During the year 2020, Ali AI Shaibani group of companies made the total credit purchases worth RO 912500. For the accounting year 2020, the opening accounts payable of the company were RO 125000, and the closing accounts payable of the company was RO 75000. Using the information, calculate
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A: Hi student Since there are multiple questions, we will answer only first question.
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- 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 pointsStarlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?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. None of the other points b. OMR 12,400 c. OMR 1,500,000 d. OMR 31,000
- Milo Corporation has a line of credit with BDO for Ҏ5,000,000 in June30, 2018 payable on December 31, 2019. The company has no existingdeposit with the bank. The bank requires the borrower a compensatingbalance of 5% and charges 15% for loans availed. a) How much should the company borrow to have a net proceeds ofҎ5,000,000?b) What is the effective interest rate from this transaction if:b-1) interest rate is paid at the end of the term?b-2) interest is deducted in advance?What is the interest income for 2022? Beach Bank loaned Boracay Company P7,500,000 on January 1, 2019. The terms of the loan were payment in full on January 1, 2023 plus annual interest payment at 11%. The interest payment was made as scheduled on January 1, 2020. However, due to financial setbacks, Boracay Company was unable to make the 2021 interest payment. Beach Company considered the loan impaired and projected the cash flows from the loan on December 31, 2021. The bank accrued the interest on December 31, 2020, but did not continue to accrue interest for 2021 due to the impairment of the loan. The projected cash flows are: Date of cash flow Amount projected on December 31, 2021 December 31, 2022 December 31, 2023 500,000 1,000,000 December 31, 2024 2,000,000 December 31, 2025 4,000,000 The PV of 1 at 11% is 0.90 for one period, 0.81 for two periods, 0.73 for three periods, and 0.66 for four periods. a. 589,600 b. 534,600 O c. 825,000 O d. 599,456What is the carrying amount of the loan receivable on December 31, 2022? Beach Bank loaned Boracay Company P7,500,000 on January 1, 2019. The terms of the loan were payment in full on January 1, 2023 plus annual interest payment at 11%. The interest payment was made as scheduled on January 1, 2020. However, due to financial setbacks, Boracay Company was unable to make the 2021 interest payment. Beach Company considered the loan impaired and projected the cash flows from the loan on December 31, 2021. The bank accrued the interest on December 31, 2020, but did not continue to accrue interest for 2021 due to the impairment of the loan. The projected cash flows are: Date of cash flow Amount projected on December 31, 2021 December 31, 2022 500,000 1,000,000 December 31, 2023 December 31, 2024 December 31, 2025 2,000,000 4,000,000 The PV of 1 at 11% is 0.90 for one period, 0.81 for two periods, 0.73 for three periods, and 0.66 for four periods. a. 7,000,000 b. 5,449,600 c. 4,860,000 d.…
- On 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 OMROn 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) ^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
- On January 1, 2022, Slack Company finished legal services and accepted in exchange a 5% $400,000 promissory note with a due date of December 31, 2024. Interest is receivable on January 1 of each year. Notes with similar risk have a market rate of interest of 10%. Set financial calculators to zero decimal place. Required: (a) Determine the value of the following: N = Answer 1 Question 3 I/Y = Answer 2 Question 3 PMT = $Answer 3 Question 3 FV = $Answer 4 Question 3 (b) The present value of the note was $Answer 5 Question 3 (c) Prepare a Schedule of Note Discount/Premium Amortization for Slack Company under the effective interest method. Slack 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 3 Dec 31, 2022 $Answer 7 Question 3 $Answer 8 Question 3 $Answer 9 Question 3 Answer 10 Question 3 Dec 31,…. Carson Company borrowed P3,600,000 from a bank evidenced by a non-interest-bearing note due in five years. At the 12% imputed interest rate for this type of loan, the present value of the note is P2,550,000 on January 1, 2020. What interest expense should be reported in 2020? Group of answer choices P306,000 P350,000 P432,000 P0On 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,…
