On September 1, 2020, Pot Co. issued a note payable to National Bank in the amount of P1,800,000, bearing interest at 12%, and payable in three equal annual principal payments of P600,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Pot should record accrued interest payable of a. P72,000 c. P48,000 b. P66,000 d. P44,000

Q: On December 31, 2020, Coronado Company has $6,976,000 of short-term debt in the form of notes…

A: Balance Sheet includes: Assets accounts Liabilities accounts Capital accounts Assets accounts…

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: 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 December 1, 2020, Company assigned specific accounts receivable totalling P4,000,000 as…

A: given that, The company assigned specific accounts receivable totaling P4,000,000 as collateral on a…

Q: Florenda Quino Forwarders borrowed P600,000 from the bank on Sept. 1, 2019. The note carried an 8%…

A: Solution: The interest rate is missing, so I looked for similar questions and found that it is 8%:…

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: On October 1, 2020, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National…

A: Date Account Titles and Explanation Debit Credit October 1, 2020 Cash $730,000     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: On December 1, 2020, Lush Soma Company assigned specific accounts receivable totaling P5,000,000 as…

A: Part 1:

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: 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: On December 31, 2020, Holmes Company has $7,000,000 of short-term debt in the form of notes payable…

A: Prepare partial balance sheet for Holmes Company at December 31, 2020.

Q: Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on January…

A: Zero-interest bearing note is an obligation of an organization to pay its creditors in near future…

Q: s of January, February, September and October of 2021 were 8.50%, 9.25%, 9.60% and 9.80%. How much…

A: Interest rates have a direct influence on the deposit multiplier and, by extension, inflation…

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 December 31, 2020, Culver Company has $7,051,000 of short-term debt in the form of notes payable…

A: The low range of expectation of payment in May 2021 would be multiplied with the permit it to borrow…

Q: On July 1, 2019, GAH Company sold equipment to Babe Company for P2,000,000. GAH accepted a 10% note…

A: Net Proceeds = Value of note receivable less discount  Discount = ( Value of note ) * Discount rate…

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: Val Company disclosed the following information on December 31, 2021:   Accounts Payable P20,000…

A: In the case of a rollover agreement, if the entity has the discretion of refinancing the loan with…

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: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: June…

A: Formula: Interest expense = Loan amount x Time period x Interest rate

Q: You company provided the following information on Dec. 31, 2019: Accounts Payable Bank note payable…

A: Current Liabilities are those liabilities which are due and payable within one year. Out of the…

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 July 1, 2019, Lp Manufacturing Co. issued a five-year note payable with a face amount of P250,000…

A: Interest accrued on December 31, 2019 = Face value of note x rate of interest x no. of months/12 =…

Q: On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual…

A: Interest receivable: It can be defined as the interest earned on the investment made but not yet…

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 December 31, 2020, Flounder Company has $7,024,000 of short-term debt in the form of notes…

A: Prepare a partial balance sheet for Flounder at December 31, 2020.

Q: On April 1, 2020, Ironmon Company discounted with recourse a 9-month 10% note dated January 1, 2020…

A: Interest accrued = Face value of note x rate of interest x no. of months /12 = P6000000 x 10%  x…

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: 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: 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: t Chocolate Company had a 12% note receivable dated June 30, 2020 in the original amount of…

A: The interest expenses are to be shown on the in balance sheet each year.

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: 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: n December 1, 2020, Max Company assigned specific accounts receivable totaling P5,000,000 as…

A: Answer: A note payable( short tern loan) is taken from a bank and accounts receivables are given as…

Q: On January 1, 2021, The Corporation sold goods to Adobo Company. Adobo signed a noninterest-bearing…

A: Carrying amount of the note receivable on January 1, 2021 = Amount payable on January 1, 2021 +…

Q: On December 1, 2020, Company assigned specific accounts receivable totalling P4,000,000 as…

A: The balance due to the company for goods and services provided but not yet charged by customers is…

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 December 31, 2020, Culver Company has $7,051,000 of short-term debt in the form of notes payable…

A: Balance sheet is a financial statement which shows the position of a firm at a particular point of…

Q: On January 1, 2018, Company B borrowed 50,000 signing a 3-year installment note payable with yearly…

A: Note Payable - payment schedule:   Beginning Balance Interest Installment amount Principal amount…

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: n December 1, 2020, P Company assigned specific accounts receivable totaling P200,000 as collateral…

A: In the given situation, P Company takes a note payable of P150,000 by assigning collateral of…

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 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 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: 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 March 1, 2024, Lewis Services issued a 10% long - term notes payable for $24,000. It is payable…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

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…

Q: On July 1, 2019, Kay Company sold equipment to Mando Company for P 1,000,000. Kay accepted a 10%…

A: Total interest for the year 2020 = Principal outstanding on December 31, 2019 x interest rate x no.…