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Question - On January 1 a store had inventory of P55,000. January purchases were P46,000 and January sales were P105,000. On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of P7,500 remained undamaged after the fire. Compute the amount of the fire loss, assuming the store had no insurance coverage.
Gaudette Inc. issued 3-year, 12-per cent bonds on January 1, 2019, Reconstruct the entry made to record the issuance of bonds on January 1, 2019
On May 1, 2015, a company lends $150,000 to one of its main suppliers and accepts a 12-month, Record the closing entry for interest revenue
A company uses the equity method to account for an investment. This would result in what type of difference and in what type of deferred income tax?
Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $70,000 from ShipAway cruise liner.
Edwards Company applies manufacturing overhead to jobs on the basis of machine hours used. Compute the manufacturing overhead rate for the year
1. is a cost management technique in which the firm determines the required cost for a product or service in order to
royal company manufactures 22000 units of part r-3 each year for use on its production line. at this level of activity
How would you describe the difference between financial and managerial accounting? What are the distinguishing features of managerial accounting?
Sinkal's functional currency was the stickle (§). What was the amount of the translation adjustment for 2011
They each earn a salary of about $150,000, have some investment income and some itemized deductions. What additional taxes will Avi and Rianna face as a married couple?
data for two projects having the same useful life follows.project flower initial investment 90000 present value of net
On December 31, 2011, Rollo Company held the following short-term investments in its portfolio of available-for-sale securities.
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