Liam Byrne borrowed Php 1,500,000 at 3% interest from Erik Torsten on July 1, 2022, the promissory note states that Liam is to pay the principal plus any accrued interest after a year. 3 months after, Liam once again borrowed money, this time amounting to Php 750,000 from Kirra Foster. It was agreed upon that the payment of both principal and interest for this loan will be after 6 months from the date of loan, as stated in the provided promissory note. 1. How much is Liam Byrne's adjusted notes payable on December 31, 2022? 2. How much is Erik Torsten's adjusted interest income on December 31, 2022? 3. How much is Kirra Foster's adjusted interest receivable on December 31, 2022? 4. How much is Liam Byrne's adjusted interest expense on December 31, 2022?

Liam Byrne borrowed Php 1,500,000 at 3% interest from Erik Torsten on July 1, 2022, the promissory note states that Liam is to pay the principal plus any accrued interest after a year. 3 months after, Liam once again borrowed money, this time amounting to Php 750,000 from Kirra Foster. It was agreed upon that the payment of both principal and interest for this loan will be after 6 months from the date of loan, as stated in the provided promissory note. 1. How much is Liam Byrne's adjusted notes payable on December 31, 2022? 2. How much is Erik Torsten's adjusted interest income on December 31, 2022? 3. How much is Kirra Foster's adjusted interest receivable on December 31, 2022? 4. How much is Liam Byrne's adjusted interest expense on December 31, 2022?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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