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Question - 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. 1. In the note amortization schedule before impairment, how much will appear as the carrying amount of the note as of December 31, 2019?
Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system.
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Cindy maintains an office in her home that comprises 8% (200 square feet) of total floor space. Gross income for her business is $42,00, and her residence expenses are as follows: What is Cindy office in the home deduction base on The regular method?..
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The company's variable costs are $9 per unit and the fixed costs are $700,000. What must Jon's Bikes selling price be if he just wants to breakeven?
Aqua System Inc. expects to have $12,243,384 in credit sales during the coming year. What annual savings can Aqua System expect
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