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Problem - You are reviewing the notes payable and interest expense accounts of Cole Manufacturing Co. as of December 31, 2017 and noted that the company regularly borrows from the bank in order to ?nance working capital. The following schedule shows loans with 12% interest rate, with interest payable at maturity. All loans are repaid at its scheduled maturity date and interest expense is recorded when the loans are repaid.
DATE OF LOAN
AMOUNT
MATURITY DATE
TERM OF LOAN
Nov. 01, 2016
P500,000
Oct. 31, 2017
1 year
Feb. 01, 2017
1,500,000
July 31, 2017
6 months
May 01, 2017
800,000
Jan. 31, 2018
9 months
The client recorded interest expense of P 150,000 for 2017. Compute for the correct amount of interest expense that should be reported in the 2017 income statement.
Net Cash Provided from Financing Activities $48,000 and General & Administrative Expenses $48,000. How do calculate operating income for the year
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Effect on the financial statements.
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The bond premium is amortized annually in a separate journal entry. Journalize the entries to record the foregoing transactions
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