On January 1st, year one, zero company obtained a 52,000, for year, 6.5% installment note from regional bank. The note requires annual payments of $15,179, beginning on December 31st, year one. The December 31st, Year too carrying amount in the amortization table for this installment and it will be equal to

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: Assume that on January 1 of the current year, $100,000 of 5-year, 12% bonds, with interest payable…

A: Premium on Bonds = Issue price of bonds - Face value of bonds = $103,769 - $100,000 = $3,769…

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

A: Maturity value of note = Face value of note + interest = P500000 + 500000*8%*12/12 = P540000

Q: On 1/1/X1, Caldwell Corp. borrowed $450,000 by agreeing to a 9%, 9-year installment note with the…

A: Note means an instrument acknowledging as debt due from one party to another party. Interest bearing…

Q: On June 1, Davis Inc. issued an $85,500, 10%, 120-day note payable to Garcia Company Assume that the…

A: Calculate the total interest as follows: Interest = Bonds amount * interest rate Interest = $85,500…

Q: Jacobs Company borrowed $10,000 on a one-year, 8 percent note payable from the local bank onApril 1.…

A: Notes payable:   Notes Payable is a written promise to pay a certain amount on a future date, with…

Q: On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, 20x1, REEDY SLENDER Co. purchased fixtures at an installment price of $520,000. REEDY…

A: Three equal installments = P480,0003  = P160,000 Calculation  of present value annuity factor (PVAF)…

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 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 January 1, 20x1, an entity issues a 3-year, noninterest-bearing, note payable amounting to…

A: Present value annuity factor = 1 / (1+0.18)3 = 2.1743 Present value of note = $3,000,000 * 2.1743 =…

Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…

A: Beginning Notes Payable Interest Expense Repaid Principal on Notes Payable Ending Notes Payable…

Q: On January 1, Yeargan Company obtained a $125,000, seven-year 5% installment note from Farmers Bank.…

A: Note​ payable: Note​ payable is an instrument through which borrower obtains money from a person…

Q: On the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays…

A: Total premium on bonds = Total amount received - Face value of bonds = $520000 - $500000 = $20,000

Q: On January 1, 2018, King Inc. borrowed $190,000 and signed a 4-year, note payable with a 10%…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight…

A: Introduction: Non current liability: The liabilities which are to be paid more than 1 year period of…

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: Bank CO approved a loan application of Client ME on January 1, 20A for P3,500,000. Client ME is…

A: Direct origination costs are initially added to the carrying amount of the loan and are subsequently…

Q: On January 1, a company borrowed cash by issuing a $390,000, 4%, installment note to be paid in…

A: Compute amount of each installment as shown below:

Q: On December 1, 20x5, Money Co. gave Home Co. a P200,000, 11% loan. Money paid proceeds of P194,000…

A: Notes payable is a written agreement in which one party agrees to pay the other party a specific…

Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…

A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

Q: On the first day of the fiscal year, a company, issues $65,000, 6%, five year installment notes that…

A: Notes payable is liability.

Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: On January 1, Year 1, Bryson Company obtained a $22,000, four-year, 12% installment note from…

A: Workings: Calculation of Interest: Year 1: 22000 x 12 % = 2640 Decrease in Notes payable = Notes…

Q: The following amortization schedule indicates the interest and principal that Chip’s Cookie…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: On January 1, 2021, Beaver Tours financed the purchase of a new building by borrowing $600,000 from…

A: Journal: Recording of a business transactions in a chronological order.

Q: BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year…

A: Journal entry refers to a recording/ classifying of business transactions into books of accounts…

Q: On January 1, 20x1, HYBE acquired a machine by using a 3%, P4,000,000 note due on January 1, 20x4.…

A: The initial recognition of the note payable will be recorded at present value of payments discounted…

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 initial recognition value of note payable:

Q: On the first day of the fiscal year, a company issues a $674,000, 7%, 10-year bond that pays…

A:

Q: On July 1, 2020, Thomas Company, which follows calendar year accounting,  issued $240.000 note to be…

A: Long -term debt-  Long term debt refers to the liability which is repaid after 12months or more.…

Q: On January 1, 20X1, MWB, Inc. borrowed cash by issuing a $600,000, 6-year note that specified 6%…

A: Interest Rate - It is the percentage of amount charges by the lender for uses of the money given to…

Q: On January 1, 2018, King Inc. borrowed $190,000 and signed a 5- year, note payable with a 10%…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On October 1, Dalton Corp. borrows $100,000 fromNational Bank, signing a six-month note payable for…

A: Interest amount: Interest charged on the borrowed principal amount. Interest is charged…

Q: On January 1, a company borrowed cash by issuing a $300,000, 5%, installment note to be paid in…

A:

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

A: calculation of installment value of note Payable= P 4000000 PV of payment=  4000000*3.037349 = P…

Q: On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a sevenyear,7%…

A: a) Prepare the journal entry.

Q: On the first day of the fiscal year, a company issues $35,000, 5%, eight-year installment notes that…

A: Introduction: Journals: Recording of a business transactions in a chronological order. first step in…

Q: On January 1, 20x1, an entity issues a 4-year, noninterest bearing, note payable amounting to…

A: Notes payable: When the company is required for the more funds then its to be the credit then the…

Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…

A: Working note: Computation of annual installment payments:

Q: Milton Company borrowed $95,000 on January 1, 2020, by signing a 6% promissory note. The note is to…

A: The question is based on the concept of Financial Accounting.

Q: On September 30, 2021, Coronado Corporation received a three-year, 12%, $1,750,000 bank loan. The…

A: GIVEN   On September 30, 2021, CORONADO Corporation received a three-year, 12%, $1,750,000 bank…

Q: On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee…

A: An installment note can be defined as a promissory note that is a type of debt financing that…

Q: ual installments of $65,051 (payable on June 30 and December 31). Each mortgage payment includes…

A: Balance Sheet A balance sheet is a summary of all of your company's assets and liabilities. It shows…

Q: On January 1, 2021, Corvallis Carnivals borrows $30,000 to purchase a delivery truck by agreeing to…

A: Given: To calculate the note payable and the first monthly payment as,

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.