On May 1, 2018, the DCM issued a 9% promissory note with a face value of ₱8,339,760 for a piece of land. The principal and interest, compounded annually, are due on April 30, 2021. How much will the Notes payable will be shown on December 31, 2020 statement of financial position?

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: 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, 2021, the Merit Group issued to its bank a $41 million, five-year installment note to…

A: Interest Expense = Notes value x rate of interest x period = $41,000,000*7%*1 year = $2,870,000…

Q: On January 1, 2021, Pindang Co. received a P1,000,000, noninterest bearing note in exchange land…

A: The note receivable can be referred to as a contractual note which specifies an amount to be…

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 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 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 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: 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: 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 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, 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: a seven-year note for $2800.00 issued on october 1,2015, with interest at 5.7% compounded annually…

A: Given that, Present Value of the note(PV)=$2800 Rate of interest(i)=5.7% or 0.057 Duration of the…

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 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 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, 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: 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: 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: On July 1, 2020, Jason Corporation pledged P5,000,000 of its accounts receivable to Philippine Bank…

A: Accounts Receivable Pledging:- It is the use of accounts receivable as collateral to secure loans…

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: On December 31, 2023, Sandy Company has a Note Receivable of $6,000. The note will be collected in…

A: Current asset can be converted into cash within 12 months whereas long term assets has a life of…

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: 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: 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: A 12-year promissory note for $650000 issued on August 15, 2012, with interest at 3.5% compounded…

A: Issued price of 12 year promissory note= $650000 Issued date= August 15, 2012 Interest rate= 3.5%…

Q: On December 31, 2020, Olaer Company received two P5,000,000 notes receivable from customers in…

A: financial statement is statement that shows the company financial information of company activities…

Q: On December 31, 2021, MATARLO Company received two P1,000,000 notes receivable from customers in…

A: Interest rate = 3% Notes receivables = P 1000000 Interest = receivable at maturity  Terms = 9 months…

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 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: 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: On January 1, 2021. This Company acquired a machine by issuing a 3-year, 3%, P4,000,000 note…

A: As per IFRS 9, a Financial instrument, the financial liability is initially recognized at amortized…

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 October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face…

A: Interest payable on Decemeber 31,2022  = 9% x (1500000-400000) x3/12= 24750

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: A company issued a P3 million three-year non-interest-bearing note on January 1, 2021, for a piece…

A: Solution: Amount of note = P3,000,000 Cash price of Land = P2,401,800 Annual installment of note =…

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…