On January 1, 2022, Malia sold property carried in inventory at a cost of P1,312,710 for P2,100,000. A 20% down payment was made and the balance payable in 4 equal installments of P420,000, payable semi-annually every June 30 and December 31. Expenses related with sale, P100,000. (Market rate of interest-12%). How much is the net income related with the installment sales for the year ended December 31, 2022?
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On January 1, 2022, Malia sold property carried in inventory at a cost of P1,312,710 for P2,100,000. A 20% down payment was made and the balance payable in 4 equal installments of P420,000, payable semi-annually every June 30 and December 31. Expenses related with sale, P100,000. (Market rate of interest-12%).
How much is the net income related with the installment sales for the year ended December 31, 2022?
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- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)On January 1, 2018, UE Realty Company sold property carried in inventory at a cost of P1,312,710 for P2,100,000. A 20% down payment was made and the balance payable in 4 equal installments of P420,000, payable semi-annually every June 30 and December 31. Expenses related with sale, P100,000. (Market rate of interest-12%). How much is the net income related with the installment sales for the year ended December 31, 2018?On June 30, 2021, Casio Sony Company sold a property carried in inventory at a cost of P1,894,200 for P2,800,000. A 20% down payment was made and the balance payable in 8 equal installments of P280,000, payable quarterly starting September 30 and December 31, 2021. The market rate of interest is 12%.Required:How much is the total realized gross profit in 2021?
- Dilraba Co. sold equipment in exchange for a P750,000, non-interest bearing note receivable in 5 equal annual installments starting December 31, 2021. The cash selling price for this equipment is P675,000. (use fraction method) How much in the unearned income on December 31, 2023? What is the denominator of the fraction used to distribute the unearned interest? ( Previous Continue >On June 30, 2021, Casio Sony Company sold a property carried in inventory at a cost of 1,894,200 for P2,800,000. A 20% down payment was made and the balance payable in 8 equal installments of P280,000, payable quarterly starting September 30 and December 30, 2021. The market rate of interest is 12%. 1. How much is the total amount credited to Installment Sales? 2. How much is the total realized gross profit in 2021?On July 1, 2020, Marin Inc. made two sales: 1. It sold excess land in exchange for a four-year, non–interest-bearing promissory note in the face amount of $1,165,880. The land’s carrying value is $640,000. 2. It rendered services in exchange for an eight-year promissory note having a face value of $480,000. Interest at a rate of 2% is payable annually. The customers in the above transactions have credit ratings that require them to borrow money at 11% interest. Marin recently had to pay 7% interest for money it borrowed from British Bank. 3. On July 1, 2020, Marin also agreed to accept an instalment note from one of its customers in partial settlement of accounts receivable that were overdue. The note calls for four equal payments of $21,000, including the principal and interest due, on the anniversary of the note. The implied interest rate on this note is 9%. Required: 1. Prepare the journal entries to record the three notes receivable transactions of Marin…
- Bahag-Hari company provided you the following sales transactions as of December 31,2021:· On January 1,2020, Bahag-Hari Company sold a Machinery for P5,000,000 to Orange Company. Orange Company paid P500,000 down and signed a noninterest-bearing note for the balance which is payable in 3 equal annual installments every December 31 of each year. The carrying value of the machinery is P5,700,00.· A notes receivable of P1,000,000 with a coupon rate of 12% from Pula Company was received from sale of goods in the normal course of business. The note is dated May 1,2021 and due on May 1,2024. Interests are collectible every May 1.· A three-year note of P200,000 with contract rate of 10% received from Dilaw Corporation dated January 1,2021 was accepted in exchange for consultation services rendered. The note is considered to have prevailing market rate 12%. Interest are collectible every December 31. The prevailing rate of interest for the above type of notes was 12%.…Bahag-Hari company provided you the following sales transactions as of December 31,2021:· On January 1,2020, Bahag-Hari Company sold a Machinery for P5,000,000 to Orange Company. Orange Company paid P500,000 down and signed a noninterest-bearing note for the balance which is payable in 3 equal annual installments every December 31 of each year. The carrying value of the machinery is P5,700,00.· A notes receivable of P1,000,000 with a coupon rate of 12% from Pula Company was received from sale of goods in the normal course of business. The note is dated May 1,2021 and due on May 1,2024. Interests are collectible every May 1.· A three-year note of P200,000 with contract rate of 10% received from Dilaw Corporation dated January 1,2021 was accepted in exchange for consultation services rendered. The note is considered to have prevailing market rate 12%. Interest are collectible every December 31. The prevailing rate of interest for the above type of notes was 12%.…42. On January 1, 2018, UE Realty Company sold property carried in inventory at a cost of P1,312,710 for P2,100,000. A 20% down payment was made and the balance payable in 4 equal installments of P420,000, payable semi-annually every June 30 and December 31. Expenses related with sale, P100,000. (Market rate of interest-12%). How much is the net income related with the installment sales for the year ended December 31, 2018? a. P462,600 c. P612,675 b. P549,918 d. P617,265
- Bahag-Hari company provided you the following sales transactions as of December 31,2021:· On January 1,2020, Bahag-Hari Company sold a Machinery for P5,000,000 to Orange Company. Orange Company paid P500,000 down and signed a noninterest-bearing note for the balance which is payable in 3 equal annual installments every December 31 of each year. The carrying value of the machinery is P5,700,00.· A notes receivable of P1,000,000 with a coupon rate of 12% from Pula Company was received from sale of goods in the normal course of business. The note is dated May 1,2021 and due on May 1,2024. Interests are collectible every May 1.· A three-year note of P200,000 with contract rate of 10% received from Dilaw Corporation dated January 1,2021 was accepted in exchange for consultation services rendered. The note is considered to have prevailing market rate 12%. Interest are collectible every December 31. The prevailing rate of interest for the above type of notes was 12%.…Bahag-Hari company provided you the following sales transactions as of December 31,2021:· On January 1,2020, Bahag-Hari Company sold a Machinery for P5,000,000 to Orange Company. Orange Company paid P500,000 down and signed a noninterest-bearing note for the balance which is payable in 3 equal annual installments every December 31 of each year. The carrying value of the machinery is P5,700,00.· A notes receivable of P1,000,000 with a coupon rate of 12% from Pula Company was received from sale of goods in the normal course of business. The note is dated May 1,2021 and due on May 1,2024. Interests are collectible every May 1.· A three-year note of P200,000 with contract rate of 10% received from Dilaw Corporation dated January 1,2021 was accepted in exchange for consultation services rendered. The note is considered to have prevailing market rate 12%. Interest are collectible every December 31. The prevailing rate of interest for the above type of notes was 12%.…On January 2, 2026, a tract of land that originally cost P800,000 was sold by SIMBAJON CORPORATION. The company received a P1,200,000 note as payment. It bears interest rate of 4% and is payable in 3 annual installments of P400,000 plus interest on the outstanding balance. The prevailing rate of interest for a note of this type is 10%. The present value table shows the following present value factors of 1 at 10%: Present value factor of 1 for 3 periods 0.75132 Present value factor of 1 for 2 periods 0.82645 Present value factor of 1 for 1 period 0.90909 Present value of an ordinary annuity of 1 for 3 periods 2.48685 20. The gain on sale of land on January 2, 2026 is: 21. The interest income on the note receivable for the year ended December 31, 2026 using effective interest method is: 22. How much cash will SIMAJON CORPORATION received from notes receivable?