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- The pre-collection/advanced collection is P360,000. This is applicable for a six-month rental period starting Sept 30, 2020. The financial statements to be prepared are dated December 31, 2020. How much is the unearned income to be reported in the financial statements?The Slow company has started the construction of an asset on September 1, 2019and finished it on November 1, 2020. The weighted average expenditure ascalculated at the end of the construction in 2020 was: $725,456. In 2020, thecomp had the following outstanding indirect debts:DebtOne-year loan payable taken out on March 31, 2019Two-year note payable Faken out on June 1, 2020Amount$67,000$120,000Annual rate5%7%Assuming there is no direct debt related to this construction, the interest that will becapitalized on indirect debt in 2020 is (calculate ratios to 2 decimal places):a) $47,980b) $45,130Oc) $7,133d) $5,737During 2020, JamJam Company received P8,000,000 from tenants. The balance sheet contained the following data: 2019 2020Rentals receivable P 960,000 P1,240,000Unearned rentals 3,200,000 2,400,000What amount of rental revenue should be reported for 2020?
- ABC Bank granted a loan to a borrower on Jan. 1, 2019. The interest on the loan is 10% payable annually starting Dec. 31,2019. The loan matures in five years on Dec. 31,2023. The data related to the loan are:Principal amount 8,000,000Origination fees received 700,000Direct Origination cost incurred 123,000The effective rate on the loan after considering the direct origination cost and the origination fee received is 12%. 1.What is the entry to record the receipt of the interest income on December 31, 2019?2.What is the interest income for 2019?Compute the amount of interest on $835 at 7.5% p.a. from October 8, 2019, to August 4, 2020.During 2020, Mami Corp. received P8,000,000 from tenants. The balance sheet contained the following data: 2019 2020 Rentals receivable P 960,000 P1,240,000 Unearned rentals 3,200,000 2,400,000 What amount of rental revenue should be reported for 2020?
- ABC Bank granted a loan to a borrower on Jan. 1, 2019. The interest on the loan is 10% payable annually starting Dec. 31,2019. The loan matures in five years on Dec. 31,2023. The data related to the loan are:Principal amount 8,000,000Origination fees received 700,000Direct Origination cost incurred 123,000The effective rate on the loan after considering the direct origination cost and the origination fee received is 12%.1.What is the entry to record the receipt of the interest income on December 31, 2019?Refer to the information provided in E19-13. Required: Using the years-of-future-service method, prepare a set of schedules to determine (1) the amortization fraction for each year and (2) the amortization of the prior service cost.Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.
- Accounting Two fixed assets are purchased during 2021: a copier for $10,987.65 on September 30, 2021 and an office desk for 5,432.10 on December 31, 2021. Depreciation entries are recorded at the end of each month. What will be general journal adjusting entry on December 31, 2021 for the depreciation of these fixed assets, if tax basis 150% MACRS is used?The debt is amortized by the periodic payment shown Compute (a) the number of payments required to amortize the debt, (b) the outstanding principal at the time indicated Payment Interval 1 month Conversion Period quarterly Outstanding Principal After: dth payment Dobt Principal Debt Payment Interest Rate $17.000 $1.265 6% (a) The number of payments required to amortize the debt is (Round up to the nearest integer.) (b) The outstanding principal is s (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)how to record the 2020 amortization expense of Jan.2? why the solution says use 45,000 *1/9 instead of *1/10
