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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. In the note amortization schedule before impairment, how much will appear as the carrying amount of the note as of December 31, 2019?
Record the transactions in the cash receipts journal. Total and verify column totals and rule the columns. Use the general journal to record sales returns and allowances.
How much is the total amount for reversal at the start of the next fiscal year relating to these adjusting entries
ABC Company has a three-stage production cycle. The following data are available for the cutting department for November: Materials are added at the beginning of the process in the cutting department. What are the equivalent units under the average c..
Ed owned multiple businesses but employed his brother Joe to manage them as a salaried employee. Ed spent most of his time on his yacht or flying in his plane with various friends. Joe on the other hand had the responsibility of making sure that all ..
Prepare NCI Memorandum Account to calculate the total non- controlling interest in consolidated profit after tax for the year ended 31 December 2016
Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute General Mills' accounts receivable turnover. (R..
Discuss ethical financial practices and describe why your budgetary needs are sustainable based on principles of corporate responsibility
The bond currently sells for P925. If the yield to maturity remains at its current rate, what will the price be 5 years from now? (Hint: YTM is 9.28%)
Anna works for the Eastern Medical, Determine the total tax levied on the contributions to Anna's superannuation fund and the tax effect on Anna's employer?
At his wife Sabrina’s death, Dwayne disclaimed some assets bequeathed to him by will that were subsequently transferred from Sabrina’s estate to other beneficiaries: How did these transfers affect Sabrina’s estate tax? Which of these are the correct ..
valuation of inventory using fifo and lifo methods.all-pages book company reports the following inventory transactions
What is the contributed capital for 2011? How does contributed capital compare with retained earnings? Did CVS's debt to equity ratio change from 2010 to 2011?
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