The notes receivable account of Yuri Corporation for year 2019 is summarized below:Sold goods and received a P25, 000 2-year, noninterest bearing note on March 1, 2019.The effective interest on this date was 12%.Sold goods and received a P20, 000 10-month, 5% interest bearing note from customeron September 30, 2019.The goods with a total price of P33, 000 was sold on January 1, 2019. Receiving aP3,000 cash and P30,000 three-year, 10% interest bearing note to be collected in 3equal payments to principal every December 31 starting 2019 which includes interestbased on outstanding balance. Market rate of interest for this risk level was at 14%.Required: (Kindly provide a solution)1. Total current portion of notes receivable as of 20192. Total noncurrent portion of notes receivable as of 20193. Accrued interest receivable as of December 31, 20194. Interest income in 2019

First of all we need to understand the basic meaning of current asset. Current asset are those asset…

Answered: s date was 12%.

Business

Accounting

s date was 12%.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 17E: Interest-Bearing and Non-Interest-Bearing Notes On December 11, 2019, Hooper Inc. made a credit sale...

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Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.