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Question
Philip's Company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022 and 2024.
1. What is the balance of note receivable on July 1, 2022? Show solution.
2. On June 30, 2023, what amount should be reported as accrued interest on the note receivable? Show solution.
Suppose that interest payments on the mortgage are made on December 31 of each year. What journal entry did the company make in Year 2
Elaborate the first FOUR(4)steps needed before reaching the final step in recognising revenue when (or as) a performance obligation is satisfied.
Croissant, Muffin and Crème Danish are in partnership,Prepare the capital accounts of the partners in column format and balance the accounts properly.
Greyson Industries purchased supplies for P1,000. Which would be the correct way to complete the recording of the transaction?
Oust the Turtle Now Company maintains a gross profit of 60% based on sales. How much should be reported as cost of sales
What relationship does the ordinary share price on the last day of financial year have with the share capital as reported in the financial statements?
Dinorwig 1.7GW pumped storage located in Wales was constructed beginning in 1974 costing £425 million and took 10 years to complete. The yearly operation cost after construction completed was £5 million. Calculate the simple payback period and ROI wi..
United Way and has $5.00 deducted for her social club membership each pay. Calculate the employee net pay
The 10%, P2,000,000 loan payable will mature on July 1, 2019. What is the noncurrent portion of the notes payable as of December 31, 2018
Calculate the value of a bond that will mature in 8 years' time and has a $1000 face value. The coupon interest rate is 9%p.a. paid annually
On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000. Prepare the entries for Todd Company for the purchase ..
Explain the relationship between the current yield and YTM for premium bonds? For discount bonds? For bonds selling at par value?
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