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Question - On December 31, 2018, Conchita Martinez Company signed a P1,000,000 noninterest bearing note to Sauk City Bank. The market interest rate at that time is 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Considering these data, the bank released cash to the company amounting to P927,908; i.e., the total of the present value of the principal and interest. Unfortunately, because of lower sales, the company's financial situation worsened. On December 31, 2020, when the carrying amount of the loan is determined to be P951,968, Sauk City Bank determined that it was probable that the company would pay back only P600,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the P1,000,000 loan. The present value of 1 at 12% for 3 years is 0.71178 and the present value of an ordinary annuity of 1 at 12% for 3 years is 2.40183. In the note amortization schedule before impairment, how much will appear as the carrying amount of the note as of December 31, 2019?
Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments.
The total value of the orders amounted to R37000. How transaction has been treated in the financial statements, for year ended June 2020?
In the previous two months, E&P sold over $23,000 to SQU. If SQU fails to make the discount threshold, what entry will E&P have to make upon forfeit of the discount.
Prepare the bank reconciliation at May 31, 2015. The bank reported the collection of a note receivable for Romney of S7,300 including $500 interest.
A manufacturing company leases a building for $110,000 per year. How many units must be sold each year for the company to earn a profit of $63,000 per year?
Prepare Journal Entries from the transactions.Dec 16 2016 Received a $12,000, 6-month, 9% note to settle an open account from M. Kline
What are the current market values of Steinberg's equity and debt? (Enter answers in dollars, not millions of dollars. Do not round intermediate calculations
JKL Corporation has earnings and profits of $800,000 and has 1,000 shares of stock outstanding. That stock is held 550 shares by Anna and 450 shares by Ellen, who are unrelated individuals. JKL Corporation redeems 200 of Anna’s shares for $1,000 per ..
Balance per bank statement 10,000. Direct customer deposit 1,872. How much should be reported as cash in bank in the financial statement?
Why are issues of sexual orientation of such significance to religious bodies. Is it one's own firmly held moral stance on an issue. Why or why not
Are the approaches you described in answer to question (2) mutually exclusive, or can they be used to complement each other? Explain?
On May 1, 2014, Stanton Company purchased $60,000 of Harris Company's 12% bonds at 100 plus accrued interest of $2,400. On June 30, 2014, Stanton received its first semiannual interest. On February 1, 2015, Stanton sold $50,000 of the bonds at 103 pl..
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