User Account

All Pages

Find how much of the notes payable should be classified

Assignment Help Financial Accounting
Reference no: EM132578457

At December 31, 2015, Roosevelt Corporation owed notes payable of P2, 000,000 with a maturity of April 30, 2016. These notes did not arise from transactions in the normal course of business. On February 1, 2016, Roosevelt issued P4,000,000 of ten-year bonds with the intention of using part of the bond proceeds to liquidate the P2,000,000 of notes payable. Roosevelt's 2015 financial statements were on March 29, 2016.

REQUIRED:

Question 1: How much of the P2,000,000 notes payable should be classified as current liabilities in Roosevelt's statement of financial position at December 31, 2015?

Reference no: EM132578457

Questions Cloud

Promotability of tom merrill : Do you feel the company is justified in the position they have taken with regard to the promotability of Tom Merrill?
How much will need to save in retirement account : How much will he need to save in his retirement account per year to achieve these objectives? Mr. Wilks is 30 years old today and wants to set aside
How to determine the amount of the notes payable reported : How to determine the amount of the notes payable reported as current and non- current at December 31, 2015. Taft, Inc. has P2 million of notes payable due June
What areas of organizational behavior : NEWGEN is a software company in northern CA., started in 1999. Since inception, Newgen has seen positive growth
Find how much of the notes payable should be classified : Find How much of the P2,000,000 notes payable should be classified as current liabilities in Roosevelt's statement of financial position at December 31, 2015?
How exhibiting competent performance can instill trust : How exhibiting competent performance can instill trust and confidence from colleagues, customers, and suppliers
What are the dividend yield and percentage capital gain : Now suppose the year-end stock price after the dividend is paid is $72. What are the dividend yield and percentage capital gain in this case?
What are the organistional and legal requirements : When dealing with difficulties within the workplace explain what are the organistional and legal requirements?
Aspect of workplace relationships : Within the workplace or organisation choose one aspect of workplace relationships.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Enter the given transactions in the ledger of a

Enter the given transactions in the ledger of A. Baker and prepare a trial balance at 31 May, together with a calculation of the profit for the month and a statement of financial position at 31 May.

  Defective units and reworking of units

Defective units, reworking of units, prevention cost , appraisal cost given difference of profit earned to find number of defective units. Variance Corporation is a manufacturer of a versatile statistical calculator.

  Journalize the entries for the seller

journalize the entries for the Seller and Buyer

  How much are marianns monthly payments

The loan requires a 25% down payment and equal monthly payments for 3 years. - How much are Mariann's monthly payments?

  Illustrate what is this contract worth today if the firm

The contract calls for a payment of $0.6 million today, $0.8 million one year from today, and $0.8 million two years from today. Illustrate what is this contract worth today if the firm can earn 7.2 percent on its money?

  How much is interest payable on the balance sheet

Kayla also took out a two-month loan for $40,000 on October 1 at 7%. How much is interest payable on the 12/31 Balance Sheet?

  1 on january 1 2013 moose co purchased for 360000 a patent

1. on january 1 2013 moose co. purchased for 360000 a patent that had been granted two years earlier. on january 1 2015

  Explain whether anushka work hard or under circumstances

Explain whether Anushka will work hard or under these circumstances. Having accepted the position, Anushka realizes that she can opportunist

  Describe the differences between the forecasting methods

Explain why the time-series model that is currently being used is the most reasonable model for the company to use or describe an alternate time-series model

  What is the primary purpose of the accounting system

What is the primary purpose of the accounting system? Are there any requirements for the standards of report presentation?

  Explain why accounting treatment is different in the fund

Explain why the accounting treatment is different in the general Fund and governmental activities general journals.

  Key employee life insurance proceeds in excess of cash

Based upon the following facts of Fred, Inc., calculate adjusted current earnings (ACE): Alternative minimum taxable income (AMTI) $7,220,000 Municipal bond interest 630,000 Expenses related to municipal bonds 61,000 Key employee life insurance proce..

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