User Account

All Pages

How much is the interest revenue reported

Assignment Help Financial Accounting
Reference no: EM132779236

Question - On April 1, 2020, Churva Company sold a tract of land that originally cost P400,000. Churva received a P600,000, 6% note as payment for the land. The principal amount of the note is payable on March 31, 2023. Interest is payable on March 31, 2021, March 31, 2022 and March 31, 2023. At April 1, 2020, the prevailing rate of interest for a similar obligation is 10%. On this date, there is no available cash price for the land.

at 6% at 10%

PV of a single payment 0.8396 0.7513

PV of ordinary annuity 2.6730 2.4869

Churva's accounting period ends on December 31. How much is the interest revenue reported in the statement of comprehensive income for the year ended December 31, 2021?

a. 54,031

b. 55,384

c. 55,834

d. 54,482

Reference no: EM132779236

Questions Cloud

Compute the average cost per unit for material a : Assuming a weighted average method of process costing, compute the average cost per unit for Material A. Started this cycle 2,000 units
Hipaa and codes of ethics : The situation. Healthcare providers need access to patient personal health information wherever patients are present for care.
When posting the sales journal are : The general ledger accounts used when posting the sales journal are? Sales discounts, sales returns and allowances, sales revenue, and accounts receivable
Which can be redeemed for store merchandise : Piccadilly, Inc. sells gift cards which can be redeemed for store merchandise. These cards expire one year after their issuance. About Piccadilly's gift cards
How much is the interest revenue reported : Churva's accounting period ends on December 31. How much is the interest revenue reported in the statement of comprehensive income
Pros and cons of such programs as deming and six sigma : Explain the evolution of and the pros and cons of such programs as Deming and Six Sigma.
Which dockery recorded correctly : Dockery was only able to recover £50 out of the £1,100 owed by the customer. As a result of this transaction, which Dockery recorded correctly
Anti-kickback statute : Do think that most physicians are well trained on how to avoid issues with the Anti-Kickback Statute?
Determine the inventory lost by flood using the gross profit : Determine the inventory lost by flood using the Gross Profit (Margin) Method, assuming a beginning inventory of $30,000 and a gross profit (margin)

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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