User Account

All Pages

Prepare all journal entries for anxious company

Assignment Help Financial Accounting
Reference no: EM132995902

Anxious Company acquired two items of machinery as follows:

  • On December 31, 2019, Anxious company purchased a machine in exchange for a noninterest bearing note requiring 10 payments of P500,000. The first payment was made on December 31, 2020, and the others are due annually on December 31. The prevailing rate of interest for this type of note at date of issuance was 12%. The present value of ordinary annuity of 1 at 12% is 5.33 for the nine periods and 5.65 for ten periods.
  • On December 31, 2020, Anxious Company acquired use of machinery by issuing the seller a two year noninterest bearing note for P3,000,000. In recent borrowing, Anxious Company has paid a 12% interest for this type of note. The present value of 1 at 12% for two years is .80 and the present value of an ordinary annuity of 1 at 12% for two years is 1.69.

Required:

Problem 1: Prepare all journal entries for 2019, 2020, and 2021.

Reference no: EM132995902

Questions Cloud

Prepare the profit and loss appropriation statement for year : Prepare the Profit and Loss Appropriation Statement for the year ended 30th September 2020. Candy and Dal have been trading successfully in their first year
How much is the total assets at the end of the month : How much is the total assets at the end of the month? On January 1, 2021, lalisa established lalisa Company, a laundry business. She used her savings amounting.
Should sell the platinum today : She estimates that the price of platinum will rise to $861.00 per ounce in the next year. If the interest rate is 10%, should she sell the platinum today?
Prepare the journal entry to record piecemeal realization : Prepare the journal entry to record the piecemeal realization of the revaluation surplus. Prepare journal entry to record the revaluation on January 1, 2019.
Prepare all journal entries for anxious company : Prepare all journal entries for 2019, 2020, and 2021. On December 31, 2019, Anxious company purchased a machine in exchange for a noninterest bearing note.
How does impact supply curve as well as equilibrium quantity : In the U.S., much of mortgage lending, How does impact the supply curve, demand curve, as well as equilibrium quantity and interest rate in mortgage lending?
What was the profit-loss for the year ending December : At 31 December 2015 (the end of the year) she had an equity of £?95,000. What was the profit/loss for the year ending 31 December 2015
How does the policy of allowing for mortgage interest tax : Consider the mortgage lending market. How does the policy of allowing for mortgage interest tax deduction impact the demand and supply curves?
How much is the interest income : Atlas charged Angela a 2.5% nonrefundable origination fee. The effective rate is 13.84%. How much is the interest income in 2021

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine what amount must deposit each year

If the account pays 7 per cent interest, what amount must you deposit each year? (Do not round intermediate steps. Round your answer to 2 decimal places)

  Find correct inventory amount to be reported in kwok

Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet.

  Create a multiple-step income statement

Loss on operations of the wholesale division (net of tax) 90,000. Dividends declared on common stock 250,000. Create a multiple-step income statement and a retained earnings statement

  Find which is the correct ordering of the capital stack

Find Which is the correct ordering of the capital stack (from most secure to least secure)? Vendor notes -> Preferred shares -> Revolver debt

  Calculate taxable income and taxes payable for culverltd

Prepare the journal entries to record 2020 income taxes (current and deferred). Calculate taxable income and taxes payable for 2020.

  Estimate the free cash flows to the firm for free cash inc

Estimate Free Cash Inc.'s year 3 terminal value. Estimate the free cash flows to the firm for Free Cash Inc. for each of the next three years.

  Determine the after-tax cost and debt issue

Determine the after-tax cost of a $25 million debt issue that a company with a 40 percent marginal tax rate is planning to place privately with a large insurance company.  This long-term issue will yield 6.6% to the insurance co.  Calculate and ex..

  What is the most important message of speech

Who is the audience and what are their characteristics? Why should/will your audience care about your message?What is the most important message of your speech

  How the investment should be accounted for at acquisition

How the investment should be accounted for at the acquisition date and in Panther's December 31, 2020, year-end financial statements

  Nine months and bears interest

On December 31, year 1, Roth Co. issued a $10,000 face value note payable to Wake Co. in exchange for services rendered to Roth.

  What about future financial statements

If Dick's Sporting Goods' managers had purposely underestimated the allowance for doubtful accounts by $850 thousand, how would the 2016 income statement?

  Identify who would be the first three individuals

Identify who would be the first three individuals you would seek to interview and what the first three questions you would ask those three individuals.

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