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A: We need to use simple interest formula to solve this problem Simple interest =Principal*Rate*Time
Calculate the interest and total amount to be paid for.
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- E17.6 (LO1) (HFCS Debt Securities Entries and Financial Statement Presentation) At December 31, 2019, the held-for-collection and selling debt portfolio for Steffi Graf SA is as follows. Security Amortized Cost Fair Value Unrealized Gain (Loss) A €17,500 €15,000 (€2,500) B 12,500 14,000 1,500 C 23,000 25,500 2,500 Total €53,000 €54,500 1,500 Previous fair value adjustment balance-Dr. 400 Fair value adjustment-Dr. €1,100 On January 20, 2020, Steffi Graf SA sold security A for €15,100. The sale proceeds are net of brokerage fees. Instructions a. Prepare the adjusting entry at December 31, 2019, to report the portfolio at fair value. b. Show the statement of financial…Assignment Q. = Ken recieved 30000 of interest from corporate bonds and money market accounts. Ans & what line on form 1040?TOPICS: INVESTMENTS/DERIVATIVES O Company purchased a P 1 000 000 ordinary lifeinsurance policy on its president. O is the beneficiaryunder the life insurance policy. The policy year and theentity’s accounting year coincide. Additional dataavailable for the year ended December 31, 2021 are asfollows:Cash surrender value, January 1= 43 500 000Cash surrender value, December 31= 54 000 000Annual advance premium paid Jan 1= 20 000 000Dividend received July 1= 3 000 000 What amount should be reported as lifeinsurance expense for 2021? P Co. has maintained funds in Q Bank. Plan A adopted a plan to accumulateP 10 000 000 by September 1, 2030. Theentity plans to make four equal annualdeposits to a fund that will earn interestat 10% compounded annually. What isthe annual deposit to the fund? (round ofFV factors to three decimal places) Plan B has annual payments of P 500000. How much will it’s maturity be after10 years at 7% interest compoundedannually. Plan C has one time investment…
- Particulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15 Calculate the debt-equity ratio & commentq2 Bonds payable are initially recognized atA. issue price minus transaction costs incurred by the entity.B. issue priceC. issue price plus accrued interestD. face valuePart A Define a secured debt. Give two examples of secured debt. 15px Space used (includes formatting): 0 / 15000 Part B What is a bad debt? Give two examples.
- To have a times interest earned of 8. Determine whether A. FinancialB. Nonfinancial7. ABC Corp acquired bonds at a discount in order to collect periodical interests and principal when it matures in 2023. ABC should account for this investment at: Cost Amortized Cost FVPL FVOCIAdjusting AFS Debt Securities to Fair Value A portfolio of investments of available-for-sale securities held by Dow Inc. is as follows. Dec. 31, 2020 Cost Fair Value Eastern Corp. bonds $204,000 $217,600 Western Corp. bonds 340,000 348,500 Total $544,000 $566,100 Dec. 31, 2021 Cost Fair Value Eastern Corp. bonds $204,000 $238,000 Western Corp. bonds 340,000 323,000 Total $544,000 $561,000 The Fair Value Adjustment account had a $0 balance on January 1, 2020. No sales or purchases took place in the available-for-sale investment portfolio in 2020 and 2021. a. Record the adjusting entry on December 31, 2020, to adjust the debt investments to fair value. Date Account Name Dr. Cr. Dec. 31, 2020 b. Record the adjusting entry on December 31, 2021, to adjust the debt investments to fair value. . Date Account Name Dr. Cr. Dec. 31, 2021 c. Indicate how the adjustment to fair value in (b) would be…
- Blossom Company has $2080000 of bonds outstanding. The unamortized premium is $30000. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption? $9200 gain $20800 loss $20800 gain $9200 loss10 A dealer in securities has the following for the year 2018: Sale of securities held for sale in the ordinary course P4,000,000 Cost of securities held for sale in the ordinary course 2,500,000 Supplies expense, net of VAT 300,000 Rent expense, net of VAT 500,000 The OUTPUT VAT shall be:https://www.bartleby.com/questions-and-answers/on-january-1-2019-canglon-inc.-issues-10percent-5year-bonds-with-a-face-value-of-dollar150000-when-t/6f595d41-e2c8-47bc-8a78-adff0af9b34f In step 2 of the above solution, where did the $45,000 come from? I can't figure out where it came from so the solution doesn't make any sense.
