User Account

All Pages

How much is carrying amount of note receivable on dec

Assignment Help Accounting Basics
Reference no: EM132778172

Problem 1: On December 31, 2019, Gel Company sold used equipment with carrying amount of P2,000,000 in exchange for a noninterest bearing note of P5,000,000 requiring 10 annual payments of P500,000. The first payment was made on December 31, 2020. The market interest for similar note was 12%. The present value of ordinary annuity of 1 at 12% is 5.65 for 10 periods and 5.33 for 9 periods. What is the carrying amount of the notes receivable on December 31, 2019?

Problem 2: Using the same data in problem found in Question 1, how much is the gain on sale of equipment to be recognized in 2019?

Problem 3: Using the same data in problem found in Question 1, how much is the interest income for 2020?

Problem 4: Using the same data in problem found in Question 1, how much is the carrying amount of note receivable on December 31, 2020?

Reference no: EM132778172

Questions Cloud

How much is report as not yet due and demandable obligations : How much is reported as Not yet Due and Demandable Obligations in the entity's Budget Accountability Report? Incurrence of obligations amounting to P880,000
Contrast correlational research design : What are the similarities and differences between these designs? What are the benefits and drawbacks of each? In what instances must we use one over the other?
Implementation of technology within organization : what strategic integration is and how it ties to the implementation of technology within an organization.
Jean piaget stages of cognitive development and stages : Please help me define Jean Piaget's Stages of Cognitive Development and the stages, and an associated outcome for parenting styles
How much is carrying amount of note receivable on dec : How much is the carrying amount of note receivable on December 31, 2020? On December 31, 2019, Gel Company sold used equipment.
What are the advantages if the auditor of a single financial : What are the advantages if the auditor of a single financial statement is the same as the auditor of the complete set of financial statements?
Describe whether the project was a success and why : Find any example of a real project with a real project manager. Feel free to use projects in the media (such as the Olympics, television shows, or movies).
Data analytics can help companies achieve major business : Data analytics can help companies achieve major business outcomes. List four areas where IT can make major difference
Various parts of the female and male sexual anatomy : How might women and men become more comfortable using the correct terms for these parts of human anatomy?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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