User Account

All Pages

What is the amount should be recognized as interest income

Assignment Help Financial Accounting
Reference no: EM132789244

Question - On December 3, 2019, Janice Company sold used equipment with carrying amount of P2,000,000 in exchange for a non-interest bearing note of P5,000,000 requiring ten annual payments of P5,000,000. The first payment was made on December 31, 2020. The market interest for similar note was 12%. The present value of an ordinary annuity of 1 is 5.65 for ten periods and 5.33 for nine periods. What is the amount should be recognized as interest income for 2020?

a. P319,800

b. P261,000

c. P600,000

d. P339,000

Reference no: EM132789244

Questions Cloud

Providing false information on job application : Fire Jennifer for providing false information on job application, Keep her because she is doing good job and ignor other employee who brought to attention
What is typical for korean management : What is typical for Korean management? What are the implications of this management style for the competitive strategies of Korean firms?
Describe the symptoms and signs that are found in disorder : Describe the symptoms and signs that are found in the disorder and how the changes due to aging affect the risk for developing this disorder in the elderly.
Discuss historical trends with use of business analytics : Discuss historical trends with the use of business analytics in decision-making choosing two different types of business organizations.
What is the amount should be recognized as interest income : The present value of an ordinary annuity of 1 is 5.65 for ten periods and 5.33 for nine periods. What is the amount should be recognized
What types of legal claim could paula make against cash mart : What types of legal claims could Paula make against Cash Mart and Geoffrey? Paula Plaintiff is shopping at her favorite store, Cash Mart.
How much total revenue should the entity recognize : The customer commences business operations on April 1, 20x1 and reports total sales of 5,000,000 for the year. How much total revenue should entity recognize
What is the convexity of this floater : Consider a 10-year maturity floater whose coupons reset every 3 month (i.e., a quarterly coupon-paying floater) What is the convexity of this floater
What are the effects of modern technology on children : What impact does frequent violence (either from war or street violence) have on a community? What are the effects of modern technology on children?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Predicted or implied exchange rate

If the price of the Big Mac is $2.50 in the U.S. and 500 foreign units (F) in the foreign nations, then the predicted or implied exchange rate is:

  How many baby shoes must jeankelly sell to break

If Jeankelly company sells 13 000 pairs of baby shoes, what is the operating income? How many baby shoes must Jeankelly sell to break?

  Calculate personal saving as a percentage of disposable

Calculate personal saving as a percentage of disposable personal income. What was the amount of disposable personal income last year?

  Find what are option market value and the price of the stock

Flanagan Company's call option is $15, its exercise value is $22, and its time value is $5. What are the option's market value and the price of the stock?

  Design and produce business documents

BSBITU306 - Design and produce business documents - Australia - AAMC Training Group - Design and produce business documents

  Purpose of the statement of cash flows

Describe the purpose of the statement of cash flows. Examine the usefulness and limitations of financial statement analysis

  How many years is expected to be

You have invested $100,000 in the US stock market. How many years is it expected to be until you are going to pull out your money?

  The manufacturing overhead account shows debits

The Manufacturing Overhead account shows debits of $30,000, $24,000, and $28,000 and one credit for $86,000. Based on this information, manufacturing overhead not been applied. Shows a zero balance. Has been under applied. Has been over applied.

  Make the shareholders equity section of the culver umbrella

During the year ended December 31, 2020, Make the shareholders' equity section of the Culver Umbrella Corporation balance sheet as at December 31, 2020

  What the journal entry to be made by fc on april is

FC granted the customer a price reduction of $3,000. The customer paid the outstanding bill on April 15. The journal entry to be made by FC on April 15 is ?

  Which section of balance sheet each of accounts classified

Indicate in which section of the balance sheet each of the accounts is classified. Use the symbols CA for current assets, NCA for noncurrent assets

  What is the current value of a share of drone

What is the current value of a share of drone, Inc stock to an investor who requires a 12 percent return on his or her investment

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