Account Debit (Credit) Account Debit (Credit) $ (3,800) 1,800 (9,300) 12,200 (6,000) 16,400 12,600 (1,400) (13,100) 7,400 (21,000) 4,600 28,700 Income Taxes Payable Prepaid Items Additional Paid-in Capital on Common Stock Land Notes Payable (due 2022) Notes Receivable (due 2021) Accounts Receivable Premium on Bonds Payable Accounts Payable Inventory Accumulated Depreciation: Buildings Patents (net) Equipment Additional Paid-in Capital on Preferred Stock Allowance for Doubtful Accounts Bonds Payable (due 2023) Buildings Sinking Fund to Retire Bonds Payable Advances from Customers (long-term) Cash $ (7,900) (1,600) (23,000) 57,400 5,000 (2,600) 4,300 (9,700) (18,300) (18,600) (1,400) (12,700) Accumulated Depreciation: Equipment Retained Earnings Preferred Stock, $100 par Wages Payable Common Stock, $10 par

Account Debit (Credit) Account Debit (Credit) $ (3,800) 1,800 (9,300) 12,200 (6,000) 16,400 12,600 (1,400) (13,100) 7,400 (21,000) 4,600 28,700 Income Taxes Payable Prepaid Items Additional Paid-in Capital on Common Stock Land Notes Payable (due 2022) Notes Receivable (due 2021) Accounts Receivable Premium on Bonds Payable Accounts Payable Inventory Accumulated Depreciation: Buildings Patents (net) Equipment Additional Paid-in Capital on Preferred Stock Allowance for Doubtful Accounts Bonds Payable (due 2023) Buildings Sinking Fund to Retire Bonds Payable Advances from Customers (long-term) Cash $ (7,900) (1,600) (23,000) 57,400 5,000 (2,600) 4,300 (9,700) (18,300) (18,600) (1,400) (12,700) Accumulated Depreciation: Equipment Retained Earnings Preferred Stock, $100 par Wages Payable Common Stock, $10 par

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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★ Problem 1-6 (IAA) Cavalier Company provided the following information on December 31, 2021: Accounts payable Notes payable-bank Interest payable Mortgage note payable -10% Bonds payable ✰ 6,600,000 8,000,000 Bank notes payable include two separate notes payable to First Bank 150,000 2,000,000 4,000,000 A P3,000,000, 10% note issued March 1, 2020, payable on demand. Interest is payable every six months. A one-year, P5,000,000, 11% note issued January 2, 2021. On December 31, 2021, the entity negotiated a written agreement with First Bank to replace the note with a 2-year, P5,000,000, 10% note to be issued January 2, 2022. The 10% mortgage note was issued October 1, 2020 with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within 10 days of the date the payment is due. On December 31, 2021, the entity is three months behind in paying the required interest payment. Required: Compute total…
On December 31, 2021, Yohan Company provided the following information: Accounts Payable, Including deposits and advances from customer of P250,000 1,250, 000 Notes payable, including note payable to bank due on December 31, 2022 of 500,000 1.500,000 Share dividend payable 400,000 Credit balances in customer's account 200,000 Serial bonds payable in semi annual installment of 500,000 5,000,000 Accrued interest on bonds payable 150,000 Contested BIR tax assessment - possible obligation 300,000 Unearned rent income 100,000 Required: Compute the total current liabilities on December 31,2021
MC21. Bay Corporation trial balance included the following account balances at December 31, 2021: Accounts payable - P4,500,000; Bonds payable, due December 31, 2022 P7,500,000; Discount on bonds payable - P900,000; Notes Dividends payable on January 31, 2022 - P2,400,000; payable due January 31, 2025 - P6,000,000. How much is included in the current liabilities section of Bay Corporation's December 31, 2021 statement of financial position?
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 Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attached a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000
Company A received a 5-year Non-interest bearing note payable to Company A on December 31, 2024, P 5,000,000. The market interest rate for this type of transaction is 12%. What is the amount that shall be reported on the statement of financial position on December 31, 2022, as Notes Receivable (net of discount or premium)?
35) The books of Blue moon bank as on 31/12/2019 showed the following information: Rebate on bills discounted (1.1.2019) OMR 320,000 Discount received OMR 4,600,000 Bills discounted and purchased OMR 31,547,000 Rebate on bills as on (31.12.2019) OMR 700,084 Calculate the net amount to be entered as interest and discount in Revenue/Income statement
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
On December 31, 2020, Glare Company provided the following information: Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank due on December 31, 2022 of P500,000 Shared dividend payable Credit balances in customer's accounts Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR Assessment - possible obligation Unearned rent income P1,250,000 P1.500.000 P400,000 P200.000 P5.000.000 P150,000 P300.000 P100,000 Notes: 1. Total liabilities of the Company amounted to P10,000,000 2. There are no other noncurrent liabilities of the Company aside from those listed above
Transactions 2019 Dec. 2020 Mar. Sep. Nov. Dec. Dec. 31 Estimated that bad debt expense for the year was 4 percent of credit sales of $384,500 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 26 Sold inventory to Melinda Monet, $10,400.00, on credit terms of 2/10, n/30. Ignore cost of goods sold. 15 Wrote off Melinda Monet's account as uncollectible after repeated efforts to collect from her. 10 Received $5,400 from Monet, along with a letter stating her intention to pay her debt in full within 30 days. Reinstated her account in full. 5 Received the balance due from Monet. 31 Made a compound entry to write off the following accounts as uncollectible: Bob Keffer, $2,000; Marilyn Lee, $870.00; and Rich Alton, $12,300. 31 Estimated that bad debt expense for the year was 3 percent of credit sales of $810,000 and recorded the expense. 31 Made the closing entry for the bad debt expense. Print Done X
67. BT21 Company reported the following account balances on December 31, 2021:· Accounts payable- P1,900,000· Bonds payable - P3,400,000· Premium on bonds payable- P200,000· Deferred tax liability- P400,000· Dividend payable- P500,000· Income tax payable- P900,000· Note payable due January 31, 2022- P600,000On December 31, 2021, what total amount should be reported as current liabilities?
On December 31, 2019, Gliezel company provided the following information:Accounts payable, including deposits and advances from customer of 300,0001,500,000Notes payable, including note payable to bank due on December 31, 2021of 600,0001,800,000Stock dividend payable480,000Credit balances in customers accounts240,000Serial bonds payable in semiannual installment of 600,0006,000,000Accrued interest on bonds payable180,000Contested BIR tax assessment – possible obligation360,000Unearned rent income120,000Compute the total current liabilities.