On 1 September 2019, J & J Co. issued a note payable to National Bank in the amount of P900,000, bearing interest at 12%, and payable in three equal annual principal payments of P300,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on 1 September 2020. At 31 December 2020, J & J should record accrued interest payable of what amount?

Q: Persevere Company is a dealer in equipment. On December 31, 2020, the entity sold an equipment in…

A: Present Value of Notes Receivable = P500,000 x 3.99…

Q: On January 1, 2022, Easy Company sold merchandise for 500,000 by accepting a note for 6 months with…

A:

Q: n January 1, 2021, Dark Company has a note payable to bank in the amount  P2,800,000. Transactions…

A: Note payable is the amount of borrowed money that is to be paid in the future at a particular date.…

Q: On January 1, 2019, Love Co. sold merchandise to Kit Store in exchange for a non-interest bearing…

A: Formula: Interest amount = Bond face value x Interest rate Multiplying bond face value with interest…

Q: On July 1, 2017, Moon Company issued a five-year note payable with a face amount of P7,000,000 and…

A: With respect to the note, the current liabilities section of Moon‘s December 31, 2020 statement of…

Q: ote payable to the Bank of the Giniling Islands for P2,400,000 is outstanding on December 31, 2022.…

A: Note Payable : It is a written document where the borrower is promise to pay the amount of debt to…

Q: On July 1, 2017, Sun Company issued a five-year note payable with a face amount of P7,000,000 and an…

A: Calculation of the amount to be included in current liabilities section::: With respect to the note,…

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: 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: 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: On January 1, 2019, Heritage Company has a note payable to bank in the amount P2,800,000.…

A: Discount on note Payable: If Coupon rate is less than the prevailing market interest rate, bonds are…

Q: On February 10, 2021, after issuance of its financial statements for 2020, Crane Company entered…

A: Short term debt is the debt which matures within a period of an year. In simple words, the debt that…

Q: On January 1, 2020, Savage Company sold goods to another entity. The buyer signed a…

A: Hi student Since there are multiple questions, we will answer only first question.

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 7, 2021, Dang Company discounted its own P100,000, 180-day note at the Bank of the…

A: The effective rate of interest It is also referred to as an effective rate. It is the rate at which…

Q: On Jan. 1, 2020, EC Company reported a note payable of P 1,200,000. The note is dated Oct. 1, 2019,…

A: Given that,  Notes payable as on Jan 1 2020 = P1200000  Rate of interest = 12%

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 September 1, 2020, Taiwan Co. issued a note payable to BDO in the amount of P1,200,000, with the…

A: 1. Calculation of Outstanding Amount Amount = 1,200,000 Amount per Installment = 1,200,000 /3 =…

Q: RED Corporation

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

Q: On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and…

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

Q: FDN Company received a 60-day 10% promissory note as settlement for goods sold on March 1, 2022 for…

A: The amount to be received at the time of the maturity of the promissory note include the principal…

Q: Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000.…

A: Original Amount of Note receivable = 1500000 Yearly principal payment = 500000 Interest rate = 8%…

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 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 June 1, 2020, Taby Company loaned ₱500,000 on a 12% note, payable in five annual installments of…

A: Accrued interest receivable refers to the amount of loan interest which has been arise but not yet…

Q: On January 1, 2019, Love Co. sold merchandise to Kit Store in exchange for a non-interest bearing…

A: Value of notes receivable as of January 1, 2019 = Annual payment x PVIAF (8%, 10 years) = P100,000 x…

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 April 1, 2020, Bonita Company assigns $533,000 of its accounts receivable to the Third National…

A: Finance Charge = Accounts receivable  x 3% = $533,000 x 3% = $15,990

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

A: Bond Value  2000000   coupon rate 10%   Market rate 12.50% Coupon payable every year end for…

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: On September 1, 2021, Sheffield Corp. issued a note payable to National Bank in the amount of…

A: A promissory note seems to be a signed promissory note. The borrower borrows a particular amount of…

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: Nova Company reported the following receivables on December 31, On June 1, 2018, Yola Company loaned…

A: The amount of interest that has been recognized as revenue but has not yet been paid by the borrower…

Q: On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and…

A: Carrying value of note payable is the present value of all the payments to be made on the note…

Q: The following are three notes held by SANDMAN Company starting January 1, 2019: a. 5 year term note,…

A: Present value of a note = sum of all present values of future cash flows from the note = present…

Q: The Pita Pit borrowed $197,000 on November 1, 2021, and signed a six-month note bearing interest at…

A: Notes payable is the amount that is being borrowed and will have to be paid to another person.…

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

A: Accrued interest is the amount of bond interest that has accumulated since the last time a bond…

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: FDN Trading received the following promissory notes from various customers during 2020 in the course…

A: Sales is the proceeds received from the sale of goods and services in the business. The sales amount…

Q: On September 1, 2020, Sunland Company issued a note payable to Fidelity Bank in the amount of…

A: Principal outstanding on December 31,  2021 = Total amount of Notes payable - Instalment payment…

Q: September 1, 2020, Taiwan Co. issued a note payable to BDO in the amount of P1,200,000, with the…

A: There are 4 months felft between September 1 to December .  Interest payable =note payable…

Q: On December 31, 2021, Roth Company issued a P1,000,000 face value note payable to Wake Company in…

A: Note payable -  A promissory note or a written agreement is what a note payable is. The creator of…

Q: On April 1, 2020, Bonita Company assigns $533,000 of its accounts receivable to the Third National…

A: journal entry for cash collected from accounts recievable =  cash account XX     To Accounts…

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: On September 1, 2019, Silang Trading issued a note payable to Far East Bank in the amount of…

A: Accrued interest on the note = Face value of the note x rate of interest x no. of months/12

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 31, 2020, the bookkeeper of ABC Company provided the following information: PARTICULARS…

A: Current liabilities are the liabilities that are payable or settled in the next 12 months from the…