The entity has collected P20,000 interest during 2020.  While P3,700 is recorded in interest receivable on its December 31, 2020 statement of financial position and P10,000 on December 31, 2019. The interest revenue to be reported in the Company’s statement of comprehensive income for 2020 is?

Q: he following items are included in the financial statement of ABC BHD for 2019: Instruction: 1.…

A: Formula: Net income = Total Revenues - Total expenses

Q: Included in Sheridan Company's December 31, 2020, trial balance are the following accounts: Accounts…

A: The balance sheet is also known as a statement of financial position considered as one of the most…

Q: On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Maturity date of Note = Issue date + Period = October 1, 2019 + 1 years = October 1, 2020 No. of…

Q: the following balances were extracted from the relevant books of accounts of the controller and…

A: Revenue- The amount of money received by a company during a specific time period from the sale of…

Q: In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and…

A: Balance Sheet:   It is a financial statement that reports the financial position of an organization…

Q: Dive Company, a calendar-year corporation, had the following actual income before income tax expense…

A: Tax expense:- Tax expenses includes the total amount of taxes that is owed by an individuals, firms…

Q: HILO CORP. had the following long-term receivable account balances at December 31, 2019 Note…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: The tax year ends every December 31. The entity reports quarterly for interim purposes and the…

A: Total income tax expense is the total amount of income tax which is calculated on the net income.…

Q: SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares…

A: The taxable income is determined as per the taxation laws of the state by taking accounting profit…

Q: 2. For the year ended Dec. 31, 2020, Taehyung Company paid interest totaling P prepaid interest…

A: Answer: Given is the interest paid for year ended 2020 and some adjustments of prepaid expenses.…

Q: A company makes the following journal entry for 2021: Dr. Income Tax Expense…

A: Income tax expense = Income tax payable + Deferred tax liability created during the year - Deferred…

Q: Yana Co. collected P15,000 interest during 2020. It showed P2,000 interestreceivable on its December…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: Dive Company, a calendar-year corporation, had the following actual income before income tax expense…

A: Tax is referred as the financial charges which is imposed by government on an individual’s income or…

Q: Apple Company, which began operations on January 1, 2020, has elected to use the cash basis…

A: The cash basis accounting records the revenue and expenses when they are incurred in cash. The…

Q: BT21 Corp. collected P24,700 in interest during 2021.  BT21 showed P3,700 in interest receivable on…

A: The interest revenue can be calculated as interest collected and changes in interest receivable…

Q: SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares…

A:

Q: On March 1, 2020, LINGATONG Company has received a P10,000, two year note bearing interest at 12%…

A: Lingatong Company Receive P10,000  Accrued Interest Receivable at 31st Dec,2021 is Interest Expense…

Q: Mackenzie Corp. is preparing the December 31, 2020, year-end financial statements, Following are…

A: Adjusting journal entries are accounting entries made at the close of the reporting year of a…

Q: Dive Company, a calendar-year corporation, had the following actual income before income tax expense…

A: Interim Income statement:- It is a financial report prepared by the management of the company in…

Q: For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data.…

A:

Q: ABC Company is preparing its December 31, 2019 financial statements. The financial statements are…

A:

Q: For the year ended Dec. 31, 2020, The Company paid interest totaling P100,000. The prepaid interest…

A: Interest expense refers to the cost which is incurred through the entity for the borrowed funds. It…

Q: Included in Outkast Company’s December 31, 2020, trial balance are the following accounts: Prepaid…

A: Outkast CompanyBalance Sheet (Partial)December 31, 2020 Long-term investments:   Debt…

Q: he following information was available for the year ended December 31, 2019: Earnings before…

A: Times interest earned ratio refers to the measure used to check whether the company is able to pay…

Q: Chateau Corporation has reported pre-tax income of $250,000 on December 31, 2021, before considering…

A: Unearned revenue is the revenue which a business has not earned during period but the amount has…

