User Account

All Pages

How much is the amount of interest income recognized

Assignment Help Financial Accounting
Reference no: EM133016816

Question - On January 1, 2021, Exo Company received a P200,000 cash and a 4-year, 3%, P500,000 note to be collected on December 31, 2024. Interest on this note is to be collected at the end of each year. The note was received from sale of an quipment with original cost of P1,000,000 and accumulated depreciation of P400,000 on date of sale. Interest effective on the note is 5%.

Required -

How much is the amount of gain (loss) on sale recognized on January 1, 2021 from sale of equipment?

How much is the amount of interest income recognized in its statement of comprehensive income for the period ending December 31, 2022?

Reference no: EM133016816

Questions Cloud

What is the current share price : If the required return is 11 percent and the company just paid a dividend of $1.15, what is the current share price
Demonstrate to jason the ledger accounts : You need to demonstrate to Jason the ledger accounts (T-Ledger, double entry format) for the above unrelated transactions
What is the expected return on your new portfolio : The risk free rate is 6% and the expected return on the market is 15%. What is the expected return on your new portfolio
What is the balance in accounts? receivable : A sole proprietorship reported the following transactions for the month of March. What is the balance in Accounts? Receivable
How much is the amount of interest income recognized : How much is the amount of interest income recognized in its statement of comprehensive income for the period ending December 31, 2022
What must be the expected growth rate : Arts and Crafts, Inc. will pay a dividend of $3 per share in 1 year. What must be the expected growth rate of the company's dividends
What the journal entry to record the payment : The allowance is granted before the invoice is paid. What the journal entry to record the payment after the allowance and within the discount period
What amount should be debited to salaries expense : Mason Painting Services has a weekly payroll of $20,000. What amount should be debited to Salaries Expense on December? 31
How much money will be in her rrsp at retirement : If she continues to contribute $200 at the beginning of every month, how much money will be in her RRSP at retirement

Reviews

Write a Review

Financial Accounting Questions & Answers

  What maximum external price that sunland company willing

company would prefer to buy the CDs, what is the maximum external price that Sunland Company would be willing to accept to acquire the 60000units externally?

  What is the price of the stock today

After the third year, the divdend will grow at a constant rate of 5% per year. the required return is 10 %. what is the price of the stock today?

  Find the sustainable and internal growth rates for a firm

Find the sustainable growth rates for a firm and Find the internal growth rates for a firm.

  How do exchange gains arise under each of the methods

Why are exchange gains or losses recognized in the income statement under the temporal method and deferred and included in the balance sheet?

  Presented a plan to increase advertising expenses

Assume the marketing department has presented a plan to increase advertising expenses by $245 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%.

  Prepare any necessary adjusting entries at the year-end

Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item

  Record any required adjusting entries for inventory

Purchased 240 units for $242 (incl. GST) each on credit. Record any required adjusting entry(ies) for inventory shortage expense

  Which revenues may not be large enough to offset expense

In a typical project year, revenues may not be large enough to offset expenses, which? can happen in cost-only mutually exclusive service projects.

  Compute ending inventory valuation under absorption andnbsp

compute ending inventory valuation under absorption andnbsp variable costingconsider the following information

  Prepare all of relevant journal entries from time of sale

Sanford Co. sells $515,700 of 10% bonds on March 1, 2014. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2017. The bonds yield 12%. Prepare all of the relevant journal entries from the time of sale until ..

  Use bank debt or additional trade credit

XYZ Inc. buys $10 million of materials (net of discounts) on terms of 3/5, net 60, and it currently pays on the 5th day and takes discounts. XYZ plans to expand, which will mean additional financing. If XYZ decides to forgo discounts, could it obtain..

  Question smith and sons is developing the 2011 budget in

question smith and sons is developing the 2011 budget. in 2011 the company would like to increase selling prices by 20

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