User Account

All Pages

Prepare the entries on January and August

Assignment Help Accounting Basics
Reference no: EM132821518

Question - On January 1, 2020, BSA Company loaned money to ABC Company in exchange for 12%, one-year promissory note. On August 31, 2020, the promissory note was discounted at 15% and received P622,440.00 as proceeds. Compute for the gain or loss on discounting of the promissory note. (Show computations). Prepare the entries on January 1, 2020 and on August 31, 2020.

Reference no: EM132821518

Questions Cloud

What you have learned about symbolic interactionism : For this assignment, you will use what you've learned about symbolic interactionism to develop your own analysis. Your assignment is to select a television.
What assurances will steph want : Think about the negotiation process. What assurances will Steph want? What assurances will Kawhi want? How will the contract terminate?
Steps of the control process : Analyze how the four steps of the control process and explain how each step contributes to the control function
How much does bechtel have to pay in one year : A parcel of land in LA, zoned to allow high-rises is for sale. How much does Bechtel have to pay in one year if interest rate is 8% compounded semi-annually?
Prepare the entries on January and August : On August 31, 2020, the promissory note was discounted at 15%. Prepare the entries on January 1, 2020 and on August 31, 2020
Describe a positive service experience : Describe a positive service experience you have had with a company and your impressions of that business. What are the implications of a company
What is the actual yield rate earned by the bondholder : Suppose it turns out that the bond is called after 13 years. What is the actual yield rate earned by the bondholder? Use the method of averages
Find what is the maturity value of the note : 6 percent, $100,000 note to a customer, to replace the customer's $100,000 outstanding Accounts Receivable. What is the maturity value of the note?
What is this firm debt-equity ratio : Glenboro Fire Prevention Corp. has a profit margin of 7.30%, total asset turnover of 2.30, and ROE of 18.77%. What is this firm's debt-equity ratio

Reviews

Write a Review

Accounting Basics Questions & Answers

  Read case and apply knowledge of the five components

Read the following case. Apply your knowledge of the five components of the 2013 COSO IC framework as well as risk, internal controls

  Please make single and continuous multiple-step statement

Please make a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items

  Determine the total material variance

Cultco Company Ltd has set the following direct material standards per unit of product: 2.5 kg @ $3.00 per kg; Determine the total material variance

  Based on past experience it is estimated that 30 of a

cash receipts budget flagstaff co. has actual sales for july and august and fore-cast sales for september october

  What is the amount of net accounts receivable

The company sold merchandise to Bruce Willis for $3,600 and later received $1,200 from Willis. What is the amount of net accounts receivable

  Describe the three sections of comprehensive annual

accrual and modified accrual basis of accountingsubmit your responses to the following questions in a 1-2 page summary

  Dissatisfied employees may steal from a sense of entitlement

Which of the following characteristics is most likely to heighten an auditor's concern about the risk of material misstatements, due to fraud in an entity's financial statements?

  At what discount rate does the lump sum offered by lottery

At what discount rate does the lump sum offered by lottery officials equal the present value of the annuity payments

  What rate of return did earn on her investment

Last year, Julie Johnson bought one share of common stock for $950. During year, Julie received a $47.50 dividend. What rate of return did earn on investment

  Problem - Determining Supplies Purchased

Problem - Determining Supplies Purchased - The supplies and supplies expense accounts at December 31, Supplies Bal. 900 and Supplies Expenses Bal. 2,750

  Basics related to comprehensive income

Each of the following would be reported as items of other comprehensive income except:

  How should franchisor account for continuing franchise fees

How should a franchisor account for continuing franchise fees and routine sales of equipment and supplies to franchisees?

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