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Problem - On December 31, 2018, Conchita Martinez Company signed a P1,000,000 noninterest bearing note to Sauk City Bank. The market interest rate at that time is 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Considering these data, the bank released cash to the company amounting to P927,908; i.e., the total of the present value of the principal and interest. Unfortunately, because of lower sales, the company's financial situation worsened. On December 31, 2020, when the carrying amount of the loan is determined to be P951,968, Sauk City Bank determined that it was probable that the company would pay back only P600,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the P1,000,000 loan. The present value of 1 at 12% for 3 years is 0.71178 and the present value of an ordinary annuity of 1 at 12% for 3 years is 2.40183. In the note amortization schedule before impairment, how much will appear as the carrying amount of the note as of December 31, 2019?
Merchandise costing $12,000 was being held on consignment by Traynor Company. What amount should Mateo Corporation report as inventory in its December 31, 2011, balance sheet?
Calculate the amount of revenue that the company should company recognize in each year. Provide all journal entries relating the contract for Year 1-3.
The Sanding Department of Ortiz Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation. Prepare a production cost report.
What suitable sources of information could you access and use on financial products and markets, relating to financial and business performance
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Prepare the spreadsheet for the 2012 statement of cash flows. Format cash flows from operating activities by the indirect method.
The first permanent English settlement in New England; established by religious separatists seeking autonomy from the church of England.
Earnings are expected to grow by 15% each year for the next 5 years and 3% thereafter. What is your estimate to the Terminal Value
Which of the following is an advantage of corporations relative to partnerships and sole proprietorships and group of users of accounting information charged with achieving the goals of the business
Ajax accounts for bond premia and discounts using the effective interest method. What is the carrying value of the Comet Corporation Bonds on June 1, 2026?
WannaBee Corporation has $1,500,000 of Receivables on December 31, 2000. WannaBee uses the Allowance Method and historical data indicates that 7% of receivables become uncollectible. The end of year balance in the ADA is 0.
cash flow from operating activities is presented by the direct method the statement of cash flows is accompanied by a supplementary schedule reconciling
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