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Question -
(a) On January 1, 2017, Ray Reyes Inc. purchased land that had an assessed value of P350,000 at the time of purchase. A P550,000, non-interest-bearing note due January 1, 2020, was given in exchange. There was no established exchange price for the land, nor a ready market value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2017, and the interest expense to be reported in 2017 related to this transaction.
(b) On January 1, 2017, Say Santos Furniture Co. borrowed P5,000,000 (face value) from Gar Solis Co., a major customer, through a non-interest-bearing note due in 4 years. Because the note was non-interest-bearing, Say Santos Furniture agreed to sell furniture to this customer at lower than market price. A 10% rate of interest is normally charged on this type of loan. Prepare the journal entry to record this transaction and determine the amount of interest expense to report for 2017.
Your Division is considering two investment projects each of which requires an up front expenditure of $25 million. You estimate that the cost of capital is 10% and that the investments will produce the following after tax cash flows (in millions ..
What changes in auditing may have caused Enron, WorldCom, Xerox, and the other fraudulent situations?
Determine the impairment loss (if any) of ZTECH division on 31 December 2018 and prepare the journal entry (if any) to record the impairment loss.
Class, cashflow is the difference between cash receipts and cash disbursements for a given accounting period. It is critical for every administrator to ensure.
briefly review the article (in four or five sentences) and then comment on how the article relates to bonds. The CSU-Global Library is a great place to find articles. Include a proper APA citation for your chosen article.
Doberman Incorporated started selling iPad with a four-year warranty against factory defects in 2018. How much is estimated liability for warranty at December
Describe and define four of the seven general moral principles, and explain how the moral principles you chose, could improve an organizations' ethical climate. Please provide examples to support your statements.
santana rey expected sales of her line of computer workstation furniture to equal 300 workstations at a sales price of
What is the warranty expense for 20x9? One Company sells 500 laptop computers in 20X9 for $100 each. Each one has a one-year warranty.
Oriole Company sells goods that cost $290,000 to Cheyenne Company, determine when and how much revenue would be recognized by Oriole. Assume IFRS is followed.
home safety inc.u2019s management has been trying for months to acquire one of its largest competitors in the home
Calculate the current ratio, quick ratio, cash to current liabilities ratio, over a two-year period. Discuss and interpret the ratios that you calculated
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