User Account

All Pages

At what amount should the receivable from the president

Assignment Help Accounting Basics
Reference no: EM133178277

Question - On July 1, 2020, Philbank grants a 5-year P5,000,000 non-interest bearing advance to its president. The market rate of interest for similar obligations is 12%.

At what amount should the receivable from the president be taken up by Philbank on July 1, 2020?

A. 2,837,000

B. 2,873,000

C. 4,400,000

D. 5,000,000

How much is the interest revenue recognized by Philbank for the year 2020?

A. 600,000

B. 340,440

C. 300,000

D. 170,220

Reference no: EM133178277

Questions Cloud

How much is the bond sinking fund balance at december : How much is the bond sinking fund balance at December 31, 2020 after making the required year-end adjustment in the fund
Professional ethics and responsibilities : Create a 5- to 6-slide PowerPoint presentation that explores professional ethics and responsibilities.
What amount should be reported as an impairment loss : On December 31, 2020, the equipment was sold for net proceeds of P2,500,000. What amount should be reported as an impairment loss for 2020
Ask question about social impacts the organization : Ask a question about the social and economic impacts the organization has had on the community that your colleague described
At what amount should the receivable from the president : The market rate of interest for similar obligations is 12%. At what amount should the receivable from the president be taken up by Philbank on July 1, 2020
What total payment made today would place the payee : What total payment made today would place the payee in the same financial position as the scheduled payments if money can earn 4.25%
What is hotel revenue management : What is hotel Revenue Management? Find one job description for the position of hotel revenue manager and provide the requirements for the job
Historical trauma-oppression and unresolved grief : Identify the group and the historical trauma, oppression, unresolved grief, or discrimination they have experienced.
Prepare a division of net income to each of the partners : An interest allowance of 10% on capital balances at the beginning of the year. Prepare a Division of Net Income to each of the partners

Reviews

Write a Review

Accounting Basics Questions & Answers

  Assuming use of the direct method over how many square feet

hreck inc. has two service departments human resources and building maintenance and two production departments

  Define the term complex capital structure

Define the term complex capital structure and discuss the disclosures (both financial and explanatory) necessary for earnings per share

  Journalize the transactions in the emergency pharmacies

Journalize the transactions in the Emergency Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required

  Where balance of deferred gross profit would be reported

(Installment-Sales Method and Cost-Recovery Method) Swift Corp., a capital goods manufacturing business that started on January 4, 2014.

  Determine the company net income and earnings per share

Blossom Company has $1,110,000 in assets and $1,110,000 in stockholders' equity, Determine the company net income and earnings per share

  What is the net income or loss if a companys total assets

what is the net income or loss if a companys total assets at begining of year are 400000 and 675000 at end of year and

  Determine the amount of Tax payable by Opus Limited

While Magnum received a dividend refund of $15,000. Determine the amount of Part IV Tax payable by Opus Limited for the current year

  Record the bond issue and billabong first interest payments

On June 30th, 2012, Billabong issued $1,000,000 of 10-year bonds with a 10% coupon rate. Record the bond issue and Billabong first interest payments

  Withdrawing from the dealership agreement

It further states that it will be withdrawing from the dealership agreement from the end of 2007 to be able to con- centrate its resources on its south of England car dealers.

  What is the amount of net proceeds received

Ritter paid costs directly related to issuing these bonds of $80,000. Ritter reports under IFRS. What is the amount of net proceeds received

  What would Jacob report in its income statement

Under these assumptions, what would Jacob report in its 2016 income statement regarding the office equipment division

  What disclosures are required relative to long term debt

What disclosures are required relative to long-term debt and sinking fund requirements?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd