Selling, General & Administrative
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Find the Selling, General & Administrative 2019:
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- Total trade accounts payable as of January 1, 2019 amounted to PBlank 1.Tenth National Bank has a 200,000, 12% note receivable from Priday Company that is due on December 31, 2022. On December 31, 2019, Priday misses the interest payment due on that date. The bank expects that the company will also miss the next payment, but will pay the principal on the maturity date. On December 31, 2020, Priday misses the interest payment due on that date. On December 31, 2021, Priday pays half the interest payment due on that date and is not expected to pay the other half. In early January 2022, the bank and the company agree to a loan restructuring because of the financial condition of the company. The bank forgives the unpaid interest, extends the loan to December 31, 2024, and reduces the interest rate to 6%. The market rate for the loan is estimated to be 10% at this time. Required: 1. Compute the value of the impaired loan on December 31, 2019. 2. Prepare the journal entries from 2019 to 2024 for the bank to record the above events. Assume that Priday makes all required payments under the modified agreement.what is the carrying amount of the note as pf December 31,2022?
- the following balances were extracted from the relevant books of accounts of the controller and accountant general department at the end of december, 2019 trail balance as at 31 december, 2019 ghs ghs foreign investment 64,780.50 taxes on domestic goods 40,000.00 taxes on international transactions 94,500.00 personal emoluments 160,000.00 domestic short term loan 6,750.00 domestic medium and loan term loan 42,750.00 ssf contribution 21,200.00 pension and gratuity 18,300.00 taxes on income & properties 155,600.00 contingency fund 67.50 local investment 5,750.00 value added tax 142,300.00 administrative expenses 100,000.00 education trust fund 14,300.00 sinking fund 337.50 road fund arrears 32,000.00 non road fund arrears 11,770.95 grants 29,300.00 district assembly common fund 119.600.00 divestiture proceeds 36,500.00 foreign loan 825.75 cash in hand 1,375.00 counterpart fund 5,280.75 other revenue receipt 21,800.00 interest payment on loan 700.00 service expenditure 14,000.00 loan…What amount of interest revenue should be recorded in 2021? *a. 490,000b. 480,000c. 438,000d. 391,800On March 1, 2021, a Philippine company sold merchandise to a foreign customer in Singapore dollars for SG$12,000. On the same date, the Philippine company received a 60-day 12% note receivable from the foreign customer. On April 30, 2021, the Philippine company collected the total proceeds from the foreign customer.Buying Rate:March 1, 2021 - P1 = SG$.O29411March 31, 2021 - P1 = SG$.028901April 30, 2021 - P1 = SG$.028571Selling Rate:March 1, 2021 - SG$1 = P35.47March 31, 2021 - SG$1 = P36.10April 30, 2010 - SG$1 = P36.071. What is the forex gain or loss on March 31, 2021? a. 7,200 gainb. 7,200 lossc.7.272 gaind 7.272 loss2. What is the forex gain or loss on the settlement date? a. 4,800 gainb. 4,800 lossc. 4,848 gaind. 4,848 loss
- The balance of the investment account at December 31,2021 is: a. P5,924,000b. P5,000,000c. P5,744,000d. P7,660,00059 . A company’s accounts payable dated December 31, 2021, totaled P1,000,000 before any necessary year-end adjustments relating to the following transactions and information: On December 27, 2021, the company wrote and issued checks to creditors totaling P350,000. The issuance of the checks was recorded on January 3, 2022. On December 28, 2021, the company purchased and received goods for P150,000, terms 2/10, n/30. The company records purchases and accounts payable at net amounts. The invoice was recorded and paid on January 3, 2022 Goods shipped FOB Destination on December 20, 2021, from a vendor to the company were received on January 2, 2022. The invoice cost was P65,000. The purchase was recorded on January 2, 2022. Goods costing P120,000 were purchased from supplier with terms FOB shipping point on December 28, 2021. The company received the goods and the invoice on January 4, 2022. The P1,000,000 ledger balance of accounts payable is net of P80,000 debit balance in one…In philippines context: 1. How much is the income tax due and payable for FY 2021? 2. How much is the income tax due and payable for FY 2022? 3.How much is the excess minimum corporate income tax for FY 2023?
- On 1 December 2019, Company EX, with a functional currency and presentation currency in HKD, sold and deliver an inventory to a customer in Paris at EUR10,000. EX has received the money only in 2020. Exchange rate of EUR/HKD was 8.79 and 8.96 respectively on 1 December 2019 and 31 December 2019. Required: Prepare the journal entries for EX in HKD for the year ended 31 December 2019On January 1, 2019, Johnson Corporation issued a 2-year note due December 31, 2020, with a face value of $10,000, receiving $7,694.68 in exchange. Required: Prepare the journal entries to account for the note: 1. on the date the note is issued 2. at the end of 2019 3. at the end of 202019. The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019: 2020: Accounts payable - P3,500,000; Notes payable - P4,000,000 2019: Accounts payable - P2,500,000; Notes payable - P1,500,000 On July 1, 2020, the company issued a one-year, 12% note for a bank loan of P1,000,000. All other notes payable arose from purchases of merchandise. Total payment to suppliers in 2020 amounted to P11,000,000, after purchase discount of P250,000. During 2020, company returned defective merchandise costing P500,000. What is the amount of gross purchases for 2020 under the accrual basis?Choices: P14,250,000 P11,000,000 P12,450,000 P18,250,000