Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - AA, BB and CC sign an agreement to collectively purchase a yacht and to hire a company to manage and operate the yacht on their behalf. The cost involved in running and operating the yacht business and the revenue earned from the pipeline are shared by the three parties based on their ownership percentages. All major operating and financing decisions related to the yacht business must be agreed to by the three companies. The cost of purchasing the yacht was P56M. The yacht has an estimated 20-year useful life with no residual value. The management fee for operating the yacht business for 2020 was P11.2M. Revenue earned from the yacht business in 2020 was P18.48M. AA invested P16.8M for a 30% interest.
1. Compute the share of AA in the revenue of the joint operations in 2020
a. P1.344M b. P5.544M c. P11.2M d. P16.8M
2. Compute the share of AA in the expense of the joint operator for 2020
a. P0.84M b. P3.36M c. P4.2M d. P5.544M
3. Compute the share of AA in the gross profit/net income of the joint operations for 2020:
4. Compute the ending capital/investment of AA for 2020.
a. P18.144M b. P16.8M c. P1.344M d. NIL
Deuce Company counts its inventory of tires prior to preparing monthly financial statements
Sele Company builds custom fishing lures for sporting goods stores. Prepare an absorption costing income statement for 2010
How should the results of installment sales be reported on the income statement?
Prepare the adjusting entry (if any) for 2012, assuming all securities are classified as trading. Prepare the adjusting entry (if any) for 2012
Interest will be paid when the 12-month note becomes due. What amount should be accrued as Interest Payable for the December 31 end of the current year
1. the state enacts a statewide business tax to fund general governmental operations. will collection ofthe tax be an
the president of the company is not convinced that the interest expense should be excluded from the calculation of the
How do you handle a car dealership that sells a warranty contract to its customers for $650 that will cover the next 5 years
if you invested 500 per year for 20 years how much would you have at the end of the 20 years if you earned 5 per
Provide the journal entries necessary at the following dates to account for the above transactions and events. (Ignore narrations)
Assuming RL Corporation opted to choose OSD of 40%, the income tax due of RL Corp in 2019 is?The minimum corporate income tax (MCIT) of RL Corporation computed
Determine the variable factory overhead Controllable Variance, fixed factory overhead volume variance, and total factory overhead cost variance
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd