Isko Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the original amount of P3,000,000. Payments of P1,000,000 in principal plus interest on the outstanding balance are due annually on October 31, 2021, 2022 and 2023.   How much is the interest revenue from the note for the year ended December 31, 2021?

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, MP's customer issued a 3 year 8% note, PHP 3,000,000 for services billed to be…

A: Carrying amount is also known as carrying value or book value. The carrying amount of a note issued…

Q: On December 31, 2021, the VKS Finance Company had a P3,000,000 note receivable from JP Company. The…

A: Computation of recoverable amount from note receivable on December 31, 2021:   Year cashflow pv…

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 March 1, 2021, a company issued a four-year, P3,000,000 face value, 11% term bonds for…

A: The debtor firm must recognize the total interest cost in the year it was incurred under accrual…

Q: On December 31, 2021, Party Company received two P 50,000 notes receivable from customers in…

A: Receivables are collected from the persons who owe to the business. A note is carrying on an…

Q: On January 1, 2020, Sunland Company, a calendar-year company, issued $897000 of notes payable, of…

A: Solution: Current liability = Amount due in next 1 year = 224,250 Long term Debt = Due after 1 year…

Q: On January 1, 20x1, SAUCY BOLD Co. acquired a machine by issuing a 3-year, 3%, P4,800,000 note…

A: All amount are (P).

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: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…

A: Interest = Principal x rate of interest x no. of months / 12 months

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: . 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: 00,000 in principal plus accrued interest are due annually on July 1, 2021, 2022 and 2023. (Present…

A: An Interest is Accrued when it is incurred and not paid. In the above question, Interest on note…

Q: 3a) The company issues a note to an entity to borrow cash for five years and will pay $500,000 to…

A: Present Value The present value is the value of cash flow stream or the fixed lump sum amount at…

Q: On January 1, 2018, a company received ₱2,000,000, 12% notes. The effective interest rate for…

A: Assets part of the balance sheet is classified into two groups; Current Assets and Non-Current…

Q: amount of interest income corresponding to the current period

A: Interest income = Amount of deposit * Annual interest rate * Number of months till maturity/Number…

Q: On December 31, 2020, Culver Company has $7,051,000 of short-term debt in the form of notes payable…

A: The low range of expectation of payment in May 2021 would be multiplied with the permit it to borrow…

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

A: Accrued interest payable on June 30, 2021 = Amount of note payable x rate of interest x no. of…

Q: 22- On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9…

A: Interest means the income earned on the amount invested by investor.  Even if the interest is not…

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

A:

Q: On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated…

A: Given:Principal loaned - $50,000Interest rate – 10%Date of note issued – July 1, Year 1Maturity date…

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: On January 1. 2020, Sheridan Company, a calendar-year company, issued S608000 of notes payable, of…

A: A current liability is an obligation which needs to be settled within a period of 12 months and any…

Q: Company AAA borrowed P1,000,000 on July 1, 2021 and issued a 9% one-year note payable every after…

A: Note payable is one of the liability of the business, on which regular interest payments needs to be…

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

A: Accrued Interest Payable: Accrued interest due is the amount of interest that has been recognized as…

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

A:

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

A: No matter what amount is disbursed by the bank after deducting the fees, the loan payable always…

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

A: Issue price of the Notes = Present value of principal + Present value of interest payments = face…

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: The business receives a promissory note of P50,000, carrying an interest rate of P10%. The note is…

A: Accrued income is that income which are earned by the business but the amount is yet to be received…

Q: Mackenzie Corp, is preparing the December 31, 2020, year-end financial statements. Following are…

A: Adjusting Entries :— It is the journal entry made at the ending the accounting period to adjust the…

Q: On December 31, 2020, Precious Company sold an equipment with carrying amount of P2,000,000 and…

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

Q: On September 1, 2020, Pot Co. issued a note payable to National Bank in the amount of P1,800,000,…

A: solution : given note issue date       =September 1 2020 amount (face value )         =1,800,000…

Q: Twice KPOP Company disclosed the following information on December 31, 2021:   SSS payable P20,000…

A: The phrase "current liabilities" refers to a company's short-term financial commitments that are due…

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

A: Interest of a note = principal x rate x time Interest of note from 1.1.2022 - 31.3.2022 = 30,000,000…

Q: Assume, that on June 2, 2022, PVH Corp., borrowed $10,500,000 cash from Fifth Third Bank to meet…

A: Introduction: Many bonds or investments provide interest at maturity, which indicates that the whole…

Q: On January 1, 2018, Company B borrowed 50,000 signing a 3-year installment note payable with yearly…

A: Note Payable - payment schedule:   Beginning Balance Interest Installment amount Principal amount…

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: 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: On December 31, 2020, LILY Company received two ₱2,000,000 notes receivable from customers. On both…

A: Present value of first note = Present value of principal + Present value of interest payments = face…

Q: On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face…

A: Interest payable on Decemeber 31,2022  = 9% x (1500000-400000) x3/12= 24750

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 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: On January 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in eight…

A: Simple Interest: When at the time of returning the loan to the bank, we have to pay back an amount…

Q: On September 30, 2022 World Company borrowed P1, 000, 000 on a 9% note payable. The entity paid the…

A: >Note Payables are the liabilities. >It can be issued in case of: --when goods are…

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…