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- 16. On 1 January 2022, Marina Tower exchanged equipment for an $800,000 zero-interest-bearing note due on January 1, 2023. The prevailing rate of interest for a note of this type at January 1, 2020 was 10%. The present value of $1 at 10% for three periods is 0.75. What amount of interest revenue should be included in Marina's 2023 income statement?Question 16Answera.$60,000b.$66,000c.$0d.$80,000. please answer do not image formatOn January 1, 2019, Bank Dhofar issued CD in Muscat Securities Market which will mature in October 30, 2020. The CD pays 8 % interest rate. Calculate the interest earned on this CD with face value of 100000. Assume all month to be of 30 days. Select one: a. None of these b. 4835.50 OMR C. 5325.40 OMR d. 5260.27 OMRZuhoor Muscat Company borrowed RO 300,000 from the bank signing a 6%, 10-month note on September 1, 2020. The recorded amount of accrued interest expense on December 31, 2020 will be: O a. RO 300,000. b. RO 6,000. C. None of the options are corre d. RO 6,000. e. RO 15,000. NEXT PA here to search
- The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses?Select one:a. OMR 12,400b. OMR 1,500,000c. OMR 31,000d. None of the other pointsOn January 1, 2019, Bank Nizwa issued CD in Muscat Securities Market which will mature in October 30, 2020. The CD pays 6% interest rate. Calculate the interest earned on this CD with face value(FV) of 50000. Assume all month to be of 30 days. Select one: O a. 1856.57 OMR O b. 1972.60 OMR O c. None of these O d. 1965.90 OMR Next page Windows bu 直 G a 4) ^Subject :- ADVANCED FINANCIAL ACCOUNTING (FIN611) Question # 2:XYZ Limited has the following loans outstanding as at December 31, 2020. Calculate the Capitalization RateLoan – A @ 8% (taken at January 01, 2020) Rs. 600,000Loan – B @ 5% (taken at July 01, 2020) Rs.400,000Loan – C @ 9% (taken at September, 01 2020) Rs.300,000The company spent following amounts on construction of an asset.March 01, 2020. Rs. 500,000August 01, 2020. Rs. 400,000December 1, 2020 Rs. 400,000 Note:- Solve these question and please explain in detail in such a way that i will get full marks.
- In its Dec. 31, 2020 statement of financial position, how much current liabilities should be reported? (SEE ATTACHED FOR PROBLEM) CHOICES a. P 4,000,000b. P 3,640,000c. P 3,000,000d. P 1,500,000On September 1, 2021, Middleton Corp. lends cash and accepts a $10,000 note receivable that offers 18% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2022? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $300. $468. $335. $617.At the end of 2020, the business has a notes payable with maturity value of TL18.000. The maturity date of the note is April 30, 2021. If the discount rate is 15%, what is the present value of the note on December 31, 2020 by using maturity value method? a.TL17.100 b.TL15.300 c.TL17.325 d.TL17.143
- 5. The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RMCash in hand 100Cash at bank 9,000Account receivable 12,840Inventory as at 1 June 2019 26,500Motor vehicles 14,000Plant and machinery 50,000Long term investment 10,000Freehold premises 147,500Account payable 16,50010% Mortgage on freehold premises 34,000Capital 219,840Purchases 128,900Wages and salaries 70,300Rates and taxes 1,000Interest on mortgage 1,700General expenses 2,000Carriage outwards 21,000Insurance premium 3,000Drawings 7,400Carriage inwards 600Advertising expenses 14,000Sales 250,000Sales returns 1,000Purchases returns 500Discount received 600Discount allowed 800Allowance for doubtful debt 200Inventory at 31 July 2020 was RM30,000.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 31 July 2020.ii. Statement of Financial Position as 31 July 20209. On August 20, 2024, Madak Co. decides to invest excess cash of $2,900 by purchasing Wolf, Inc. bonds. At year-end, December 31, 2024, the market price of the bonds was $2,600. The K- investment is categorized as available-for-sale debt Joumalize the adjusting entry needed at December 31, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date 2024 Dec 31 Accounts and Explanation Debit Co CreditOn January 1, 2022, Ace Company finished landscaping services and accepted in exchange a 10% $400,000 promissory note with a due date of December 31, 2024. Interest is receivable at December 31 each year. Notes with similar risk have a market rate of interest of 5%. Set financial calculator to zero decimal place. Required: (a) Determine the value of the following: N = Answer 1 Question 4 I/Y = Answer 2 Question 4 PMT = $Answer 3 Question 4 FV = $Answer 4 Question 4 (b) The present value of the note was $Answer 5 Question 4 (c) Prepare a Schedule of Note Discount/Premium Amortization for Ace Company under the effective interest method. Ace Company Schedule of Note Discount/Premium Amortization Effective Interest Method Date Cash Interest Amortized Amount Carrying Value of Note Jan 1, 2022 $Answer 6 Question 4 Dec 31, 2022 $Answer 7 Question 4 $Answer 8 Question 4 $Answer 9 Question 4 Answer 10 Question 4 Dec 31,…