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Questions -
Q1. On January 3, 2009, ABC Co. purchased machinery. The machinery has an estimated useful life of eight years and an estimated salvage value of $30,000. The depreciation applicable to this machinery was $65,000 for 2011, computed by the sum-of-the-years'-digits method. Determine the acquisition cost of the machinery?
Q2. On January 1, 2014, ABC Company purchased a new machine for P2,800,000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be P100,000. Depreciation was computed on the sum-of-the-years'-digits method. What amount should be shown in ABC's balance sheet at December 31, 2015, net of accumulated depreciation, for this machine?
zippy inc. manufactures large crates of microwaveable popcorn that are typically sold to distributors. its main factory
Dividend from a domestic corporation 300,00. How much is the Capital Gains Tax assuming the corporation is a resident foreign corporation
"A work sheet is a permanent accounting record, and its use is required in the accounting cycle." Do you agree? Explain.
Explain how cost management fits into a corporate strategy given the global competitive environment? What role does the Internet play in the information gathered by cost management?
Initial payments consisting of down payment and installments in the year of sale - 900,000. How much was the output tax due on October 2013
If the average weekly salary for these employees is $900, what is the required journal entry to accrue compensated absences
Compute Chavez Company's current ratio using the following information.
When answering this question focus on the strength of the assumptions used to create the budget and the expected reliability of the forecasts.
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Skyline Walkways Ltd is planning a project that is expected to last for 8 years. Critically assess the accountant's evaluation of the project
Distinguish between input controls, processing controls, and output controls. Select specific examples of control procedures for each of these categories.
A foreign company did not capitalize any interest in the current or past years, although such capitalization is required under U.S. GAAP.
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