User Account

All Pages

Prepare all the necessary journal entries

Assignment Help Accounting Basics
Reference no: EM132544833

Question - On April 1, 2019, Silver Company sold goods to Turquoise Company for P1,560,000. Silver Company received as payment a non-interest bearing note requiring payments of P260,000 annually for 6 years. The first payment was made on April 1, 2020. The prevailing rate of interest for a note of this type at the time of issuance was 9.5%.

Required - Prepare all the necessary journal entries for 2019 & 2020.

Reference no: EM132544833

Questions Cloud

Calculating the net income for tax purposes : How do treat these information for the purpose of calculating the Net income for tax purposes and Taxable income? Determining the minimum net income
What is the current ratio : A company has total assets of $120,000, current assets of $80,000, total liabilities of $50,000, and current liabilities of $25,000. What is the current ratio
Dominate transportation by using self-driving cars : Outline the ways in which this goal conflicts with their current business model and short-term goals.
How bond would be reported on balance sheet at december : Prepare a amortization schedule for Year 1 and Year 2 using the effective interest rate method (round amounts to nearest whole number)
Prepare all the necessary journal entries : On April 1, 2019, Silver Company sold goods to Turquoise Company for P1,560,000. Prepare all the necessary journal entries for 2019 & 2020
What motivates you in general to be innovative : Write a self-reflection on what would motivate you to work more innovatively. Discuss what motivates you in general to be innovative.
Explain why people rational : Explain why people aren't rational and explain the non-rational models of decision-making
Prepare a monthly sales budget in dollars for this quarter : Type A backpack sells for $15 and type B sells for $10. Prepare a monthly sales budget in dollars for this quarter
What is the amount of net surplus : What is the amount of Net surplus?Receipts from Social Event Held $9,000.Decorations and other costs for social event $3,100.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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