Q: Under the accrual basis, rental income of HAWK CORP. for the calendar year 2014 is P600,000.…

A: Solution: Cash basis rental income for 2020 = Accrual basis rental income + Unearned rent at Dec 31,…

Q: on March 1, 2020. The entity borrowed P3,500,000 on February 1, 2020 which had a five-year term and…

A: Liabilities in the Balance Sheet is classified into two categories: Current  Non current  Those…

Q: e financial statements of Millstone, Inc. include the following information: At December 31 2019…

A: Accounts receivable is the term, which is defined as the payment or proceeds that the company or…

Q: henron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first…

A: PARTICULARS    AMOUNT IN (P) Pre-Tax Accounting income           P1,350,000…

Q: Mackenzie Corp, is preparing the December 31, 2020, year-end financial statements. Following are…

A: Adjusting Entries :— It is the journal entry made at the ending the accounting period to adjust the…

Q: On September 30, 2019, Lakatan Inc. borrowed P1,000,000 on a 9% note payable. The entity paid the…

A: solution given Date of issue September 30 2019 Amount of note 1000000 Rate of…

Q: okwa't Baboy Company prepared the following reconciliation of income per books with income per tax…

A: Formula: Total provision for income tax = Taxable income x Tax rate

Q: At the end of 2019, ABC has a balance in accounts receivable of $250,500. Of this amount, it is…

A: Given that the balance in accounts receivable of $250,500 Accounts receivable which are proved…

Q: On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the…

A: This is based on bill of exchange, in the given case since note is payable in 15 months and the same…

Q: Iniwan had P600,000 in cash basis pre-tax income for 2020. The following information pertains to…

A: Cash basis is the method of accounting in which which records expenses and income only on the basis…

Q: Tokwa't Baboy Company prepared the following reconiliation of income per books with income per tax…

A: Solution: Total provision for Income tax = Book income before taxes * Tax rate

Q: The trial balance for Blue Bell Company for the year ended December 31, 2019 included the following…

A: Net income: Net income can be defined as the income remaining after payment of all expenses from…

Q: Glendale Ltd. reported the following selected data at December 31, 2021 and 2020: 2021 2020 Total…

A: Solution a: Debt to Total assets = Total liabilities / total assets 2021 = $309,000 / $515,000 =…

Q: For the year ended Dec. 31, 2019, Nando Company paid interest totaling P100,000. The  prepaid…

A: Interest expense is an expense that is due on the amount borrowed from the lender. It is reported in…

Q: ncluded in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Liability refers to the amount which is owned by the company to the outsiders. On the basis of…

Q: Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial…

A: Tax base is the amount attributed to that asset or liability for the tax purpose.

Q: Included in Adams Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Ronin, Inc. had pre-tax accounting income of $2.700,000 and a tax rate of 40% in 2018, its first…

A: Introduction: Income tax payable is a part of accounting in the current liabilities section of a…

Q: On April 1, 2019, Flamengo Co. signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Since you have asked multiple questions we will solve the first question for you as per the policy.…

Q: Brent Company's income statement for the year ended December 31, 2020 (considered as th r of…

A: Solution: taxable income = pretax financial income - excess revenue under accounting records -…

Q: On April 1,2019, ABC Company prepaid a P 38,000 premium on an annual insurance policy. The premium…

A: Deductible temporary difference = Carrying amount of assets/liability  - tax base of assets…

Q: Under the accrual basis, rental income of EM Corporation for the calendar year 2019 is ₱600,000.…

A: Unearned Income(Advance Income) are those income which have been received by the firm during the…

Q: SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares…

A: Current tax is that amount of tax that is payable for the current accounting period, whereas…

Q: SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares…

A: The calculation of the deferred tax while taking consider the accounting profit with the adjustment…

Q: The business receives a promissory hote of P20,000, carrying an interest rate of P12%. The note is…

A: The interest earned during the period but not received yet is recorded as Accrued interest.