Upon the study of the SFP For the year ended December 31, 2020. What is the total interest expense for 2020? What is the total net income during 2020? The following data resulted from the analysis of cash receipts and disbursements.ReceiptsIssue of share capital800,000.00Trade receivables- accounts and notes2,950,000.00Note receivable discounted:Face value, P200,000 proceeds12% one-year note issued to bankIssued and discounted on 03/01/2020190,000.00300,000.00Sale of investment250,000.00Total4,490,000.00DisbursementsTrade payables- accounts and notes2,100,000.00Expenses790,000.00Dividends400,000.00Equipment280,000.00Bonds500,000.004,070,000.00Total January 1December 31AssetsCash330,000.00750,000.00Accounts receivable740,000.00950,000.00Notes receivable200,000.00210,000.00Inventory1,600,000.001,500,000.00120,000.00Prepaid ExpensesInvestment (at cost)100,000.00400,000.00100,000.001,000,000.004,390,000.001,200,000.004,810,000.00EquipmentLiabilities and EquityNotes payable750,000.00580,000.00Accounts payableInterest payableAccrued expenses600,000.00750,000.0030,000.0040,000.0050,000.00Bonds payableShare capital P100 parShare premium500,000.001,000,000.001,300,000.001,000,000.001,500,000.00Retained Earnings500,000.00600,000.004,390,000.004,810,000.00TRUETRUE

Financial statement means the trading and profit and loss account and balance sheet of the company…

Answered: Upon the study of the SFP For the year…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
Age of ReceivablesApril 30, 20X1 (1) (2) (3) (4) Month ofSales Age ofAccount Amounts Percent ofAmount Due April 0–30 $ 131,250 _______ March 31–60 93,750 _______ February 61–90 112,500 _______ January 91–120 37,500 _______ Total receivables $ 375,000 100% a. Calculate the percentage of amount due for each month.
ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…
Amount financed 18200 number of payments 72 monthly payment 425.08 finace charge 12405.76 whats the apr%
2. ABC Co.’s records show the following information: 20x1 20x2Deferred gross profit (adjusted ending balances):from 20x1 sale 240,000 160,000from 20x2 sale 324,000Gross profit rates based on sales 40% 45%Cash collections from:20x1 sales 400,000 200,00020x2 sales 480,000 How much is the total installment receivable on December 31, 20x2?
24. Miller Company's allowance for doubtful accounts was P1,000,000 at the end 20XX and P900,000 at the end of 20XX-1. For the year ended December 31, 20XX, Mill reported doubtful accounts expense of P160,000 in its income statement. What amount did Mill debit to the appropriate account in 20XX to write off uncollectible accounts?
6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TL
47. On June 30, 2021, CPA Company factored P2,500,000 of accounts receivable for P2,250,000. The allowance for uncollectible accounts for these factored receivables was P50,000. On December 1, 2021, CPA Company assigned accounts receivable of P3,500,000 as collateral of a P2,000,000, 12% annual interest rate loan from a commercial bank. CPA received the P2,000,000 less 2% finance charge based on the loan. How much is the total loss/expenses related to factoring and assignment of receivables for the year 2021?
12. On December 31, 20XX, the recorded ending accounts receivable of ABM company was ₱150,000 with an estimated of ₱36,000 receivables which will not be collected. Accounts receivable in the 2019 Statement of Financial Position will be valued at: A. ₱114,000 B. ₱186,000 C. ₱150,000 D. ₱36,000
Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200
h. Assume that accounts receivable at December 31, 2020, totaled $310 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round intermediate calculations. Round your answer to 1 decimal place.) WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $ 650 $ 900 $ 700 Other assets 2,750 2,050 1,750 Total assets $ 3,400 $ 2,950 $ 2,450 Current liabilities $ 500 $ 800 $ 700 Long-term liabilities 1,500 1,000 800 Stockholders' equity 1,400 1,150 950 Total liabilities and stockholders' equity $ 3,400 $ 2,950 $ 2,450 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data: Sales $ 3,300 $ 2,900 Operating income 380 300 Interest expense 80 70 Net income…
18. The following information pertains to Q Company:Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000Notes receivable, P30,000 due in 12 months, P210,000Advances to officers, due in 2 years, P20,000Advances to suppliers, P10,000Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000Security deposit paid on a one-year lease contract, P6,000Dividends receivable, P30,000Determine the total current receivables.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS