Name of the Amount Name of the Amount | Account | Bank loan Bills payables Stock Capital Account 200,000 100,000 70,000 250,000 Purchases Sales Debtors Bank 180,000 300,000 400,000 200,000 With the information provided prepare trial balance of Bonze trading for the year 2021.
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- What is the carrying value of the loans receivable as of December 31, 2022 after impairement recognition A. 8,123,0231 B. 8,000,000 C . 8,211,570 D, 9,211,570In 2021, TUC Inc. guaranteed a bank loan of ATT Corp. ATT Corp has made all the required loan payments and the bank loan has a balance of 4,000,000 as of December 31, 2021. What provision should TUC Inc. recognize on December 31, 2021?In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attached a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000
- On August 31, 2023, an entity discounted with recourse a note at the bank at discount rate of 15%. The note was received from the customer on August 1, 2023 for 90 days with face amount of P9,000,000 and an interest rate of 12%. The discounting transaction is accounted for as secured borrowing. The customer paid the note to the bank on October 30, 2023, the date of maturity. 4. What is the interest expense to be recognize on August 31, 2023? Group of answer choices 90,000 51,750 231,750 270,000 The entry on October 30, 2023 will include Group of answer choices Debit to notes receivable discounted P9,000,000 Debit to loans payable P9,038,250 Credit cash P9,000,000 Debit to loans payable P9,000,000On December 31, 2019, Gliezel company provided the following information:Accounts payable, including deposits and advances from customer of 300,0001,500,000Notes payable, including note payable to bank due on December 31, 2021of 600,0001,800,000Stock dividend payable480,000Credit balances in customers accounts240,000Serial bonds payable in semiannual installment of 600,0006,000,000Accrued interest on bonds payable180,000Contested BIR tax assessment – possible obligation360,000Unearned rent income120,000Compute the total current liabilities.The balance sheets for Sports Unlimited for 2021 and 2020 are provided below.SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020AssetsCurrent assets:Cash $ 103,500 $ 70,400Accounts receivable 46,800 32,000Inventory 44,550 71,200Prepaid rent 7,200 3,600Long-term assets:Investment in bonds 54,900 0Land 117,450 141,600Equipment 106,200 102,000Less: Accumulated depreciation (30,600) (20,800)Total…
- Suppose a business receives a 907000 long term bank loan on December 31 2019 the borrowing arrangement requires the business to pay 226 750 by September 2020 show how the business will report both current and long term liabilities on its December 31 2019 balance sheet .Kingbird Corporation factors $ 276,900 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.(b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Kingbird to record the sale of receivables, assuming the recourse obligation has a fair value of $ 3,520. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) The journal entry has the date of Aug 15th & a space for 5 possible…On December 31, 2020, Glare Company provided the following information: Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank due on December 31, 2022 of P500,000 Shared dividend payable Credit balances in customer's accounts Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR Assessment - possible obligation Unearned rent income P1,250,000 P1.500.000 P400,000 P200.000 P5.000.000 P150,000 P300.000 P100,000 Notes: 1. Total liabilities of the Company amounted to P10,000,000 2. There are no other noncurrent liabilities of the Company aside from those listed above
- In the case of the notes payable due to bank, supposing the entity has the discretion to refinance theobligation for at least 12 months after the given maturity date, as seen in its loan agreement,A. Compute for the current liabilities as of December 31, 2021.B. Compute for the non-current liabilities as of December 31, 2021.An investor invests the following amounts of money in banks account R18850 on 1 September 2019,R15575on 31 May 2021 and R19465 ON 1 FEBRUARY 2023.From 1 October 2021 up to 30 April 2023 an amount of R980 invested at the start of every month. From 1 July 2020 up to 31 March 2022 an amount of RX is invested at the end of each quarter. On 1 January 2019 the total present value of all the investments is R75998,34.If the interest rate is 8,75% per year, Calculate the value of X?Fifty Incorporated normally borrows from a bank to finance their daily operations. Information about the company’s borrowings are as follows: Date of the Loan Term of the Loan Interest Rate Amount June 1, 2019 25 months 12% 1 million January 31, 2020 20 months 15% 1.5 million May 1, 2021 30 months 18% 3 million Interest is paid upon maturity of the Loan. Under accrual basis, interest expense recognized in 2021 would be