How much interest receivable is reported on the December 31, 20x2 statement of financial position

Q: A. Cotton serviced for P75,000, on account. She mistakenly recorded the promise to pay as 57,000 to…

A: When rent is paid in advance, the amount of prepaid rent is increased. At the end of the year, rent…

Q: Compute the interest accrued on each of the following notes payable owed by Northland, Inc., on…

A: Accrued Interest = Total Interest x Number of Days in Current YearTotal Days in a year

Q: On Nov 24, 20X1, ABC Company borrowed P750,000, 45-day loan from a bank and pledged its receivables…

A: Note Payable: Notes payable are a kind of long-term liability that show the money that a firm owes…

Q: A. Cotton serviced for P75,000, on account. She mistakenly recorded the promise to pay as 57,000 to…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: On December 31, 20X1, Roker, Inc., reported notes receivable of $63,930,000. This amount represents…

A: SOLUTION-   WORKING-    AMOUNT IN (000) DATE INTEREST INCOME - PRIOR (D) * 11.12%)        (A)…

Q: On Jan 1, 20X1, ABC Corp received a P300,000 3-year note from a customer. The principal and interest…

A:

Q: rate was 11%. The first payment for interest and principal was made on September 1, Year 2. At…

A: The obligations require the company to pay interest within one year or operating cycle. Accrued…

Q: On March 1, 20x1, ABC assigned its P4,000,000 accounts receivable to XYZ Bank in exchange for a…

A: Factoring: Factoring is a type of business loan in which the business organization sells its…

Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: On Aug 31, 20X1, ABC Corp received a P2,000,000 12% 4-year note from a customer. Note is collectible…

A: Principal payment on September 1, 20X2 = P2,000,000 / 4 = P500,000

Q: On December 31, 2011 , Bunny Co. received a 10% note with face amount of P1,500,000. Both principal…

A: Interest receivable on December 31, 2012 = Face value of notes x rate of interest x no. of months in…

Q: Questions: 37. The effect on the Note Receivable account for the discounting of Jefferson note on…

A: As per our protocol we provide solution to the one question only but you have asked multiple…

Q: The below information is the same as the previous question. On January 1, 20X1, a company financed…

A: Calculation of amount of sale reported are as follows.

Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…

A: Principal is the amount lent to a person by another person for a return of benefit called as…

Q: NYJ, Inc. borrowed $500,000 on November 1, 20X1, and signed a nine-month note bearing interest at…

A: The notes payable require the borrower company to pay interest expense. The interest expense is…

Q: At 30 June 20X2 a company had $1m 8% loan notes in issue, interest being paid half-yearly on 30…

A: We have the following information: At 30 June 20X2 a company had $1m 8% loan notes in issue,…

Q: On January 1, 20x1, Drive Co. paid cash of P200,000 and issued a noninterest-bearing note P2,000,000…

A: Working note: Computation of present value of interest bearing note on January 1, 20x1:

Q: On July 31, 20A, ABC company discounted at the bank, a customer's 1,200,000, 6-month 10% notes…

A: Notes payable are signed arrangements (promissory notes) between two parties whereby one offered to…

Q: Karen Company discounted its own Php 250,000 one year note at a bank at a discount rate of 12% when…

A: The prime rate is the lending rate specified by the central bank of a country which is used as a…

Q: Naughty Co. has a 12% note receivable dated June 30, 2009 in the original amount of P3,000,000.…

A: Interest accrued on June 30, 2011 = Net Note receivable amount x rate of interest x no. of months in…

Q: 3-year, P900,000 receivable due as follows 0. On Jan. 1, 20x1, Parya Co. rece note…

A: Introduction: The present value (PV) of a future sum of money or stream of revenue is its current…

Q: At 30 June 20X2 a company had $1m 8% loan notes in issue, interest being paid half-yearly on 30…

A: We have the following information: At 30 June 20X2 a company had $1,000,000 8% loan notes in issue…

Q: On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of…

A:

Q: on March 1, 20x1 Nick Co. issued a P6000, 12%note dated January 1, 20x1 in exchange an outstanding…

A: In exchange for accounts payable, if notes payable are issued then accounts payable should be…

Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…

A: Solution....   (a).After  issuing of notes  Current assets  = $900,000  Current liabilities =…

Q: Compute the interest accrued on each of the following notes payable owed by Northland, Ic., on…

A: Accrued Interest= Principal*Rate*Time

Q: On June 30, Year 3, Munoz Company's total current assets were $499,500 and its total current…

A: Before transaction Working capital = current assets - current liabilities = 499500 - 272000 = 227500…

Q: On Jan 1, 20X1, ABC Corp received a P450,000 3-year note from a customer. The principal and interest…

A: The note seems a zero-interest note receivable. In a zero-interest  note receivable the interest…

Q: Questions 40. The account receivable to be recognized from Jeanina note from the receipt of a check…

A: As per our policy and protocol we provide solution to the one question only but as asked by you…

Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…

A: Formulas: Working Capital = Total Current assets - Total Current liabilities Current ratio = Total…

Q: PHAGE COMPANY estimates its annual warranty expense at 4% of net sales. The following balances are…

A: Estimated warranty expenses = sales x 4% = 1500000 x 4% = 60,000

Q: Indicate the best answer(s) for each question: On June 1, 2018, Coast Financial loaned Barr…

A: The revenue that is earned but not received yet is recorded as accrued revenue and it's an asset for…

Q: On Jan 1, 20X4, ABC Corp sold goods and receive a 12% P300,000 note is due in 3 annual installments…

A: Interest income for the Year = Outstanding face value of the note x  rate of interest x no. of…

Q: On January 1, 20X1, the company received a $10,000 three-year note bearing interest at 10% annually.…

A: Journal entry is a primary entry that records initially the financial transactions of the company.

Q: BBY Company loaned $66,116 to Orwell, Inc, accepting Orwell's 2-year, $80,000, zero-interest-bearing…

A: Discount on Notes receivable = Face value - Issue price = $80,000 - $66,116 = $13,884

Q: At December 31, 20X1, Evans Corp. has a note payable balance of $100,000. This note was originally…

A: Long-term liability = Note payable balance - installment to be paid next year = $100000 - 15500 =…

Q: On January 1, 20x1, SUBDUE Co. borrowed 10%, P4,000,000 loan from CONQUER Bank. Principal is due on…

A: Bank service fees = Loan amount x 3% = 4000000 x 3% = 120,000

Q: The notes receivable account of Kilo, Inc. consisted of the following:    1. 60-day note of P10,000…

A: The note receivable is an asset for the business, which is due for payment from customers on future…

Q: On July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and…

A: Interest Receivable at Dec 31, 20X1 = Face value of the note x Rate of Interest x No. of months…

Q: Chang, Inc. issued a 120-day note in the amount of $360,000 on 12/16/17 with an annual rate of 5%.…

A: Accrued interest is $739.73. Computation of accrued interest: Excel spread sheet:

Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…

A: Interest:- An interest is the compulsory charge which is paid by the borrower to the lender of money…

Q: VKS Corp. assigned P500,000 of accounts receivable to RK Finance Co. as security for a loan of…

A: Commission on the loan = Loan amount  x commission rate = P420000 X 2% = P8400

Q: A 180-day note was signed on June 11 for $24, 700. The note has a rate of 9.5%, compounded annually.…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: On July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and…

A:

Q: Accrued Interest Payable Compute the interest accrued on each of the following notes payable owed…

A: Accrued expenses: Accrued expenses are the expenses that have been incurred but have not been paid…

Q: Lea Company factored P 5,000,000 of accounts receivable. Control was surrendered by the entity. The…

A: Factoring It is a concept in which an intermediary agent purchases accounts receivable by providing…

Q: Foremost Company received from a customer a one-year, P500,000 note bearing annual interest of 8%.…

A: Foremost company's Received note bearing annual interest of 8% = P500000 Maturity = 1 year Maturity…

Q: On Jan 1, 20X1, ABC Corp received a P300,000 3-year note from a customer. The principal and interest…

A:

Q: C company discounted its own 250,000 one year note at a bank, at a discount rate of 12% when the…

A: Company discounting its notes means, the company is presenting its notes receivable from the…