Question: 6 Justin Company has an 12% note receivable dated August 30, 2022, in the original amount of P2,400,000, Payments of P800,000 in principal plus accrued

6 Justin Company has an 12% note receivable dated August 30, 2022, in the original amount of P2,400,000, Payments of P800,000 in principal plus accrued interest are due annually on September 1, 2023, 2024 and 2025. 13. What is the balance of note receivable on September 1, 2023? 14. On August 30, 2024, what amount should be reported as accrued interest receivable on the note receivable

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. Joe has recently been admitted to the bar. Attorney Dan hires Joe as an Associate to supervise the work of Sally, the paralegal who has handled title searches in Dan's office for the last 10...

1. CPA Company sold accounts receivable without recourse for P8,200,000. the company received P8,000,000 cash immediately from the factor. the remaining P200,000 will be received once the factor...

1) Frame Company has an 8% note receivable dated June 30, 2009, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2010, 2011,...

Frame company has an 8% note receivable dated June 30, 2019, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1,2020, 2021 and...

Farrison Company has an 8% note receivable dated June 30, 2016, in the original amount of 1,500,000. Payments of 500,000 in principal plus accrued interest are due annually on July 1,2017, 2018 and...

Problem 1. Umingan Company has a 10% note receivable dated June 30, 2005, in the original amount of P9,000,000. Payments of P3,000,000 in principal plus accrued interest are due annually on July 1,...

Philip's Company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022 and...

Please help me to answer this i have limited time SITUATION 6 On January 1, 2015, Burgos Co. sold goods to Carasi Co. Jane signed a noninterest-bearing note requiring payment of P60,000 annually for...

I need help on a written assignment for my Government and Not-for-Profit Accounting Course. I've attached a word document with the assignment details and grading rubrix along with a pdf of a...

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Sohail Trading Corporation was operating for the last several years. Currently the Company decided to borrow Rs. 1,000,000 from its bank as on 01 July, 2020 for a period of 04 years at interest rate...

Write the digits 1,2,3,4 in order on an index card. Bring this card to a busy place (e.g., dining hall, library, university union) and ask at least 30 people to look at the card and select one of the...

Which of the following might explain why stock prices fall when a secondary offering is announced? Multiple select question. The costs associated with selling securities is substantial Managers...

Describe how total variable costs and unit variable costs behave with changes in the level of activity. If fixed costs increase, what would be the impact on the contribution margin and income from...