User Account

All Pages

What should be the amount to be presented

Assignment Help Accounting Basics
Reference no: EM132966105

Questions -

Q1) On January 1, 2019, BTS Co. sold a transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on December 13, 2021. The prevailing rate of interest for this type of note is 12%. How much is the carrying amount of the receivable on December 31, 2020?

Q2) The Morning Star Corporation includes in its trial balance for December 31 Trade Accounts Receivable of P1,114,500. The balance consists of the following items:

Due from regular customers P523,000

Installment accounts receivable, including P150,000 collectible beyond 2019 granted within the usual installment terms of the company 224,000

Loans to officers 220,000

Advances to creditors for goods ordered 45,500

Accounts receivable assigned as security for loans payable 75,000

Note receivable past due plus interest on these notes 27,000

Total 1,114,500

What should be the amount to be presented as Trade Accounts Receivable in the statement of financial position as of December 31?

Reference no: EM132966105

Questions Cloud

How much impairment loss should be recognized : Accrued interest balance at December 31, 2019 is P50,000. How much impairment loss should be recognized by Goldsmith Company on December 31, 2019
How the building and attached wing would be reported : Show how the building and attached wing would be reported on a balance sheet prepared immediately after entry 1c was recorded.
What is the least you will sell your claim : What is the least you will sell your claim for if you can earn the following rates of return on similar-risk investments during the 10-year period
What is deducted from current assets in order to determine : What is deducted from current assets in order to determine net working capital? Which of the following is a working capital account?
What should be the amount to be presented : What should be the amount to be presented as Trade Accounts Receivable in the statement of financial position as of December 31
Which is an asset management ratio : Which is an asset management ratio? The accounts on a Balance Sheet provide a measure of profitability for the company-True/ False
Provide an opening to get audience attention : The article highlights how witnesses are key in workplace harassment reporting as the harassment and discrimination does not just happen behind closed doors but
Calculate the breakeven point in units : Fixed costs are $80,000 per annum (every year), the sales price per unit is $36, Calculate the breakeven point in units
Explain real estate law : Give an example of a situation where a real estate broker could be vicariously liable for the acts of their real estate salesperson.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a bank reconciliation

Cash balance according to the company's records at March 31, $15,866.00. Prepare a bank reconciliation

  Describe logistics and supply chain management system

Describe in detail the logistics and supply chain management system of your firm. Begin with the inputs of material or resources in a service firm.

  Determine amount of beginning Work-in-Process Inventory

The January 1, 2019 balance of Work-in-Process Inventory is $44,000. Determine amount of beginning Work-in-Process Inventory

  Logans sales are 40 cash and 60 credit credit sales are

logan companys budgeted sales and direct materials purchases are as follows.budgeted sales budgeted d.m.

  Company uses the weighted-average method

Hobart Beverage Company uses the weighted-average method in its process costing system. Materials are included at the start of the production process but conversion costs are uniformly applied throughout the production process.

  Included in inventory is merchandise sold to bubbey on

werth company asks you to review its december 31 2012 inventory values and prepare the necessary adjustments to the

  Given the following information how much was transferred to

1. managerial accountinga. focuses primarily on reporting to regulatory agenciesb .is governed by generally accepted

  Determine the effect on net income and earnings per share

Zohan Health is considering two alternatives for the financing of some high technology medical equipment. These two alternatives are.

  Determining linear equations

Supposing  that a linear functional relationship exists, determine the equation that relates total costs to total sales. Describe why the nature of the relationship may change if sales exceed $5,000.

  Find what is the compounded rate of return

An investor purchased mutual fund units at an NAV of Rs.11. After 450 days, she redeemed it at Rs.13.50. What is her compounded rate of return?

  Giovanni grimaldi runs a small tax preparation company

giovanni grimaldi runs a small tax preparation company. giovanni makes over 80 of his money during the busy february

  Discuss the return on investment

Discuss the return on investment. What are the Net Present Value and/or project's Payback Period?

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