How much is the current portion of the note receivable

Assignment Help Accounting Basics
Reference no: EM132992104

Question - Twice Incorporated sold a building which is no longer used in its operation on August 1, 2020. The building has estimated useful life of 5 years with an original cost of P15,000,000 and carrying value of P9,500,000 on date of sale. Twice received a P6,000,000, 3-year noninterest bearing note to be collected in equal annual installment of P2,000,000 every July 31 of each year starting 2021. There is no available fair value for the building but on August 1, 2020, interest effective was at 6%. On December 31, 2021, interest effective was increase to 7%. How much is the current portion of the note receivable reported in its December 31, 2021 statement of financial position?

Reference no: EM132992104

Questions Cloud

How does shareholder can affect a company decision : Question - How does shareholder's can affect a company decision? What are the purposes of the board of the directors
Discuss the common issues : Discuss the common issues that may arise between the divisional managers, when performance is measured using ROI
What is our portfolio beta and what is its expected return : If we invest 1/2 of our money in the first asset and 1/2 of our money in the second, what is our portfolio beta and what is its expected return
Draft a qualified report based on assumptions : Suppose your firm has assigned a task to conduct Audit of M/S Z & Co. a pub limited company for the year 2018-2019. Draft a qualified report based on assumption
How much is the current portion of the note receivable : How much is the current portion of the note receivable reported in its December 31, 2021 statement of financial position
What is the required return : Resnor, Inc., has an issue of preferred stock outstanding that pays a $5.50 dividend every year in perpetuity. What is the required return
Calculate the interest rate on year four : Suppose you and most other investors expect the inflation rate to be 7% next year, Calculate the interest rate on year 4 and year 20
Determine the number of months necessary : Consider a $180,000, 30-year-fixed-rate mortgage with a nominal interest rate of 6% compounded monthly. Determine the number of months necessary
What is the most expensive car can you buy : What is the most expensive car can you buy, if you can afford a $650 monthly car payment and if the annual interest rate is 2% on a 60-month term loan

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.

  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!

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