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Problem
On January 1, 2014, Subsidiary Company purchased a delivery truck with an expected useful life of 5 years. On January 1, 2016, Subsidiary Company sold the truck to Parent Company and recorded the following entry:
Dr. Cash 43,800 Dr. Accumulated depreciation 21,200 Cr. Truck 53,000 Cr. Gain on sale of truck 12,000
Parent holds 60% of Subsidiary's voting shares. Subsidiary reported net income of P55,000 and Parent reported separate net income of P98,000 for 2016. Parent Company continued the method used by Subsidiary Co. in recording the depreciation expense and the same remaining life. Calculate the consolidated net income for 2016.
Calculate the cash flows associated with the investment project for individual years. When calculating cash flows, a corporate tax rate of 30%
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Accountants record business transactions based on standards issued by MASB. The concept that can explain the reason for doing so would be?
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Diverse measurement techniques developed for different types of assets suggest that standard setters are confused about the nature of the attribute that is to be measured.
On May 1 of Year 1 Matthew Company collected $2,400 cash for services to be provided for one year beginning immediately. The company's fiscal closing date is December 31. Based on this information, the amount of service revenue and the cash flow from..
Meredith Ward is the assistant chief accountant at Frazier Company, Describe the purpose of a Trial Balance and the steps of how to prepare a Trial Balance.
Determine the net present value for a project that costs $227,000 and would yield after-tax cash flows of $24,000 per year for the first 7 years
What amount should Dell recognize as contract revenue in 2020? On January 1, 2020, Dell, Inc. contracted with the city of Little to provide custom
How could you address these risks by becoming incorporated? Discuss some of the advantages and disadvantages to corporate business organization.
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