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- On January 1, 2018, the Apex Company exchanged some shares of common stock it had been holding as aninvestment for a note receivable. The note principal plus interest is due on January 1, 2019. The 2018 incomestatement reported $2,200 in interest revenue from this note and a $6,000 gain on sale of investment in stock. Thestock’s book value was $16,000. The company’s fiscal year ends on December 31.Required:1. What is the note’s effective interest rate?2. Reconstruct the journal entries to record the sale of the stock on January 1, 2018, and the adjusting entry torecord interest revenue at the end of 2018. The company records adjusting entries only at year-endOn December 31, 2019, the bookkeeper of Glare Company provided the following information. Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank on December 31, 2021 of P500,000 Stock dividend payable Credit balances in customers account Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR tax assessment-possible obligation Unearned rent income 1,250,000 1,500,000 400,000 200,000 5,000,000 150,000 300,000 100,000 Required: Compute the total current liabilities on December 31, 2019.On December 31, 2019, the bookkeeper of Tiger Company provided the following information: What is the total current liabilities on December 31, 2019? * Accounts payable, trade Dividends payable 3,600,000.00 600,000.00 Withholding tax payable 185,000.00 Notes payable, including note payable on bank due Dec 2024 of P200,000 1,800,000.00 Bank overdraft 300,000.00 Accrued interest on bonds payable 125,000.00 Bonds Payable,6% 5,000,000.00 Stock dividends payable 140,000.00
- Consider the following balances in the Balance Sheet as on 31st March 2021. Pass the opening entry on 1st April 2021. Stecen's Capital A/c $2,75,000Loan from HDFC Bank $4,25,000Plant and machinery $3,30,000Cash in hand $20,000Balance at Citi Bank $1,75,000Trade Debtors $3,55,000Closing Stock $1,35,000Trade Payables $2,95,000Outstanding Expenses $40,000Prepaid Insurance $20,000During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000. Required: Prepare all necessary journal entries to record this transaction.On December 12, 2018, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 ofdiodes to be completed on January 16, 2019. What journal entries should Pace record on December 12 andJanuary 16?
- Tesla, Inc. Annual Report on Form 10-K for the Year Ended December 31, 2020. 8 Feb. 2021 sec.gov. Accessed 16 Feb. 2021. Prepare journal entries, applying current US GAAP, to account for the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. b. On January 26, 2021, Bitcoin's price increased to $32,000 per coin. c. On January 27, 2021, Bitcoin's price dropped to $29,500 per coin. d. On January 31, 2021, Bitcoin's price recovered to $33,650 per coin. View transaction list Journal entry worksheet 1 2 On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. 3 4 Note: Enter debits before credits. Date January 24, 2021 Record entry General Journal Clear entry Debit Credit View general journalAgency A receives a Notice of Cash Allocation from the DBM of 10,000,000.00 for the second quarter of 2021. What is the accounting entry to be recorded in Journal Entry Voucher. Answer in this format. Account Title Dr. Cr.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
- On January 1, 2021, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2022. The 2021 income statement reported $2,200 in interest revenue from this note and a $6,000 gain on sale of investment in stock. The stock’s book value was $16,000. The company’s fiscal year ends on December 31.Required:1. What is the note’s effective interest rate?2. Reconstruct the journal entries to record the sale of the stock on January 1, 2021, and the adjusting entry to record interest revenue at the end of 2021. The company records adjusting entries only at year-end.You have been engaged in your second annual examination of the financial statements of S Co. The following data were provided to you by the company accountant: Cash Receipts: Collection on sale on account Cash sales 740,000 100,000 Proceeds of a note payable dated October 1, 2019 and due October 1, 2021, discounted at 18% 30,000 Cash Disbursements: 400,000 Purchase of land and building on April 1, 2019 Full payment of furniture and fixtures purchased on July 1, 2019 On accounts payable and administrative expenses Selling expenses To 518,000 200,000 Of the sales on account, P10,000 was returned because of poor quality and there was a purchase return of P8,000. The following data are also available: December 31, 2018 Accounts Receivable Merchandise inventory Accounts payable Accrued rent expenses December 31, 2019 200,000 220,000 180,000 40,000 150,000 190,000 230,000 40,000 Of the total purchase price of the Land and Building, 40% is allocated to the land. Annual depreciation is 5% on…MayeHot Club had the following balances at the beginning of the 2021 accounting period. Equipment = GHS 13,400; subscriptions owing = GHS 1,700; subscriptions in advance = GHS 850; travelling and transport expenses outstanding = GHS 450; insurance and rates prepaid = GHS 250; cash and Bank = GHS 52,500. Determine the accumulated fund as the beginning of the period