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please help Problem 8. The ledger of BAYANIHAN Co. as of December 31, 2019 includes the following: 15% Note payable 16% Bonds payable 18% Serial
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Problem 8. The ledger of BAYANIHAN Co. as of December 31, 2019 includes the following: 15% Note payable 16% Bonds payable 18% Serial bonds Interest payable 50,000 100,000 200,000 Additional information: - BAYANIHAN Co.'s financial statements were authorized for issue on April 15, 2020. - The 15% note payable was issued on January 1, 2019 and is due on January 1, 2023. The role pays annual interest every year-end. The agreement with the lender provides that BAYANIHAN Co. shall maintain an average current ratio of 2:1. If at any time the current ratio falls below the agreement, the nate payable will become due on derrand. As of the 3 quarter in 2019, BAYANIHAN's average current ratio is 0.50:1. Immediately, BAYANIHAN informed the lender of the breach of the agreement. On December 31, 2019, the lender gave BAYANIHAN a grace period ending on December 31, 2020 to rectify the deficiency in the current ratio. BAYANIHAN promised the creditor to liquidate some of its long-term investments in 2020 to increase its current ratio. - The 16% bonds are 10-year bonds issued on December 31, 2010. The bonds pay annual interest every year-end. - The 10% serial bands are issued at lace amount and are due in semi-annual installments of P20,000 every April 1 and September 30. Interests on the bonds are also due semi-annually. The last installment on the brands is due on September 30, 2025. How much is the total current liabilities? problem 8. The ledger of BAYANIHAN Co. as of December 31, 2019 includes the following 15% Note payable 50,000 16% Bonds payable 100.000 18% Serial bonds 200,000 Interest payable Additional information: BAYANIHAN Co.'s financial statements were authorized for issue on April 15, 2020 - The 15% note payable was issued on January 1, 2019 and is due on January 1, 2023. The note pays annual interest every year-end. The agreement with the lender provides that BAYANIHAN Co. shall maintain an average current ratio of 2:1. If at any time the current ratio falls below the agreement, the note payable will become due on demand As of the 3 quarter in 2019, BAYANIHAN's average current ratio is 0.50:1. Immediately, BAYANIHAN informed the lender of the breach of the agreement. On December 31, 2019, the lender gave BAYANIHAN a grace period ending on December 31, 2020 to rectify the deficiency in the current ratio. BAYANIHAN promised the creditor to liquidate some of its long-term investments in 2020 to increase its current ratio. - The 16% bonds are 10-year bonds issued on December 31, 2010. The bonds pay annual interest every year-end. - The 18% serial bonds are issued at face amount and are due in semi-annual installments of P20,000 every April 1 and September 30. Interests on the bonds are also due semi-annually. The last installment on the bonds is due on September 30, 2025 How much is the total current liabilities? Problem 9. Use the following information for the next four questions: The nominal accounts of GCQ Co. on December 31, 2019 have the following balances: Dr. Accounts Sales Interest income Gains Cr. P1,045,000 80,000 30,000 P80.000 Problem 9. Use the following information for the next lour questions: The nominal accounts of GCQ Co. on December 31, 2019 have the following balances: Dr. Cr. P1.045,000 80,000 30,000 P80,000 300.000 30,000 15,000 27,000 Accounts Sales Interest income Gains Inventory, beg, Purchases Freight-in Purchase returns Purchase discounts Freight-out Sales commission Advertising expense Salaries expense Rent expense Depreciation expense Utilities expense Supplies expense Transportation and travel expense Insurance expense Taxes and licenses Interest expense Miscellaneous expense Loss on the sale of equipment 25,000 60,000 35.000 350,000 60.000 80.000 40,000 30,000 25.000 10,000 50,000 5.000 2.000 15.000 Additional infomation: a. Ending inventory is P100,000. b. Three-fourths of the salariss, rent, and depreciation expenses pertain to the sales department. The sales department does not share in the other expenses. a. In a statement of comprehensive income prepared using the multi-step approach (function of expense method), how much is presented as distribution costs? b). In a statement of comprehensive income prepared using the multi-step approach (functional expense method), how much is presented as administrative expenses? Botol below the age will become and As of the quarter 2018 BAYANIHANS werage crowned BAYARAN BAYANGHANG Shame fender of the breach of the agreement on December 31, 2018 BAYAN grace pero ning on December 31, 2020 rely the decency in the curred the creato quid The 10 bords are 10 yon bonded on December 31, 2016. The pay online very yerd and September. Interests on the bonds are deal. The last one on the bonden Sember 30, 2025 How much is the current abi? Problem. Use the following information for the need for The nominal accounts of GC Co. on December 31, 2019 have the following Accounts Dr. Sai 1.045.000 Interest income 0.000 Gains 30,000 Inventory, beg 000 Purchases 300,000 Freighton 30.000 Purchases 15.000 Purchase discounts 27,000 Freight-out 25,000 Sales commission 60,000 Advertising expense 35.000 Salaries expense 30 000 Rent expense 60,000 Depreciation expense 80,000 Utilities expense 40.000 Supplies expense 30.000 Transportation and travel expense 25,000 Insurance expense 10,000 Taxes and licenses 50,000 interest expense 5,000 Miscellaneous expense 2,000 Loss on the sale of equipment 15.000 Adelina information: a Ending inventory is P100,000 b. Three-fourths of the salarios, rent, and depreciation expenses pertain to the sales department. The sales department does not share in the other expenses. In a statement of comprehensive income prepared using the multi-step approach (function of expense method), how much is presented as distribution costs? b. In a statement of comprehensive income prepared using the multi-step approach (function of expense method), how much is presented as administrative expenses? oblem 10. Prepare a statement of cash flows using the following information: ormation on HOPE Co.'s financial position and performance as of December 31, 2019 and 2018 are presented Ow HOPE Company Statement of financial position As of December 31, 2019 SSETS 2019 2018 urrent assets ash and cash equivalents 1,000,000 600.000 eld for trading securities 480,000 counts receivable - net 1,520,000 1,240,000 mnt receivable 100,000 40,000 entory 2,000,000 3,600,000 200,000 160,000Step by Step Solution
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