On June 2021, A Corporation loaned $1,000,000 from a bank, payable in 10 equal instalments. The installments are due semi-annually every June 30 and December 31 of each year. The first instalment was made on December 2021. As of December 31, 2021, how much is the current portion of the bank loan that will be classified as current liability?

Q: On December 31,2021, Teresa Co. sold goods costing ₱300,000 and with sales price of ₱550,000 to…

A: On 31.12.2021, Teresa Co. sold goods to Perfina Inc. on account = P550000 Cost of sales = P300000…

Q: The following transactions transpired during the year for Teresa Company: • On January 1,2021,…

A: Since we answer upto three sub-parts, we shall answer first three. Please resubmit a new question…

Q: Cute Company disclosed the following information on December 31, 2021: SSS payable P20,000…

A: Notes 1. Current Liability: A liability is current if it is payable within 12 months.   2. Non…

Q: Notes payable arising from 5-year bank loans, on which a security valued at P600,000 have been…

A: Current liabilities : Liabilities which are required to be settled within 12 months are current…

Q: On June 30, 2019, Franz Inc. borrowed P1,800,000 for one year from the bank with an interest of 12%.…

A: Bank charges = accounts receivable  x 8.46% = 2500000 x 8.46% = P211,500

Q: What is the interest income for 2021? National Bank granted a loan to a borrower on January 1, 2021.…

A: First, calculate the carrying value of borrowed amount: Carrying amount=Principle amount+Direct…

Q: On the first day of each month, Bell Company received from Kaye Company an escrow deposit of…

A: The term escrow means the holding of an asset or money by a third person or party before…

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 February 10, 2021, after issuance of its financial statements for 2020, Ikli Company entered into…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: On January 1, 2019, Brooks Inc, borrows $90,000 from a bank and signs a 5% installment note…

A: While making annual payment to bank, the annual payment consists of some portion of principal…

Q: On January 1, 2020, Glucose Company, a calendar-year firm, extended a loan to Gyoza Enterprises…

A: CARRYING VALUE IS AN ACCOUNTING MEASURE OF VALUE IN WHICH THE VALUE OF AN ASSET OR COMPANY IS BASED…

Q: National Food Services, Inc., borrowed $4 million from its local bank on January 1, 2021, and issued…

A: Interest expense = Notes payable x interest rate = $4,000,000 x 10% = $400,000 Payment of principal…

Q: On January 1, 2021, Nantucket Ferry borrowed $14,000,000 cash from BankOne and issued a four-year,…

A: Borrowings refers to a financial transaction wherein a borrower (any person or company) approaches a…

Q: An employee at Dragon Steel Corporation borrows $10,000 on May 1, 2020 and must repay a total of…

A: Borrowing = 10,000 Future Value = 10,700 Time Period (N) = 1 year

Q: er 31, 2020. The loan matures in three years on December 31, 2022. Principal amount 5,000,000 Direct…

A:

Q: On January 1, 2018, the Merit Group issued to its bank a $41 million, five-year installment note to…

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: Pampanga Company is a dealer in equipment. On December 31, 2021, the entity sold an equipment in…

A: The Present Value of Note Receivables will be = Annual Payment X Sum of PV annuity factors

Q: On June 30, 2019, Franz Inc. borrowed P1,800,000 for one year from the bank with an interest of 12%.…

A: Answer: correct answer is option C C. P 1,588,500; P 319,500

Q: Solid Bank loaned P5,000,000 to a borrower on January 1, 2018. The terms of the loan require…

A:

Q: On January 1, 2021, Lizelle Company signed a P100,000, 12% note due in three years at a discount…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

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: On July 1, 2021, a company loans one of its employees $27,000 and accepts a eight-month, 8% note…

A:

Q: Solid Bank loaned P5,000,000 to a borrower on January 1, 2018. The terms of the loan require…

A: As per amortized cost method, the financial instrument is measured at fair value which is  increased…

Q: On January 1, 2021, a company borrowed $500,000 from a local bank by issuing an 8% note due in four…

A: Amortization schedule of loan: It can be defined as a table that shows the expense of interest,…

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: What is the carrying amount of the loan receivable on December 31, 2021? National Bank granted a…

A: The carrying amount of loan is calculated by preparing the amortization schedule and considering the…

Q: At the beginning of the year, your company borrows $33,600 by signing a six-year promissory note…

A: Solution A promissory note is a promise made by a party to pay a specified sum to another party at…

Q: Upon January 1, 2020, Sally Corp. borrowed $360,000 from County Bank and signed a 15-year note…

A: It is simply a fee levied against the borrower for the use of an asset. Borrowed assets might…

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: Solid Bank loaned P5,000,000 to a borrower on January 1, 2018. The terms of the loan require…

A: Impairment loss is the amount by which the carrying value of asset exceeds its recoverable value.…

Q: The following transactions transpired during the year for Teresa Company: • On January 1,2021,…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given, then first question is to be…

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: Catriona Company disclosed the following information on December 31, 2021:   SSS payable P20,000…

A: As per standard accounting practices Current Liabilities…

Q: On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note…

A: Installment note is a type of loan that allows individuals to borrow a large amount of money that…

Q: Sombrero Inc. provided the following information on December 31, 2021: Accounts payable... Bank note…

A: Current liability:  It is the  obligations  that are due and is to be paid to creditors within one…

Q: South Company borrows $88,500 on September1, 2019, from State Bank by signing an $88,500, 12%,…

A: The accrued interest is the interest due for payment but not paid yet.

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: How much of the $3 million note is classified as long-term in the February 28, 2021 financial…

A:

Q: On January 1, 2019, Brooks, Inc. borrows $90,000 from a bank and signs a 5% installment note…

A: Interest accrued on 12/31 = Amount borrowed x rate of interest x year = $90,000 x 5% x 1 years =…

Q: On January 2, 2021, Tripod Company receives a government loan of P2,000,000 paying a coupon interest…

A:

Q: On Jan. 1, 2021, XYZ Bank extended a 3-year P5,000,000 loan to ABC Corporation. The interest rate…

A: On 01.01.2021, XYZ bank extended 3 year loan = P5000000 to ABC corporation Interest rate = 7%…

Q: Trisha Company had a ₱2,400,000 note payable due June 30, 2021. On December 31, 2020, the entity…

A: Current liabilities are those dues and obligations which needs to be settled or paid in short period…

Q: Campus Flights takes out a bank loan in the amount of $200,500 on March 1, 2019. The terms of the…

A: In this problem we have to first calculate 10 equal instalments.We have to calculate present value…

Q: On June 30, 2020, the XYZ Corporation granted a two-year, non-interest bearing P2,000,000 advance to…

A: Present Value of receivable on June 30,2020 = face value of receivable x Present value factor (12%,…

Q: On july 1, Shady creek resort borrowed 290,000 cash by signing a 10 year, 10% installment note…

A: Interest expense  is the amount of interest accrued during  period

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: The following information are provided by Narra Company on its fiscal year ending October 31, 2020.…

A: Current liabilities refer to the amount of liability for which payment is due within a year or the…

Q: On January 1, 2021, Strato Corporation borrowed $2 million from a local bank to construct a new…

A: Loan is contract between lender and borrower where lender provide funds to borrower for definite…

Q: On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12-month,…

A: The books of accounts are maintained under the accrual basis of accounting where revenue and…