A 13.2% P600,000 note payable was issued by Robin Company on March 1, 2020. The principal and interest, compounded annually, are due in three years. How much should be reported as current liabilities on December 31, 2022?

Q: On January 1, 2020 West Co. exchanged equipment for an $800,000 non-interest-bearing note due on…

A: The income statement is prepared to record all the revenues and expenses of the current period and…

Q: On January 1, 2022, SEEMLY HANDSOME Co., sold a used equipment for a ₱12,000,000 non-interest…

A: Solution: Computation of Carrying amount of note on initial recognition Installment Amount…

Q: On August 1, 2020, PHINEAS Company borrowed P9,000,000 from a lender, which is to be paid on January…

A: When the loan is borrowed from the lender, the interest charge on the loan or the borrowed…

Q: . 2022, Clark Co. received a P3,000,000, 10% note from a customer upon baid in six equal semi-annual…

A: The time value of money implies that a sum of money is worth more now than the same sum that it will…

Q: In 2019, Rouchele Co. borrowed $200,000 on a 5% long-term note payable. In each of the following…

A: Long-term debt is a liability to be repaid after one accounting year. It is also called non-current…

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: What amount should Jeba report as a liability for accrued interest at December 31, 2022?

A: The accrued liability would be calculated from 01st April 2021 to December 31, 2022. The accrued…

Q: On July 1, 2020, KOLA Corporation issued a five-year note payable with a face value of ₱250,000 and…

A: Accrued Interest ( From July 1 to December 31 ) = ₱250,000 x 10% x 612 = ₱12,500

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: Fair Value of Bonds = Present Value of Future Cash flows relating to bond @ market rate

Q: On April 1, 2019, Char Company borrowed P5,000,000 and signed a 2-year note bearing interest at 12%…

A: Interest accrued for April 1, 2019 to March 31, 2020 = Amount borrowed x rate of interest x no. of…

Q: A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: A note payable is indeed a promissory note that has been drafted. A borrower borrows a particular…

Q: On March 1, 2020, LINGATONG Company has received a P10,000, two year note bearing interest at 12%…

A: Lingatong Company Receive P10,000  Accrued Interest Receivable at 31st Dec,2021 is Interest Expense…

Q: On January 1, 2020, Heritage Company has a note payable to bank in the amount 2,800,000.…

A: Notes payable refers to a written promise to pay a certain amount of money in the future to the…

Q: On December 31, 2021, Precious Company sold an equipment with carrying amount of P2,000,000 and…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: RED Corporation

A: Current liabilities square measure a company's short-run money obligations that square measure due…

Q: On January 1, 2020, Lily Co. sold machinery with historical cost of P6,000,000 and accumulated…

A: Working note: Computation of fair value of note receivable on January 1, 2020:

Q: . On July 1, 2020, KOLA Corporation issued a five-year note payable with a face value of ₱250,000…

A: Current liabilities are those liabilities which are to be paid in short period of time say one year.…

Q: A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018…

A: The value of debt on Dec 1, 2018 is calculated as present value of debt.

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: It is pertinent to note that non-current liabilities are those obligations that need to be paid…

Q: On July 1, 2021, ABC Co. issued a 9% interest bearing note with a face amount of P 10,000,000 for…

A: carrying value of the notes as of December 31,2022  is P 8,227,384.90  accrued interest P 354,289.30…

Q: A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018…

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 July 1, 2020, KOLA Corporation issued a five-year note payable with a face value of ₱250,000 and…

A: Current liabilities represent the obligation that has to be paid within a year.

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: Total Amount of Notes Payable, including Accrued Interest - P7,253,656

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 January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of…

A:

Q: On January 1, 2020, a company issued a $30,000 three-year, 4% note payable, repayable in 12…

A: Notes Payable The purpose of taking the Notes payable to the firm to generate adequate liquidity in…

Q: PINK Company reported a 10% note payable of ₱3,600,000 on June 30, 2021. The note is dated October…

A: Given that, Notes payable = ₱3600000 Rate of interest = 10% it is said that the Principle is repaid…

Q: On January 1, 2021, Mahogany Company issued a note with a face amount of P2,000,000. The note…

A: Notes Payables: A liability account for notes payable is where a borrower records a written…

Q: A 5-year promissory note for $B200 issued on September 15, 2018, with interest at 6.5% compounded…

A: FORMULA FOR PROMISSORY NOTE: P=M1+RT M=MATURITY VALUE RRATE T=TIME

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: current liabilities section

A: The first annual payment of P200,000 is made on June 30, 2020. The balance of note payable will be…

Q: Isko Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: The company had note receivable of P 3,000,000 on November 1, 2020 Out of which P 1,000,000 is…

Q: A 5-year promissory note for $3200 issued on September 15, 2018, with interest at 6.5% compounded…

A: formula of promissory note: p=m1+rt m=maturity value r=rate of interest t=time in years

Q: A 12-year promissory note for $650000 issued on August 15, 2012, with interest at 3.5% compounded…

A: Issued price of 12 year promissory note= $650000 Issued date= August 15, 2012 Interest rate= 3.5%…

Q: On May 1, 2018, the DCM issued a 9% promissory note with a face value of ₱8,339,760 for a piece of…

A: Formula: Maturity value of note = Principal amount + Interest amount.

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: Notes Parables: Notice the image for Notes Payable: Notes payable are long-term obligations that…

Q: On March 31, 2020, Company A issued 18% bearing note payable in ten semi-annual instalments every…

A: It is pertinent to note that the carrying value of the note is the present value of all the cash…

Q: 31,2021 ( interest is payable annually)    b.) 12%,P 2,500,000, interest bearing note , issuance…

A: Current liabilities is short term financial obligation which is required to be paid or due in one…

Q: On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which…

A: Interest expense on note = Amount borrowed x rate of interest x no. of month /12 = $21,000 x 3% x…

Q: 1, 2017, with interest at 2% compounded annually is discounted on April 1, 2020, at 4% compounded…

A: The answer has been mentioned below.

Q: ecember 31, 2024. Scenario B: The terms of the note were modified on June 30, 2022. The principal…

A: Working note: Computation of carrying value of note payable on June 30, 2022 before modification of…

Q: On June 1, 2023, Lugaw Corp. issued a three-year interest-bearing note payable in installment in…

A: Installment note are long term liabilities. And carry interest to be paid with specific point of…

Q: On July 1, 2021, ABC Co. borrowed P1,000,000 and issued a one-year note payable. The lender…

A: According to this question, we prepare the journal entries with reference to the given scenarios.…

Q: 5. On July 1, 2020, KOLA Corporation issued a five-year note payable with a face value of ₱250,000…

A: Notes payable is a form of loan or debt that is being issued by the business for the particular…

Q: On July 1, 2020, ABC Company issued a five-year note payable with a face amount of P5,000,000 and an…

A: Balance sheet means where all assets , liabilities and capital is shown. Current liability means the…

Q: Pearl Inc. wishes to accumulate $1,352,000 by December 31, 2030, to retire bonds outstanding. The…

A: Time value of money is a concept which states that the worth of one unit of currency today is higher…

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.