a loan to a borrower in the amount of P5,000,000 on January 1, 2021, The interest…

A: Solution Carrying amount is the cost of an asset less accumulated depreciation.

Q: On April 1, 2021, Baker Construction, Inc. signed a note for a loan from its bank. The following are…

A: The journal entries are prepared by the company to record the monetary transactions of the company…

Q: On October 2, 2020, a company borrowed cash and signed a 3-year,interest-bearing note on which both…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On December 31, 2021, The Essence Finance Company had P5,000,000 note receivable from Galena…

A: When there are certain indications that the recoverable amount from the asset has been declined…

Q: On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the…

A: No. of days for which interest to be recognized in the following year = Total days of notes - total…

Q: Notes payable arising from 5-year bank loans, on which a security valued at P600,000 have been…

A: Current liabilities : Liabilities which are required to be settled within 12 months are current…

Q: On May 1, 2020, Christina Fashions borrowed $106,000 at a bank by signing a four-year, 6% loan. The…

A: Interest payable is a liability any individual or company owes for the obligation to be repaid. It…

Q: On September 1, 2020, Bramble Corp. issued a note payable to Fidelity Bank in the amount of…

A: Accrued interest = Principal outstanding * rate of interest * Time period

Q: On February 10, 2021, after issuance of its financial statements for 2020, Crane Company entered…

A: Short term debt is the debt which matures within a period of an year. In simple words, the debt that…

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On February 10, 2010, after issuance of its financial statements for 2009, House Company entered…

A: GIVEN   On February 10, 2010, after issuance of its financial statements for 2009, House Company…

Q: Val Company disclosed the following information on December 31, 2021:   Accounts Payable P20,000…

A: In the case of a rollover agreement, if the entity has the discretion of refinancing the loan with…

Q: On April 1, 2020, Bonita Company assigns $533,000 of its accounts receivable to the Third National…

A: given that, loan due by Bonita Company = $332400 interest rate on loan = 10%   calculation of…

Q: On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and…

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

Q: On 1 September 2019, J & J Co. issued a note payable to National Bank in the amount of P900,000,…

A: The amount borrowed from a bank by signing a formal written contract is reported as notes payable in…

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

Q: At December 31, 2020, Kisu Company’s liabilities include the following:A. P10 million of 10% notes…

A: Current liabilities are the company's short term financial obligations which are due within one year…

Q: On December 31, 2020, Glare Company provided the following information: Accounts payable, including…

A: A liability occurs when a company has undergone a transaction that has generated an expectation for…

Q: A bank lent P350,000 to a customer on December 1, 2019 that required the customer to pay an annual…

A: Loan receivable is referred to as the assets of the organization.

Q: On December 31, 2019 an entity received two P2,000,000 notes receivable from customers. On both…

A: Notes receivable are promissory notes which are received from the account receivables for…

Q: On February 10, 2012, after issuance of its financial statements for 2011, House Company entered…

A: Financial obligations that are projected to be paid off within a year are referred to as short-term…

Q: On December 1, 2021, abc  Ltd. borrowed $180,000 from a local bank by signing a four-month, 5%…

A: Since amount was borrowed on December 1 , interest will be accrued for 1 month from December 1 to…

Q: At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $20,000, while the company’s…

A: Given information is: At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $20,000,…

Q: On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual…

A: Interest receivable: It can be defined as the interest earned on the investment made but not yet…

Q: On May 1, 2020, Christina Fashions borrowed $106,000 at a bank by signing a four-year, 6% loan. The…

A: Interest is the amount paid over and above the principal amount to the lender. Basically, it is the…

Q: On September 30, 2019, Lakatan Inc. borrowed P1,000,000 on a 9% note payable. The entity paid the…

A: solution given Date of issue September 30 2019 Amount of note 1000000 Rate of…

Q: CPA Bank Co. loaned P4,000,000 to a borrower on January 1, 2018. The terms of the loan require…

A: The carrying value of a loan receivable is the present value of all the expected future receipts…

Q: On December 31, 2021, the Trust Finance Company had a P5,000,000 note receivable from Leila Company.…

A: Given, Notes receivable = P5,000,000 Interest rate = 10% Accrued interest = P500,000 Reduction of…

Q: On September 1, 2020, a company borrowed on a P5,400,000 note payable from a bank. The note bears…

A: Accrued interest payable on December 31, 2021 = Note payable outstanding on September 1, 2021 x rate…

Q: The company obtained a loan from bank amounting to P7,500,000 on November 1, 2020. On the same date,…

A: Accrued Interest Expenses:-These are those expenses that have been incurred but yet not paid. These…

Q: On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and…

A: Carrying value of note payable is the present value of all the payments to be made on the note…

Q: On July 1, 2020, Thomas Company, which follows calendar year accounting,  issued $240.000 note to be…

A: Long -term debt-  Long term debt refers to the liability which is repaid after 12months or more.…

Q: The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019: 2020:…

A: Gross Purchase refers to Total Purchase it including cost of goods returned and Discounts also.…

Q: On September 1, 2020, Sunland Company issued a note payable to Fidelity Bank in the amount of…

A: Principal outstanding on December 31,  2021 = Total amount of Notes payable - Instalment payment…

Q: OJO Company obtained a loan from a Rural Bank for P420,000 on November 16, 2020. On the same date,…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the…

A: Interest to be received is calculated by multiplying the principal with rate of interest and time .…

Q: On December 31, 2021, Roth Company issued a P1,000,000 face value note payable to Wake Company in…

A: Note payable -  A promissory note or a written agreement is what a note payable is. The creator of…

Q: On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and…

A: calculation of installment value of note Payable= P 4000000 PV of payment=  4000000*3.037349 = P…

Q: On September 1, 2019, Tange company borrowed on a P5,400,000 note payable from a bank. The note…

A: An interest bearing note represents funds loaned by a lender to a borrower, on which interest is…

Q: Trisha Company had a ₱2,400,000 note payable due June 30, 2021. On December 31, 2020, the entity…

A: Current liabilities are those dues and obligations which needs to be settled or paid in short period…

Q: On September 30, 2021, Coronado Corporation received a three-year, 12%, $1,750,000 bank loan. The…

A: GIVEN   On September 30, 2021, CORONADO Corporation received a three-year, 12%, $1,750,000 bank…

Q: On January 1, 2019, an entity was indebted to a bank under a P4,800,000, 10% loan. The loan was…

A: Impairment loss is when the carrying amount is more than the recoverable amount. Every entity should…

Q: The following information are provided by Narra Company on its fiscal year ending October 31, 2020.…

A: Current liabilities refer to the amount of liability for which payment is due within a year or the…

Q: On December 1, 2021, Nicole Company gave Dawn Company a P2,000,000, 12% loan. Nicole Company paid…

A: The following calculations are done for Nicole Company.

Q: Eastwest Bank extended a 3-year $5,000,000 loan to Nick Company on January 1, 2020. The interest…

A: As per amortized method,  the transaction is recognized at transaction price less transaction cost…

Q: On July 1, 2020, Marin Inc. made two sales: 1.   It sold excess land in exchange for a four-year,…

A: Notes Receivables:-It is a written legal document where one party promise to another party to pay…

Q: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: 1.…

A: Maintenance of books of account is very important for a business organisation. This process is known…