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Problem - On January 1, 2020 DEF Company sold machineries with a carrying amount of P4,800,000 in exchange for a P6,000,000 noninterest-bearing note due January 1, 2023. There was no established exchange price for the machineries. The prevailing rate of interest for similar note was 10%. The present value of 1 at 10% for three periods is 0.75 and the present value of annuity of 1 at 10% for three periods is 2.4869. Compute the gain or (loss) on sale of machineries for 2020?
Prepare Simple Cash Book : RM Cash in hand 32,500 Cash paid to Rohan 8,000 Goods Purchased 3,000 Cash received from Tanaya 2,000 Cash Sales 4,000
Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare journal entry to record the purchase of this truck.
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods - periodic inventory system.
How each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year-end financial statements. Identify the direction of c..
Adjustment data: 1. Accrued salaries payable $700. 2. Depreciation $202 per month. 3. Supplies on hand $1,540. 4. Income tax due and unpaid at December 31 is $180. Journalize the adjusting entries
Barnes air conditioning inc. has two classes of preferred stock floating rate preferred stock and straight (normal) preferred stock. Both issues have a par value of $100. What is the rate of the floating rate preferred stock likely to be? Will the st..
What are the benefits of budgeting? Enhanced management responsibility, assignment of decision making, coordination of activities, performance evaluation
Company X traded old equipment, In order to equalize the fair values, Company X also paid $200,000 in cash. What is the fair value of the new equipment?
Activity based costing (ABC) often revalues existing costing systems by looking at specific activities that drive costs. Through this identification of the key activities, we define the cost objects as these activities. In order to first achieve ABC ..
Prepare journal entries to record the following four separate issuances of stock.
Based on your review of the IAS 16 Property, Plant and Equipment Summary which is a summary of the IFRS adoption of IAS 16
Compute a predetermined overhead rate the plant as a whole based on machine hours. Compute predetermined overhead rates for each department using machine hours.
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