On July 1, 2019, Lp Manufacturing Co. issued a five-year note payable with a face amount of P250,000 and an interest rate of 10%. The terms of the note require Lp to make five annual payments of P50,000 plus accrued interest, with the first payment due June 30, 2020. With respect to the note, the current liabilities section of Lp’s December 31, 2019, statement of financial position should include a. P12,500 c. P62,500 b. P50,000 d. P75,000

Q: On January 1, 2020, Toto Company sold goods to Snow Company. Snow signed a noninterest-bearing note…

A: SOLUTION- THE PRESENT VALUE FACTOR IS USED TO DETERMINE THE WORTH OF THE AMOUNT OF MONEY RECEIVABLE…

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: 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: Wildhorse Co. issued a five-year interest-bearing note payable for $324000 on January 1, 2019. Each…

A: Balance sheet is the financial statement which involves the total debt, liabilities, assets and…

Q: In 2019, Rouchele Co. borrowed $200,000 on a 5% long-term note payable. In each of the following…

A: Long-term debt is a liability to be repaid after one accounting year. It is also called non-current…

Q: On January 1, 2021, IYY Inc. issued a 5,000,000 non-interest bearing note with maturity date of…

A: Issuing the financial instruments will increase the capital as well as the capital of the company.…

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 July 1, 2020, KOLA Corporation issued a five-year note payable with a face value of ₱250,000 and…

A: Accrued Interest ( From July 1 to December 31 ) = ₱250,000 x 10% x 612 = ₱12,500

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 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 January 1, 2020, Jackie Company issued a note with a face amount of P5,000,000. The note carried…

A: When a creditor defaults in the payments of principal as well as interest, then debtor allows him to…

Q: RED Corporation

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

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, Jackie Company issued a note with a face amount of P5,000,000. The note carried…

A: solution

Q: On January 1, 2020, Jackie Company issued a note with a face amount of P5,000,000. The note carried…

A: Working note: Computation of carrying value of note payable on June 30, 2022 before modification of…

Q: On 1 September 2019, J & J Co. issued a note payable to National Bank in the amount of P900,000,…

A: The amount borrowed from a bank by signing a formal written contract is reported as notes payable in…

Q: Sammy Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: Answer) In the given question, the company had note receivable of P 3,000,000 on November 1, 2020…

Q: On July 1, 2020, KOLA Corporation issued a five-year note payable with a face value of ₱250,000 and…

A: Current liabilities represent the obligation that has to be paid within a year.

Q: On April 1, 2020, ABC Corporation borrows $50,000 on a 6-month note that charges an annual interest…

A: Total cash paid on maturity = Face value of the Notes + Interest on Notes where, Interest on Notes =…

Q: On January 1, 2020, Jackie Company issued a note with a face amount of P5,000,000. The note carried…

A: SOLUTION-   WORKING NOTES- 1- COMPUTATION OF FAIR VALUE OF NOTE AFTER MODIFICATION OF TERMS UNDER…

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

A: Notes Payables: A liability account for notes payable is where a borrower records a written…

Q: On March 15, 2021, a six-month promissory note for $1,175 with interest at 4% was issued. Compute…

A: Present value of the note = Present value of principal + Present value of interest payments

Q: On January 1, 2020, Gibson Co. purchases equipment having a fair value of $200,000 by issuing a…

A: Zero coupon bonds means those bonds which were issued for money or any assets but for which no…

Q: On January 1, 2020, Jackie Company issued a note with a face amount of P5,000,000. The note carried…

A: Working note: Computation of carrying amount of note payable on June 30, 2022:

Q: December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign…

A: Journal is the book of original entry in which all the financial transactions of the business are…

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: A 5-year promissory note for $B200 issued on September 15, 2018, with interest at 6.5% compounded…

A: FORMULA FOR PROMISSORY NOTE: P=M1+RT M=MATURITY VALUE RRATE T=TIME

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: 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: 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: Isko Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: The company had note receivable of P 3,000,000 on November 1, 2020 Out of which P 1,000,000 is…

Q: On January 1, 2020, Jackie Company issued a note with a face amount of P5,000,000. The note carried…

A: Working note:  Computation of fair value of note after the modification of terms under Scenario A:…

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: A 5-year promissory note for $3200 issued on September 15, 2018, with interest at 6.5% compounded…

A: formula of promissory note: p=m1+rt m=maturity value r=rate of interest t=time in years

Q: On May 1, 2018, the DCM issued a 9% promissory note with a face value of ₱8,339,760 for a piece of…

A: Formula: Maturity value of note = Principal amount + Interest amount.

Q: On June 18, 2020, Woods Co. received from one of its customers, Webb Co., a 90 day, 11%, $6,000 note…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

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 January 1, 2019, Eagle Company borrows $21,000 cash by signing a four-year, 5% installment note.…

A: Loan means the amount taken from another person to be repaid back with interest. When a fixed…

Q: 2024. Scenario B: The terms of the note were modified on June 30, 2022. The principal is reduced by…

A: Computation of amount of liability after modification of terms:

Q: ecember 31, 2024. Scenario B: The terms of the note were modified on June 30, 2022. The principal…

A: Working note: Computation of carrying value of note payable on June 30, 2022 before modification of…

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 July 1, 2021, ABC Co. borrowed P1,000,000 and issued a one-year note payable. The lender…

A: According to this question, we prepare the journal entries with reference to the given scenarios.…

Q: On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli…

A: A journal entry is done to record the transaction that took place in the books of accounts.

Q: On July 1, 2020, ABC Company issued a five-year note payable with a face amount of P5,000,000 and an…

A: Balance sheet means where all assets , liabilities and capital is shown. Current liability means the…