User Account

All Pages

Provide the entry to record derecognition of note payable

Assignment Help Financial Accounting
Reference no: EM132998211

On January 1, 20x1, an entity has an outstanding note payable with carrying amount of P1,200,000. On this date, the debtor agrees to receive equipment with historical cost of P2,000,000, accumulated depreciation of P900,000 and fair value of P1,000,000 in full settlement of the note payable.

Requirement:

Problem 1: Provide the entry to record the derecognition of the note payable.

Reference no: EM132998211

Questions Cloud

Why is it important that program developers know legislation : Why is it important that program developers know the legislation and regulations affecting vocational education and training (VET)?
Explain different types of mis : Explain different types of MIS and analyze their strategic and competitive opportunities for business
What the primary purpose of the listing is to : At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger. The primary purpose of this listing is to
Explain the four possible brand objectives : Using Milo as a brand case, explain the four (4) possible brand objectives involve at each stage in the brand resonance model.
Provide the entry to record derecognition of note payable : Provide the entry to record the derecognition of the note payable. On January 1, 20x1, an entity has outstanding note payable with carrying amount of P1,200,000
Provide the entries on january to record the conversion : The bonds mature on December 31, 20x4 and pay annual interest of 16%. Provide the entries On January 1, 20x3 to record the conversion of bonds.
Provide the entry on december to record the retirement : Provide the entry on December 31, 20x2 to record the retirement of the bonds. On January 1, 20x1, an entity issues bonds with a face amount of P4,000,000.
Four functional areas of the business : Most companies have recognized the benefit of the consistent use of information systems to support the daily work of individual employees as well as unifying da
Give the adjusting entry should be made on december : Give the adjusting entry (or entries) that should be made on 31 December for each item. If an adjusting entry is not required, explain why

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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